Overview
La Negra is an underground silver mine in Querétaro State, Mexico, with established underground and processing infrastructure. Mining operations were restarted in 2024 following a period of care and maintenance.
The mine includes an underground operation and an on-site 2,500 tonne per day (“tpd”) processing facility producing lead-silver, copper-silver and zinc concentrates.
An independent Preliminary Economic Assessment (“PEA”) outlines an 8.2-year mine life with steady-state throughput of 2,500 tpd beginning in H2 2027. The PEA estimates average annual production of 4.1 million oz silver equivalent (“AgEq”).
The property has a long history of production, while exploration over the broader land package has been limited over the past two decades. Mineralization remains open along strike, at depth and toward surface, with additional exploration targets identified.
PEA at a Glance
8.2 Years
Mine Life
2,500 tpd
Steady-State Throughput
4.1 Moz AgEq
Average Annual Production
US$329M
After-Tax NPV (5%)
Location & History
La Negra is located in Querétaro State, Mexico, approximately 150 kilometres by paved road from the city of Querétaro, in the district of Maconi. The property encompasses a 2,157-hectare land package that includes the underground mine and on-site processing facility.
Electrical power is obtained from the national grid through a 34 kilovolt (kV) line to the process plant and mine facilities.
The property was originally developed and operated by Peñoles, with production running concurrently from 1971 to 2001, and later by Aurcana until 2016. The property was subsequently taken private and operated until 2019. Following a period of care and maintenance, mining activities were restarted by a private Mexican company in 2024.
Between 1971 and the end of 2020, the mine produced approximately 14.6 Mt with an average grade of 107 g/t silver, 0.59% lead, 1.95% zinc and 0.66% copper.