Chihuahua

Elevated Risk

Mexico · State · Last assessed Apr 2026

Composite Score 14/25

Higher = lower risk. 22–25 LOW · 18–21 MODERATE · 13–17 ELEVATED · 8–12 HIGH · 5–7 EXTREME.

Permitting Timeline & Predictability

2/5

Federal regime applies; state administration generally pragmatic.

Fiscal Regime Stability

2/5

Federal royalty regime; no notable state-level surprises.

Political & Security Risk

3/5

Conservative state government less anti-mining than federal; relative continuity.

Infrastructure & Power

4/5

Strong — US border access, rail, mature mining services.

Indigenous, Community & ESG

3/5

Tarahumara consultation in Sierra Madre; ejido frameworks standard elsewhere.

Assessment Summary

Chihuahua is one of Mexico's largest silver producers and hosts significant gold endowment (Palmarejo, Pinos Altos, La Cienega). The state borders Texas and New Mexico, with well-developed transport and power infrastructure. Successive PAN-led state governments have been more pragmatically pro-mining than the federal Morena administration.

Sierra Madre operations face Tarahumara indigenous consultation requirements and elevated cartel-related security overhead in remote districts. Operations in the more accessible central and northern parts of the state run with normal North American operating profiles.

Other Mexico Jurisdictions

Durango High Risk
Guerrero High Risk
Oaxaca High Risk
San Luis Potosí Elevated Risk
Sinaloa High Risk
Sonora Elevated Risk
Zacatecas Elevated Risk

Jurisdiction risk is one input — geology, capital structure, and management still matter. See the Verdict Framework for full company scorecards.