Oaxaca

High Risk

Mexico · State · Last assessed Apr 2026

Composite Score 8/25

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

Permitting Timeline & Predictability

1/5

Federal regime plus state-level community blockades; multiple projects effectively halted.

Fiscal Regime Stability

2/5

Federal royalty regime.

Political & Security Risk

2/5

Morena state government allied with anti-mining indigenous and community movements.

Infrastructure & Power

2/5

Limited in mining districts; many sites in remote indigenous-titled territory.

Indigenous, Community & ESG

1/5

One of Mexico's strongest organised anti-mining movements; multiple referendums against mining.

Assessment Summary

Oaxaca has significant silver and gold endowment but is among the most challenging Mexican states for new mine development. The state has one of Latin America's most organised anti-mining indigenous and community movements, and several referendum-style processes have rejected mining at the municipal level.

The Capulalpam de Méndez and surrounding Sierra Norte communities have been a flashpoint for over two decades. Multiple permitted projects have been blocked at the community-engagement stage despite federal approvals. For exploration-stage juniors, Oaxaca should be approached only with deep prior community work and a long timeline.

Other Mexico Jurisdictions

Chihuahua Elevated Risk
Durango High Risk
Guerrero 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.