Zacatecas

Elevated Risk

Mexico · State · Last assessed Apr 2026

Composite Score 13/25

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-level cooperation variable.

Fiscal Regime Stability

2/5

Federal royalty + standard state taxes; no major state surprises.

Political & Security Risk

2/5

Morena state government has tilted anti-mining; periodic friction with operating producers.

Infrastructure & Power

4/5

Mature highway and rail network; established mining service centres around Fresnillo.

Indigenous, Community & ESG

3/5

Generally constructive in established districts; ejido land negotiations standard.

Assessment Summary

Zacatecas is the historic heart of Mexican silver and remains the country's largest silver producer (Fresnillo, Saucito, Peñasquito sits near the Zacatecas-Durango border). The state's mining workforce and service industry are deep, and infrastructure is well-developed across the silver belt.

The current Morena-led state government has been more rhetorically hostile to mining than its predecessors and there have been specific frictions around water use and tax disputes with major producers. The federal-policy ceiling is the binding constraint on greenfield development.

Other Mexico Jurisdictions

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

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