Mexico

Canadian mining company Silverco Mining Ltd. announced the execution of a definitive share exchange agreement to acquire all issued and outstanding shares of Nuevo Silver Inc. in a transaction valued at approximately CAD$168 million, pursuant to which Nuevo Silver Inc. will become a wholly owned subsidiary of Silverco. As part of the transaction, Nuevo Silver shareholders will receive an aggregate of 16,802,316 common shares of Silverco. Nuevo Silver currently holds a 100% interest in the La Negra mine, located in Querétaro, Mexico, an operating silver-producing mine. As part of the transaction, Silverco will assume Nuevo Silver’s existing debt of approximately US$11 million related to the currently operating La Negra mine. In addition, Silverco will assume future obligations of up to US$12.5 million in milestone payments and up to US$5 million in contingent payments potentially owed to the former owner of the La Negra mine. Following completion of the transaction, former Nuevo Silver shareholders are expected to hold approximately 31% of Silverco’s outstanding shares, while existing Silverco shareholders will retain the remaining 69%. Closing of the transaction remains subject to customary regulatory and corporate conditions, including final approval from the TSX Venture Exchange (TSXV), which has already granted conditional acceptance of the transaction. This acquisition represents a significant strategic step for Silverco, adding a producing silver asset in Mexico to its portfolio and strengthening its presence within the regional mining sector. At ALN Mining Law Firm, we are proud to have advised Silverco Mining Ltd. on this important transaction, contributing our specialized legal expertise in the mining industry and supporting our clients in strategic cross-border transactions.  

ALN Mining Law Firm advised Vizsla Royalties Corp. (TSX-V: VROY) in connection with a definitive agreement with Elemental Royalty Corporation (TSX: ELE; NASDAQ: ELE), pursuant to which Elemental will acquire all issued and outstanding shares of Vizsla Royalties in a transaction valued at approximately US$240 million. The transaction marks a strategic milestone for both companies. For Elemental, it represents the largest single-asset acquisition in the company’s history and further strengthens its exposure to high-quality silver and gold assets through royalties tied to the Panuco Silver-Gold Project in Mexico, one of the world’s most significant advanced-stage silver projects.   For Vizsla Royalties, the transaction reflects the successful execution of the value creation strategy implemented since its 2024 spinout, while providing shareholders with immediate exposure to Elemental’s diversified royalty portfolio and continued participation in the long-term growth potential of the Panuco Project.   ALN acted as Mexican legal counsel to Vizsla Royalties, providing strategic advice on the legal aspects of the transaction. The deal further reinforces the firm’s experience in complex mining transactions and its ability to advise on high-value cross-border matters within the mining sector.

On May 13, 2026, the Institutional Program of the Mining Development Trust (FIFOMI) was published in the Federal Official Gazette, a significant update that redefines the operational and programmatic focus of this institution. This program is aimed at strengthening financing, training, and technical assistance for the national mining sector and its value chain. The new FIFOMI program focuses primarily on institutional strengthening and defining its operational guidelines. However, it also sends a clear message regarding the Federal Government’s current vision and priorities for the mining industry: to reposition FIFOMI as a key mechanism for promoting economic growth, social development, and sustainability in the sector. Among the most relevant aspects of the program for mining companies are the following: The program recognizes the need to attract foreign investment in order to harness the country’s geological potential, so that its implementation stimulates regional and social development. The Federal Government identifies mining as a strategic industry and emphasizes the need to develop mining projects aligned with environmental, social, and human rights standards, promoting public policies oriented toward sustainability and social well-being. FIFOMI will expand financing schemes aimed primarily at mining MSMEs and related companies through working capital loans, start-up or equipment financing, financial leasing, factoring, and revolving lines of credit. The program emphasizes regional integration and the development of “Well-being Hubs” and local production chains, prioritizing projects that generate employment, domestic content, industrial linkages, and community development. It favors projects with demonstrable regional impact and mining models with a greater social component and reliance on local suppliers. FIFOMI will expand its focus beyond traditional mining extraction to include supply chain activities, processing, specialized services, maintenance, transportation, and mining-related manufacturing. This means that not only companies holding mining projects but also companies integrated into the mining supply chain will be eligible for the program. From a strategic perspective, FIFOMI’s new institutional program outlines a series of action plans aimed at strengthening the competitiveness and sustainability of the national mining sector, aligning primarily with three government objectives: (i) improving access to financing mechanisms; (ii) strengthening value chains, procurement, and supply chains; and (iii) promoting social development through economic and productive growth in the sector. Given this, it is undeniable that FIFOMI positions itself as a relevant and highly beneficial tool for the mining sector, not only as a means of financing but also as a vehicle for technical support, institutional strengthening, and engagement with the Federal Government. At ALN Mining Law Firm, we are at your call to provide advice on how to take advantage of the programs offered by FIFOMI, as well as strategic planning to ensure maximum benefit for your projects in the mining sector.

DLA Piper represented Mexican issuer Cox Asset Mexico, S.A. de C.V. in connection with Grupo Cox’s inaugural US$2 billion bond offering to the US market. Structured as a 144A/Reg S transaction, the offering marks a significant milestone in Cox’s access to the US debt capital markets. The deal was upsized from an initially planned US$1.5 billion following approximately US$8.0 billion in investor demand. The transaction was more than five times oversubscribed, enabling Cox to increase the offering size, achieve improved pricing across both tranches, and allocate bonds to more than 200 primarily U.S.-based, long-only institutional investors.   Proceeds from the issuance were used to refinance approximately two-thirds of the US$2.65 billion bridge loan incurred in connection with the acquisition of Iberdrola México.   The DLA Piper team, co-led by attorneys in the United States and Mexico, included Partners Jamie Knox (New York), Robert da Silva Ashley (New York/Miami), Edgar Romo (Mexico City), and Associates Egzon Sulejmani (New York), Javier Pichardini, and Andrés Fernández (both Mexico City).   DLA Piper advises on all aspects of financing across borders, sectors, and financial products. The firm’s lawyers advise issuers, underwriters, selling shareholders, sponsors, arrangers, lead managers, originators, dealers, trustees, and depositaries on a broad range of capital markets offerings, including equity, equity-linked and debt securities, structured and project financings, and securitizations.   DLA Piper’s Latin America team offers full-service business legal counsel to domestic and multinational companies with interests and operations throughout the region. Our integrated approach combines local knowledge with the resources of DLA Piper’s global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, together with our US-based cross-border attorneys, our teams frequently collaborate with colleagues across the Latin America region, the Iberian Peninsula, and around the world. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve clients’ legal and business needs, whether they are based in Latin America or seeking to do business there. For more information, visit Latin America | DLA Piper. Related professionals:Jamie KnoxRobert da Silva AshleyEdgar RomoEgzon SulejmaniJavier PichardiniAndrés Fernández