Mexico

By: Daniela Vargas Mendoza The recent announcement of a critical minerals cooperation plan between Mexico and the United States is a particularly relevant development for the mining industry. Far from being a merely declarative instrument, this agreement reflects a structural change in the way mineral resources are conceived, not only as productive inputs, but as strategic assets linked to energy security, industrial competitiveness and the resilience of supply chains. The concept of critical minerals encompasses resources such as lithium, copper and nickel, the demand for which has intensified as a result of the energy transition, electromobility and technological progress. In this context, the United States has promoted the consolidation of more resilient and regionalized supply chains, reducing its dependence on external markets. Mexico, on its end, has significant geological potential and a privileged geographic position that positions it as a natural partner in this strategy. This plan, expressly aligned with the Treaty between Mexico, the United States and Canada (T-MEC), comes at a key moment, less than a year before its formal revision. Its content reveals a logic that transcends traditional trade. The possibility of implementing schemes such as minimum border prices, the coordination of trade policies and the identification of strategic minerals of common interest are evidence of a shift towards mechanisms aimed at stabilizing and strengthening regional supply chains in the face of an increasingly volatile and concentrated international market. Mexico is not a peripheral player in this framework. Its geological potential, geographic proximity and trade integration place it at the center of the U.S. strategy; however, its participation is not without its challenges. Recent mining policy has emphasized the strengthening of state control over natural resources, particularly in the case of lithium, as well as the introduction of greater restrictions on concessions. This approach, although it responds to a sovereignty logic, may generate tensions given the need to provide certainty to foreign investment and to align with increasingly demanding regional standards. For the mining industry, this scenario implies a profound transformation. It is no longer just a matter of producing and exporting minerals, but of integrating into strategic value chains ranging from exploration, processing, manufacturing and even exporting. At the same time, greater regulatory pressure is anticipated, both in terms of sustainability and compliance to international standards, as well as a possible reconfiguration of economic incentives derived from mechanisms such as minimum prices or preferential financing schemes for projects considered strategic. Therefore, the review of T-MEC in 2026 acquires a completely different dimension. Far from being a merely technical exercise, it is emerging as a space in which the rules of the game for key sectors such as mining could be redefined. Although the treaty does not expressly contemplate critical minerals, its institutional framework could be used to incorporate new instruments aimed at strengthening regional security of supply, facilitating investment in strategic projects or even establishing common regulatory parameters.  

1) Cancellation of 1,126 Mining Concessions in Mexico 2) U.S. - Mexico Critical Minerals Action Plan 3) Mexico - Canada Strategic Action Plan (February 2026 Trade Mission) By: Joel Antonio González Labrado February 2026 marked a significant inflection point for Mexico’s mining policy environment within the broader North American geopolitical and trade architecture. Three concurrent developments: (i) the recent cancellation of 1,126 mining concessions, (ii) the announcement of a U.S. - Mexico Critical Minerals Action Plan, and (iii) the launch of a Mexico - Canada strategic economic minerals focused action plan; collectively signal a structural reordering of regulatory enforcement, supply chain policy, and continental investment alignment. This article provides a detailed legal, economic, and strategic analysis of these developments, evaluating implications for operators, investors, financiers, and cross-border stakeholders. The convergence of stricter domestic enforcement and heightened continental supply - chain diplomacy creates both heightened compliance risk and strategic opportunity for well-positioned projects. Chapter 1:  Cancellation of 1,126 Mining Concessions in Mexico 1.1 Regulatory Context On February 12, 2026, Mexican President Claudia Sheinbaum announced the cancellation (“recovery”) of 1,126 mining concessions covering approximately 889,000 hectares. The measure was publicly framed as an enforcement action targeting non-payment of mining duties, failure to comply with reporting obligations, and overlaps with Protected Natural Areas (ANPs). This development must be interpreted within the broader reform trajectory of Mexico’s mining legislation since 2023 - 2024, including strengthened environmental oversight, enhanced state discretion in concession administration, and political emphasis on territorial sovereignty. 1.2 Legal Grounds and Administrative Mechanisms Under Mexican mining law, concessions may be cancelled for failure to pay duties, failure to submit annual expenditure work and statistical reports, or other material non-compliance. The February 2026 announcement demonstrates an assertive application of these statutory tools at scale. Notably, the public communication highlighted that 713 concessions overlapped with Protected Natural Areas, underscoring the integration of environmental policy with title administration. While overlap does not automatically invalidate title rights, it increases regulatory scrutiny and operational uncertainty. Each cancellation procedure should be analyzed independently considering the specifics of each particular case, in order to determine the best action or legal defense to secure or recover the concessions from the cancellation procedure, and if possible, remedy the non-compliance that motivated such disciplinary proceedings. 1.3 M&A and Financing Implications The cancellation wave materially shifts due diligence standards in mining transactions. Investors and lenders should now treat compliance documentation (payment receipts, report filings, and regulatory acknowledgments) as closing-critical deliverables. Enhanced representations and warranties related to concession standing, duty payments, and reporting compliance are expected to become standard in financing agreements and acquisition documentation. 1.4 Strategic Risk Assessment Increased enforcement unpredictability. Elevated political sensitivity for projects near protected areas. Greater administrative discretion in title validation. Potential chilling effect on speculative land banking. Chapter 2: U.S.–Mexico Critical Minerals Action Plan 2.1 Strategic Objectives Announced February 4, 2026, by U.S. Trade Representative Ambassador and Mexico´s Secretary of Economy, the U.S. - Mexico Critical Minerals Action Plan seeks to strengthen continental supply chains by identifying priority minerals, aligning geological cooperation, and evaluating trade-policy tools such as border-adjusted price floors. The plan must be understood within the context of geopolitical competition over rare earths, lithium, graphite, copper, silver and other inputs essential to clean energy, defense, semiconductors, and advanced manufacturing. 2.2 Trade Policy Dimensions The potential exploration of price floors represents a notable shift toward active trade intervention to stabilize domestic and allied mineral supply chains. If implemented, such measures could materially influence offtake contracts, project valuation models, and cross-border pricing mechanisms. 2.3 Industry Perspective - CAMIMEX CAMIMEX characterizes the Action Plan as a strategic opportunity for Mexico to consolidate its industrial role in North America. The association highlights Mexico’s production of at least a dozen strategic minerals critical to electromobility, digitalization, and renewable energy. However, CAMIMEX emphasizes that realizing this opportunity requires enabling conditions that strengthen competitiveness and regulatory certainty. The industry estimates potential investments exceeding USD 43 billion over six years if such conditions are satisfied. CAMIMEX: Enabling Conditions Condition Strategic Implication Responsible investment incentives Enhance capital attraction while preserving ESG compliance Counter unfair foreign competition Strengthen continental competitiveness Improved regional security Reduce operational disruption risks Expanded exploration investment Ensure long-term resource sustainability Clear and predictable permitting Increase investor confidence Modernized legal framework Provide durable legal certainty 2.4 Strategic Assessment The success of the Action Plan depends not only on bilateral diplomacy but on Mexico’s internal regulatory coherence. Without permitting predictability and security stabilization, supply chain integration goals may remain aspirational. Chapter 3: Mexico - Canada Strategic Action Plan (February 2026 Trade Mission) 3.1 Diplomatic Context The Team Canada Trade Mission in mid-February 2026 coincided with announcements of a forthcoming bilateral action plan aimed at expanding trade, reducing regulatory obstacles, and facilitating investment in minerals and infrastructure. 3.2 Economic and Investment Dimensions Given Canada’s significant footprint in Mexico’s mining sector, the proposed action plan may streamline investment corridors and reduce administrative bottlenecks affecting Canadian issuers. 3.3 Forward-Looking Outlook Potential structured government facilitation mechanisms. Alignment of ESG standards across jurisdictions. Integration of port and logistics infrastructure into mineral strategy. Enhanced continental positioning ahead of USMCA review. Convergence of Enforcement and Geopolitics Mexico’s cancellation of concessions, combined with enhanced continental critical mineral diplomacy, reflects a dual-track evolution: stricter domestic regulatory enforcement alongside intensified North American strategic coordination. For sophisticated operators and investors, this environment presents heightened compliance demands but also significant strategic upside for projects aligned with critical mineral priorities and continental supply chain integration.

DLA Piper advised Empresa Distribuidora y Comercializadora Norte S.A. (Edenor), Argentina’s largest electricity distribution company, in its issuance of new additional Class 7 notes.  The additional issuance of Class 7 notes further increased the outstanding volume, enabling Edenor to strategically harness favorable market conditions in parallel with other prominent issuers. The notes are denominated and payable in US dollars, at a fixed annual nominal interest rate of 9.75 percent. The notes mature on October 24, 2030, under the company’s global issuance program for up to US$750 million (or its equivalent in other currencies), as authorized by the Argentine Securities Commission. The additional notes were issued in the amount of V/N US$90 million, thereby increasing the total nominal value of the outstanding Class 7 Notes to US$475 million. DLA Piper acted as legal counsel under New York and Argentina law to Edenor with a team comprising of Partners Joshua A. Kaufman (New York), Marcelo Etchebarne, Alejandro Nobila, Of Counsel Nicolás Teijeiro, and Associates Daiana Suk and Federico Vieyra (all Buenos Aires). Edenor’s additional issuance of Class 7 notes exemplifies DLA Piper’s international reach, sophisticated cross-border structure, and seamless collaboration and coordinated efforts across the firm’s Latin America and US teams. DLA Piper in Latin America’s team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, in addition to our US-based cross-border attorneys, our teams frequently work with our professionals throughout the LatAm region, Iberian Peninsula, and around the globe. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve all our clients’ legal and business needs, whether they are based in Latin America or wish to do business there. Related professionals:Josh Kaufman, Marcelo Etchebarne, Alejandro Noblía, Nicolas Teijeiro, Daiana Suk, Federico Vieyra

Written by: Sonia Torres Pabón, Nereida Melendez-Rivera, Francisca Franzani, Alberto Rubio, Antonio Cardenas Arriola, José Marcelo Allemant Transparency International recently published its 2025 Corruption Perceptions Index (CPI), which ranks 182 countries and territories by their perceived levels of public-sector corruption. According to the report released on February 10, 2026, Latin America scored an average of 42 out of 100, with two countries – Dominican Republic (37) and Guyana (40) – showing significant improvement. However, 12 of 33 countries’ scores have declined since 2012. This alert summarizes the key findings and implications for businesses and institutions operating in the region. Overview of the CPI 2025 The CPI uses a scoring scale from 0 (highly corrupt) to 100 (very clean) for its rankings. Notably, for the first time in more than a decade, the global average CPI score dropped to 42, with 122 out of 182 countries scoring below 50. The CPI report notes that persistent corruption in Latin America has been associated with challenges in governance, public services, and security. These factors remain relevant for foreign investors, multinational corporations, and legal practitioners operating in the region. Regional rankings – Americas The following table summarizes the CPI 2025 scores and its observations for selected American countries:   Country 2025 CPI score Key observations Uruguay 73 Regional leader; among the strongest democracies in the Americas Chile 63 Recent decline noted despite historically strong institutions United States 64 Sustained decline to its lowest score Argentina 36 Investigations into alleged corruption in the management of funds for medicines for people with disabilities Dominican Republic 37 One of two Latin American countries showing significant improvement since 2012 Guyana 40 One of two Latin American countries showing significant improvement since 2012 Ecuador 33 Decline in transparency and civic freedoms; laws limiting NGOs' access to funding and obstructing operations El Salvador 32 Increased intimidation and hostility toward independent media Peru 30 Corruption in public services has had severe consequences, including scandals involving contaminated food in public schools Mexico 27 Ranked 141/182 globally and last among OECD countries; linked to institutional weakness and organized crime infiltration Guatemala Below 27 Ranked just below Mexico Haiti 16 Among the three lowest in the region; marked by high repression and failed institutions Nicaragua 14 Among the three lowest in the region; entrenched corruption and repression Venezuela 10 Lowest-scoring country in the Americas; widespread corruption has fueled poverty and malnutrition   Key CPI 2025 themes and risks Organized crime and political infiltration: In several Latin American countries, corruption is increasingly linked to organized crime. In Mexico, the CPI findings highlight the infiltration of organized crime into politics, facilitating political influence and undermining accountability. This nexus between corruption and criminality poses heightened compliance and security risks for businesses operating in affected jurisdictions. Weakening of democratic checks and balances: Countries, including El Salvador and Ecuador, are experiencing a decline in transparency and civic freedoms. New laws limiting NGOs' access to funding, combined with intimidation and hostility toward independent media, have reduced citizen oversight and the ability to hold governments accountable. These developments signal heightened regulatory unpredictability and reputational risk. Impact on public services and human rights: In Peru, corruption in public services has resulted in severe consequences, including scandals in which alleged bribes to bypass health inspections reportedly led to contaminated food being distributed in public schools. In Venezuela, widespread corruption has contributed to a rise in poverty and malnutrition as millions of families survive on limited access to food, water, and electricity. These conditions underscore the human cost of unchecked corruption and the importance of robust due diligence. US FCPA enforcement considerations: The temporary freeze of Foreign Corrupt Practices Act (FCPA) enforcement pursuant to an Executive Order issued by President Donald Trump ultimately resulted in the revised FCPA Guidelines promulgated in June 2025. Among other things of note, the FCPA Guidelines prioritize enforcement against conduct involving criminal cartels (even if tangentially) and “transnational criminal organizations” (TCOs) more broadly. Those countries with significant cartel or organized criminal activity are encouraged to be alert to the enhanced risk to legitimate business that may unwittingly have contact with cartel members or organized crime, which is fairly common across multiple industries and sectors. The FCPA Guidelines also underscore “enforcement actions against conduct that directly undermines US national interests” – a broad category. Although DOJ leadership has pushed back on the suggestion that there has been any retreat in FCPA enforcement, the new policies shift the enforcement landscape for companies with operations in Latin America. Implications for businesses and compliance programs The CPI 2025 findings underscore the importance of robust anti-corruption compliance frameworks for companies operating in or expanding into Latin America. Businesses may consider the following: Enhanced due diligence: Companies are encouraged to strengthen third-party due diligence processes, particularly for agents, distributors, and joint-venture partners in countries with persistently low or declining CPI scores. Updated risk assessments: Organizations can update their country-level risk assessments to reflect the latest CPI data and country-specific factors, such as organized crime infiltration, weakened institutions, and civic space restrictions. Training and awareness: Anti-corruption training can be tailored to address the specific risks identified in the CPI, including bribery in public procurement, corruption in public services, and political exposure. Monitoring regulatory developments: Companies are encouraged to closely monitor developments in FCPA enforcement and other anti-bribery regimes, given signals of potential shifts in enforcement priorities. Conclusion Given the anti-corruption landscape in Latin America, as assessed in the CPI 2025 report, businesses and institutions are encouraged to remain vigilant. We will continue to monitor developments and provide updates as warranted. For further information or assistance with anti-corruption compliance matters in Latin America, please contact our US Latin America White Collar practice group: Sonia Torres – US and Puerto Rico Nereida Meléndez – US and Puerto Rico Francesca Franzani – Chile Alberto Rubio – Argentina Antonio Cárdenas – Mexico José Allemant – Peru