Here are the five largest iron ore mines by production in Mexico, according to GlobalData's mining database. 1. Pena Colorada Mine . The Pena Colorada Mine is a surface mine loed in Colima. It is owned by ArcelorMittal and produced an estimated MTPA of iron ore in 2020. The mine will operate until 2038. 2. Hercules Mine. Loed in Coahuila, the Hercules Mine is owned by Altos Hornos ...