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    <link:label id="lab_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_label_en-US" xlink:label="lab_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repayments of borrowings, classified as financing activities</link:label>
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    <link:label id="lab_ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement_e3cdf960-e338-41a3-a549-e3dca4f47441_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Number of outstanding units expired (in units)</link:label>
    <link:label id="lab_ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement_label_en-US" xlink:label="lab_ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of other equity instruments expired in share-based payment arrangement</link:label>
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    <link:label id="lab_mx_TaxEffectOfAdjustmentsForCurrentTaxOfPriorPeriods_0303294c-77b1-47b5-ba4b-61f233672e44_negatedTerseLabel_en-US" xlink:label="lab_mx_TaxEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Adjustments to prior years including resolution for certain outstanding audits</link:label>
    <link:label id="lab_mx_TaxEffectOfAdjustmentsForCurrentTaxOfPriorPeriods_label_en-US" xlink:label="lab_mx_TaxEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Effect Of Adjustments For Current Tax Of Prior Periods</link:label>
    <link:label id="lab_mx_TaxEffectOfAdjustmentsForCurrentTaxOfPriorPeriods_documentation_en-US" xlink:label="lab_mx_TaxEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Effect Of Adjustments For Current Tax Of Prior Periods</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_TaxEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:href="mx-20231231.xsd#mx_TaxEffectOfAdjustmentsForCurrentTaxOfPriorPeriods"/>
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    <link:label id="lab_ifrs-full_ActuarialAssumptionOfDiscountRates_48a13a14-bea4-425b-ae79-4279c5d43e1d_terseLabel_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discount rates</link:label>
    <link:label id="lab_ifrs-full_ActuarialAssumptionOfDiscountRates_label_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumption of discount rates</link:label>
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    <link:label id="lab_ifrs-full_NumberOfSharesAuthorised_e4656833-7931-410a-baaf-422304bdfaf7_terseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfSharesAuthorised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of shares authorised (in shares)</link:label>
    <link:label id="lab_ifrs-full_NumberOfSharesAuthorised_label_en-US" xlink:label="lab_ifrs-full_NumberOfSharesAuthorised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of shares authorised</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NumberOfSharesAuthorised" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NumberOfSharesAuthorised"/>
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    <link:label id="lab_mx_DisclosureOfKeyAssumptionsForInvestmentInAssociateTableTextBlock_424d8942-187b-4170-b3fd-c4d1fa27ff1f_terseLabel_en-US" xlink:label="lab_mx_DisclosureOfKeyAssumptionsForInvestmentInAssociateTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of key assumptions for investment in associate</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mx_DisclosureOfKeyAssumptionsForInvestmentInAssociateTableTextBlock" xlink:href="mx-20231231.xsd#mx_DisclosureOfKeyAssumptionsForInvestmentInAssociateTableTextBlock"/>
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    <link:label id="lab_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems_89d46aa2-3728-4414-ba23-a68a360ec365_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of financial liabilities [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial liabilities [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesLineItems"/>
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    <link:label id="lab_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_898c7841-ea19-4444-b837-1dd4fd650b54_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade and other receivables</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of trade and other receivables [text block]</link:label>
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    <link:label id="lab_ifrs-full_RangeAxis_3c87782e-6fd2-4df8-bf45-4f8dab755dc7_terseLabel_en-US" xlink:label="lab_ifrs-full_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Range [axis]</link:label>
    <link:label id="lab_ifrs-full_RangeAxis_label_en-US" xlink:label="lab_ifrs-full_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Range [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RangeAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RangeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RangeAxis" xlink:to="lab_ifrs-full_RangeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ExercisePriceRangeTwoMember_db9e2561-d407-4069-8708-24e977a10c9d_terseLabel_en-US" xlink:label="lab_mx_ExercisePriceRangeTwoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">$45.40 to $50.49</link:label>
    <link:label id="lab_mx_ExercisePriceRangeTwoMember_label_en-US" xlink:label="lab_mx_ExercisePriceRangeTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Exercise Price Range Two [Member]</link:label>
    <link:label id="lab_mx_ExercisePriceRangeTwoMember_documentation_en-US" xlink:label="lab_mx_ExercisePriceRangeTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Exercise Price Range Two [Member]</link:label>
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    <link:label id="lab_mx_DisclosureOfMaturityAnalysisOfLeasePaymentsExplanatoryTableTextBlock_74046bf6-2f26-4961-9d09-a4688e2852d7_terseLabel_en-US" xlink:label="lab_mx_DisclosureOfMaturityAnalysisOfLeasePaymentsExplanatoryTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of maturity analysis of lease payments</link:label>
    <link:label id="lab_mx_DisclosureOfMaturityAnalysisOfLeasePaymentsExplanatoryTableTextBlock_label_en-US" xlink:label="lab_mx_DisclosureOfMaturityAnalysisOfLeasePaymentsExplanatoryTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Maturity Analysis Of Lease Payments Explanatory [Table Text Block]</link:label>
    <link:label id="lab_mx_DisclosureOfMaturityAnalysisOfLeasePaymentsExplanatoryTableTextBlock_documentation_en-US" xlink:label="lab_mx_DisclosureOfMaturityAnalysisOfLeasePaymentsExplanatoryTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Maturity Analysis Of Lease Payments Explanatory [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DisclosureOfMaturityAnalysisOfLeasePaymentsExplanatoryTableTextBlock" xlink:href="mx-20231231.xsd#mx_DisclosureOfMaturityAnalysisOfLeasePaymentsExplanatoryTableTextBlock"/>
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    <link:label id="lab_ifrs-full_FinanceIncome_9d8fca9e-8325-4957-b6ad-bd709c095110_terseLabel_en-US" xlink:label="lab_ifrs-full_FinanceIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance income and other</link:label>
    <link:label id="lab_ifrs-full_FinanceIncome_label_en-US" xlink:label="lab_ifrs-full_FinanceIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance income</link:label>
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    <link:label id="lab_ifrs-full_ClassesOfFinancialInstrumentsMember_33bf0d7c-f439-4fb9-9be3-31661bcdd0dd_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial instruments, class [member]</link:label>
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    <link:label id="lab_dei_TradingSymbol_ff0f3a1b-4111-4d92-a367-1c96c1e78d47_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol"/>
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    <link:label id="lab_mx_NetDefinedBenefitPensionPlanExpenseAbstract_c8069c6f-59b3-42d6-acd3-7030d71e9484_terseLabel_en-US" xlink:label="lab_mx_NetDefinedBenefitPensionPlanExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net defined benefit pension plan expense:</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mx_NetDefinedBenefitPensionPlanExpenseAbstract" xlink:href="mx-20231231.xsd#mx_NetDefinedBenefitPensionPlanExpenseAbstract"/>
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    <link:label id="lab_mx_DisclosureofFinanceLeasesLineItems_9a48e4c6-3429-4af5-a4c7-562c6b0ac22e_terseLabel_en-US" xlink:label="lab_mx_DisclosureofFinanceLeasesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of Finance Leases [Line Items]</link:label>
    <link:label id="lab_mx_DisclosureofFinanceLeasesLineItems_label_en-US" xlink:label="lab_mx_DisclosureofFinanceLeasesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of Finance Leases [Line Items]</link:label>
    <link:label id="lab_mx_DisclosureofFinanceLeasesLineItems_documentation_en-US" xlink:label="lab_mx_DisclosureofFinanceLeasesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Line Items] for Disclosure of Finance Leases [Table]</link:label>
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    <link:label id="lab_ifrs-full_DividendsReceivedClassifiedAsOperatingActivities_f4132bc9-2772-4ebe-9f60-8f4851e2eae6_terseLabel_en-US" xlink:label="lab_ifrs-full_DividendsReceivedClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends received from associate</link:label>
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    <link:label id="lab_ifrs-full_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember_6c06d1e0-72e8-440f-9f45-340cedd5d0b8_terseLabel_en-US" xlink:label="lab_ifrs-full_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity's total for individual assets or cash-generating units [member]</link:label>
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    <link:label id="lab_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital_6577df0d-4b6b-47cb-abb8-f3bebe6fbbd7_totalLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Cash flows from operating activities before undernoted</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital_label_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) operations before changes in working capital</link:label>
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    <link:label id="lab_mx_EuroForwardExchangeContractMember_d091895f-e061-47e8-80c9-e3a65905b83d_terseLabel_en-US" xlink:label="lab_mx_EuroForwardExchangeContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Euro forward exchange contracts</link:label>
    <link:label id="lab_mx_EuroForwardExchangeContractMember_label_en-US" xlink:label="lab_mx_EuroForwardExchangeContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Euro Forward Exchange Contract [Member]</link:label>
    <link:label id="lab_mx_EuroForwardExchangeContractMember_documentation_en-US" xlink:label="lab_mx_EuroForwardExchangeContractMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Euro Forward Exchange Contract</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_1e3d6528-c20a-49ba-8dd2-ce839ea1b5cc_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based compensation</link:label>
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    <link:label id="lab_ifrs-full_AmountsPayableRelatedPartyTransactions_c15aaaba-2c94-4720-b6e8-2ee524dcb531_terseLabel_en-US" xlink:label="lab_ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payables from related party transactions</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_cf29931f-00ac-4cb6-93e6-cff69b693af6_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [line items]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems"/>
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    <link:label id="lab_mx_RestrictedCashNumberOfVessels_5b3bb814-b38d-47c4-b723-76dd44a02855_terseLabel_en-US" xlink:label="lab_mx_RestrictedCashNumberOfVessels" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restricted cash, number of vessels</link:label>
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    <link:label id="lab_mx_RestrictedCashNumberOfVessels_documentation_en-US" xlink:label="lab_mx_RestrictedCashNumberOfVessels" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Restricted Cash, Number Of Vessels</link:label>
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    <link:label id="lab_mx_CashFlowStatementAbstract_6ef1da4a-c6ca-431c-930b-51947ad5cc88_terseLabel_en-US" xlink:label="lab_mx_CashFlowStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash Flow Statement [Abstract]</link:label>
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    <link:label id="lab_mx_DeferredTaxLiabilitiesIncludingOffsetAmount_338c6888-0d4a-49b9-bc84-6bfe99d8c4f7_negatedTerseLabel_en-US" xlink:label="lab_mx_DeferredTaxLiabilitiesIncludingOffsetAmount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</link:label>
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    <link:label id="lab_ifrs-full_EquityAndLiabilities_ea30a33d-d7f5-4d64-b40f-9c2e8deb0d52_totalLabel_en-US" xlink:label="lab_ifrs-full_EquityAndLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Equity and liabilities</link:label>
    <link:label id="lab_ifrs-full_EquityAndLiabilities_label_en-US" xlink:label="lab_ifrs-full_EquityAndLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity and liabilities</link:label>
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    <link:label id="lab_mx_PlanAssetsAtFairValueAllocationPercentage_b55b6c81-6e2b-4793-8108-0d3fc98d7bf6_totalLabel_en-US" xlink:label="lab_mx_PlanAssetsAtFairValueAllocationPercentage" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
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    <link:label id="lab_mx_WaterfrontShippingMember_04cb4bf6-870e-4893-b56c-96f1d949177e_terseLabel_en-US" xlink:label="lab_mx_WaterfrontShippingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Waterfront Shipping</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mx_WaterfrontShippingMember" xlink:href="mx-20231231.xsd#mx_WaterfrontShippingMember"/>
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    <link:label id="lab_ifrs-full_OtherProvisions_42492878-e153-491e-9bd3-255dce2b50a6_periodStartLabel_en-US" xlink:label="lab_ifrs-full_OtherProvisions" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance at beginning of period</link:label>
    <link:label id="lab_ifrs-full_OtherProvisions_10b72487-3694-4ec5-8b9c-94cd4d00c907_periodEndLabel_en-US" xlink:label="lab_ifrs-full_OtherProvisions" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance at end of period</link:label>
    <link:label id="lab_ifrs-full_OtherProvisions_d09001b9-b267-4398-b69e-bfe188f962cb_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherProvisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other commitments</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MaturityAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_MaturityAxis"/>
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    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_6b5340a4-a81f-4c13-98e0-064cb936c4a9_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial instruments</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfInventoriesExplanatory_4684018e-d2fe-46eb-89d7-dd43e5f90139_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInventoriesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Inventories</link:label>
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    <link:label id="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity_6c243987-b3cd-4fc9-93f4-095b8dadf0dd_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanex Corporation shareholders</link:label>
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    <link:label id="lab_ifrs-full_ConstructionInProgressMember_da031e86-4206-4727-b4ad-787a9ec5d9b6_terseLabel_en-US" xlink:label="lab_ifrs-full_ConstructionInProgressMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Plants&#160;under construction</link:label>
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    <link:label id="lab_mx_GasContractSettlement_8d0472f2-6fc4-43cb-9249-976a76b13179_terseLabel_en-US" xlink:label="lab_mx_GasContractSettlement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gas contract settlement</link:label>
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    <link:label id="lab_mx_GasContractSettlement_documentation_en-US" xlink:label="lab_mx_GasContractSettlement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gas Contract Settlement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_GasContractSettlement" xlink:href="mx-20231231.xsd#mx_GasContractSettlement"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_GasContractSettlement" xlink:to="lab_mx_GasContractSettlement" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets_99e316eb-dfcd-43b2-a325-5a8a08764814_terseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment (note 5)</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets_6c6ca4d8-aa9b-4d1e-baf4-afab49f7c131_totalLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets_6d22aefe-f1e1-4e72-94b5-e592115206ed_verboseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets_label_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment including right-of-use assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:to="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_RestrictedCashMember_d0d17349-10cd-4ac6-bda8-48fd7a2228bf_terseLabel_en-US" xlink:label="lab_mx_RestrictedCashMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restricted cash included in other assets</link:label>
    <link:label id="lab_mx_RestrictedCashMember_label_en-US" xlink:label="lab_mx_RestrictedCashMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted Cash [Member]</link:label>
    <link:label id="lab_mx_RestrictedCashMember_documentation_en-US" xlink:label="lab_mx_RestrictedCashMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Restricted Cash [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_RestrictedCashMember" xlink:href="mx-20231231.xsd#mx_RestrictedCashMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_RestrictedCashMember" xlink:to="lab_mx_RestrictedCashMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LongtermBorrowingsMember_7225bd38-0ec6-4ccc-a11e-83e699b7dadc_netLabel_en-US" xlink:label="lab_ifrs-full_LongtermBorrowingsMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Long term debt</link:label>
    <link:label id="lab_ifrs-full_LongtermBorrowingsMember_eba05459-3b81-4968-8818-bfb9e8671a47_verboseLabel_en-US" xlink:label="lab_ifrs-full_LongtermBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Long-term debt, including current portion</link:label>
    <link:label id="lab_ifrs-full_LongtermBorrowingsMember_03f437fb-b8b9-4b62-929a-c7c504a29776_terseLabel_en-US" xlink:label="lab_ifrs-full_LongtermBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term debt excluding deferred financing fees</link:label>
    <link:label id="lab_ifrs-full_LongtermBorrowingsMember_label_en-US" xlink:label="lab_ifrs-full_LongtermBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term borrowings [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LongtermBorrowingsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LongtermBorrowingsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LongtermBorrowingsMember" xlink:to="lab_ifrs-full_LongtermBorrowingsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_MeasurementInputMethanolPriceVolatilityMember_3b28c548-147b-4fcd-b31b-47b6a9824f30_terseLabel_en-US" xlink:label="lab_mx_MeasurementInputMethanolPriceVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanol price volatility (before impact of mean reversion)</link:label>
    <link:label id="lab_mx_MeasurementInputMethanolPriceVolatilityMember_label_en-US" xlink:label="lab_mx_MeasurementInputMethanolPriceVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Input, Methanol Price Volatility [Member]</link:label>
    <link:label id="lab_mx_MeasurementInputMethanolPriceVolatilityMember_documentation_en-US" xlink:label="lab_mx_MeasurementInputMethanolPriceVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Measurement Input, Methanol Price Volatility</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_MeasurementInputMethanolPriceVolatilityMember" xlink:href="mx-20231231.xsd#mx_MeasurementInputMethanolPriceVolatilityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_MeasurementInputMethanolPriceVolatilityMember" xlink:to="lab_mx_MeasurementInputMethanolPriceVolatilityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_LossesGeneratedPeriodYear2019Member_3c7f1191-1d66-4de5-8f6f-f1e39abc9d32_terseLabel_en-US" xlink:label="lab_mx_LossesGeneratedPeriodYear2019Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Losses generated in 2019</link:label>
    <link:label id="lab_mx_LossesGeneratedPeriodYear2019Member_label_en-US" xlink:label="lab_mx_LossesGeneratedPeriodYear2019Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Losses Generated Period, Year 2019 [Member]</link:label>
    <link:label id="lab_mx_LossesGeneratedPeriodYear2019Member_documentation_en-US" xlink:label="lab_mx_LossesGeneratedPeriodYear2019Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Losses Generated Period, Year 2019 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LossesGeneratedPeriodYear2019Member" xlink:href="mx-20231231.xsd#mx_LossesGeneratedPeriodYear2019Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_LossesGeneratedPeriodYear2019Member" xlink:to="lab_mx_LossesGeneratedPeriodYear2019Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncurrentAssets_fff8b2f0-8ba0-49fd-9bc0-5f3fafe27480_totalLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Non-current assets</link:label>
    <link:label id="lab_ifrs-full_NoncurrentAssets_7aac7f43-44cd-419c-9326-8556d13febf6_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current assets</link:label>
    <link:label id="lab_ifrs-full_NoncurrentAssets_label_en-US" xlink:label="lab_ifrs-full_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentAssets" xlink:to="lab_ifrs-full_NoncurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_VestingRate_7f95ed86-30af-4304-9bb7-1c198c57ece4_terseLabel_en-US" xlink:label="lab_mx_VestingRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vesting rate</link:label>
    <link:label id="lab_mx_VestingRate_label_en-US" xlink:label="lab_mx_VestingRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vesting Rate</link:label>
    <link:label id="lab_mx_VestingRate_documentation_en-US" xlink:label="lab_mx_VestingRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Vesting Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_VestingRate" xlink:href="mx-20231231.xsd#mx_VestingRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_VestingRate" xlink:to="lab_mx_VestingRate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfOtherProvisionsLineItems_3eb9d0eb-505e-470b-a4a4-f5abe746380c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOtherProvisionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of other provisions [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfOtherProvisionsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfOtherProvisionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of other provisions [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfOtherProvisionsLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfOtherProvisionsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOtherProvisionsLineItems" xlink:to="lab_ifrs-full_DisclosureOfOtherProvisionsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ProductionVolumesMeasurementInputMember_576db5ac-0aa0-4315-8e4a-c9049d15f7aa_terseLabel_en-US" xlink:label="lab_mx_ProductionVolumesMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Production volumes</link:label>
    <link:label id="lab_mx_ProductionVolumesMeasurementInputMember_label_en-US" xlink:label="lab_mx_ProductionVolumesMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Production Volumes, Measurement Input [Member]</link:label>
    <link:label id="lab_mx_ProductionVolumesMeasurementInputMember_documentation_en-US" xlink:label="lab_mx_ProductionVolumesMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Production Volumes, Measurement Input</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ProductionVolumesMeasurementInputMember" xlink:href="mx-20231231.xsd#mx_ProductionVolumesMeasurementInputMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ProductionVolumesMeasurementInputMember" xlink:to="lab_mx_ProductionVolumesMeasurementInputMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EquityAttributableToOwnersOfParent_51158de1-a0d7-4fde-87d8-8e6dddc56554_totalLabel_en-US" xlink:label="lab_ifrs-full_EquityAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Shareholders&#8217; equity</link:label>
    <link:label id="lab_ifrs-full_EquityAttributableToOwnersOfParent_6e868ca4-ad58-4a21-82c9-287d2e4e31bf_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shareholders&#8217; equity</link:label>
    <link:label id="lab_ifrs-full_EquityAttributableToOwnersOfParent_label_en-US" xlink:label="lab_ifrs-full_EquityAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity attributable to owners of parent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EquityAttributableToOwnersOfParent" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EquityAttributableToOwnersOfParent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityAttributableToOwnersOfParent" xlink:to="lab_ifrs-full_EquityAttributableToOwnersOfParent" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ForeignGasSupplyContractDerivativeMember_9ee8927b-0fb9-4003-8a8d-16a959ca063b_terseLabel_en-US" xlink:label="lab_mx_ForeignGasSupplyContractDerivativeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value of Egypt gas supply contract derivative</link:label>
    <link:label id="lab_mx_ForeignGasSupplyContractDerivativeMember_label_en-US" xlink:label="lab_mx_ForeignGasSupplyContractDerivativeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Foreign Gas Supply Contract Derivative [Member]</link:label>
    <link:label id="lab_mx_ForeignGasSupplyContractDerivativeMember_documentation_en-US" xlink:label="lab_mx_ForeignGasSupplyContractDerivativeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Foreign Gas Supply Contract Derivative</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ForeignGasSupplyContractDerivativeMember" xlink:href="mx-20231231.xsd#mx_ForeignGasSupplyContractDerivativeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ForeignGasSupplyContractDerivativeMember" xlink:to="lab_mx_ForeignGasSupplyContractDerivativeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowHedgesMember_d455f0af-0662-4f89-95cf-a60422991630_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowHedgesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flow hedges</link:label>
    <link:label id="lab_ifrs-full_CashFlowHedgesMember_label_en-US" xlink:label="lab_ifrs-full_CashFlowHedgesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flow hedges [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowHedgesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowHedgesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowHedgesMember" xlink:to="lab_ifrs-full_CashFlowHedgesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_42ef4064-e511-4ed4-97f9-4fb3d9e10546_terseLabel_en-US" xlink:label="lab_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Return on plan assets</link:label>
    <link:label id="lab_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_label_en-US" xlink:label="lab_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease (increase) in net defined benefit liability (asset) resulting from return on plan assets excluding interest income or expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_OtherLimitedRecourseDebtFacilities5.21Member_ea2d7429-898d-46fc-af90-30bdb80d4d47_terseLabel_en-US" xlink:label="lab_mx_OtherLimitedRecourseDebtFacilities5.21Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">5.21% due September 15, 2036</link:label>
    <link:label id="lab_mx_OtherLimitedRecourseDebtFacilities5.21Member_label_en-US" xlink:label="lab_mx_OtherLimitedRecourseDebtFacilities5.21Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Limited Recourse Debt Facilities, 5.21% [Member]</link:label>
    <link:label id="lab_mx_OtherLimitedRecourseDebtFacilities5.21Member_documentation_en-US" xlink:label="lab_mx_OtherLimitedRecourseDebtFacilities5.21Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Limited Recourse Debt Facilities, 5.21%</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherLimitedRecourseDebtFacilities5.21Member" xlink:href="mx-20231231.xsd#mx_OtherLimitedRecourseDebtFacilities5.21Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OtherLimitedRecourseDebtFacilities5.21Member" xlink:to="lab_mx_OtherLimitedRecourseDebtFacilities5.21Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensation_2b83fe6b-a38c-46b8-9ebc-10dc65fc351b_totalLabel_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensation" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensation_label_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key management personnel compensation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_KeyManagementPersonnelCompensation" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_KeyManagementPersonnelCompensation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelCompensation" xlink:to="lab_ifrs-full_KeyManagementPersonnelCompensation" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems_d91dc59c-d806-4e2f-a1e7-2e8c8342889c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of associates [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of associates [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:to="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_667b5653-cd71-424c-883b-f02f383e8c06_terseLabel_en-US" xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Inventories</link:label>
    <link:label id="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_label_en-US" xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for decrease (increase) in inventories</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EmployeeBenefitsExpense_ad859990-c2ea-4759-96c7-4d13ec542416_terseLabel_en-US" xlink:label="lab_ifrs-full_EmployeeBenefitsExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Employee expenses, including share-based compensation</link:label>
    <link:label id="lab_ifrs-full_EmployeeBenefitsExpense_label_en-US" xlink:label="lab_ifrs-full_EmployeeBenefitsExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Employee benefits expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EmployeeBenefitsExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EmployeeBenefitsExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EmployeeBenefitsExpense" xlink:to="lab_ifrs-full_EmployeeBenefitsExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_UnsecuredDebt5125Member_61417854-27d3-4d87-a8b5-932d582996f1_terseLabel_en-US" xlink:label="lab_mx_UnsecuredDebt5125Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">$700 million at 5.125% due October 15, 2027</link:label>
    <link:label id="lab_mx_UnsecuredDebt5125Member_label_en-US" xlink:label="lab_mx_UnsecuredDebt5125Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unsecured Debt, 5.125% [Member]</link:label>
    <link:label id="lab_mx_UnsecuredDebt5125Member_documentation_en-US" xlink:label="lab_mx_UnsecuredDebt5125Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unsecured Debt, 5.125%</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_UnsecuredDebt5125Member" xlink:href="mx-20231231.xsd#mx_UnsecuredDebt5125Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_UnsecuredDebt5125Member" xlink:to="lab_mx_UnsecuredDebt5125Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfCashFlowStatementExplanatory_e51a67a1-f4ee-41cf-b5c0-2c02b58cfb00_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfCashFlowStatementExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Supplemental cash flow information</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfCashFlowStatementExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfCashFlowStatementExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of cash flow statement [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfCashFlowStatementExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfCashFlowStatementExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfCashFlowStatementExplanatory" xlink:to="lab_ifrs-full_DisclosureOfCashFlowStatementExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_bdb9a407-0255-4ca1-b6cb-cf6d03b2fe20_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about borrowings [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about borrowings [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable"/>
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    <link:label id="lab_dei_SecurityExchangeName_b2211f16-3795-4b78-ab81-9f57af2a8dae_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_OtherIncreaseDecreaseInDeferredTaxLiabilityAsset_27dc168f-5ea7-4f18-9ebf-b21129648a83_totalLabel_en-US" xlink:label="lab_mx_OtherIncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_mx_OtherIncreaseDecreaseInDeferredTaxLiabilityAsset_label_en-US" xlink:label="lab_mx_OtherIncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Increase (Decrease) In Deferred Tax Liability (Asset)</link:label>
    <link:label id="lab_mx_OtherIncreaseDecreaseInDeferredTaxLiabilityAsset_documentation_en-US" xlink:label="lab_mx_OtherIncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Increase (Decrease) In Deferred Tax Liability (Asset)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherIncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:href="mx-20231231.xsd#mx_OtherIncreaseDecreaseInDeferredTaxLiabilityAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OtherIncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:to="lab_mx_OtherIncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities_cd75e726-7597-438d-b1fe-d5f332841f49_terseLabel_en-US" xlink:label="lab_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expense relating to variable lease payments not included in measurement of lease liabilities</link:label>
    <link:label id="lab_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities_label_en-US" xlink:label="lab_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expense relating to variable lease payments not included in measurement of lease liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:to="lab_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_FairValueOfSharesFromShareBasedPaymentTransactions_8830de64-9d98-4e45-9c59-1e9aa324a3df_totalLabel_en-US" xlink:label="lab_mx_FairValueOfSharesFromShareBasedPaymentTransactions" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Fair value of share-based payment transactions</link:label>
    <link:label id="lab_mx_FairValueOfSharesFromShareBasedPaymentTransactions_label_en-US" xlink:label="lab_mx_FairValueOfSharesFromShareBasedPaymentTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Of Shares From Share-Based Payment Transactions</link:label>
    <link:label id="lab_mx_FairValueOfSharesFromShareBasedPaymentTransactions_documentation_en-US" xlink:label="lab_mx_FairValueOfSharesFromShareBasedPaymentTransactions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair Value Of Shares From Share-Based Payment Transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_FairValueOfSharesFromShareBasedPaymentTransactions" xlink:href="mx-20231231.xsd#mx_FairValueOfSharesFromShareBasedPaymentTransactions"/>
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    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems_7c400ed4-fb0c-4286-816c-8d3903955a5e_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of subsidiaries [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of subsidiaries [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:to="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DeferredTaxAssetsAbstract_232b7acb-8314-4d82-b327-65538b6d8a8a_terseLabel_en-US" xlink:label="lab_mx_DeferredTaxAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets</link:label>
    <link:label id="lab_mx_DeferredTaxAssetsAbstract_label_en-US" xlink:label="lab_mx_DeferredTaxAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Assets [Abstract]</link:label>
    <link:label id="lab_mx_DeferredTaxAssetsAbstract_documentation_en-US" xlink:label="lab_mx_DeferredTaxAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred Tax Assets [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DeferredTaxAssetsAbstract" xlink:href="mx-20231231.xsd#mx_DeferredTaxAssetsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DeferredTaxAssetsAbstract" xlink:to="lab_mx_DeferredTaxAssetsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare_351d031f-27df-4d17-9775-f039a5553952_terseLabel_en-US" xlink:label="lab_ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividend payments to Methanex Corporation shareholders (in usd per share)</link:label>
    <link:label id="lab_ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare_label_en-US" xlink:label="lab_ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends recognised as distributions to owners per share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:to="lab_ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits_5b501fdc-de38-411b-b428-b00fdc4880eb_terseLabel_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other long-term employee benefits</link:label>
    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits_label_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key management personnel compensation, other long-term employee benefits</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits" xlink:to="lab_ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_IncreaseDecreaselnWorkingCapitalInvestingActivities_263c89d2-4343-4461-867b-6a0065254bee_negatedLabel_en-US" xlink:label="lab_mx_IncreaseDecreaselnWorkingCapitalInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Changes in non-cash working capital related to investing activities (note 17(a))</link:label>
    <link:label id="lab_mx_IncreaseDecreaselnWorkingCapitalInvestingActivities_b200adfa-9754-4a8c-8c6e-4cf88ee2b440_negatedTerseLabel_en-US" xlink:label="lab_mx_IncreaseDecreaselnWorkingCapitalInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Investing</link:label>
    <link:label id="lab_mx_IncreaseDecreaselnWorkingCapitalInvestingActivities_label_en-US" xlink:label="lab_mx_IncreaseDecreaselnWorkingCapitalInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) ln Working Capital, Investing Activities</link:label>
    <link:label id="lab_mx_IncreaseDecreaselnWorkingCapitalInvestingActivities_documentation_en-US" xlink:label="lab_mx_IncreaseDecreaselnWorkingCapitalInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) ln Working Capital, Investing Activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_IncreaseDecreaselnWorkingCapitalInvestingActivities" xlink:href="mx-20231231.xsd#mx_IncreaseDecreaselnWorkingCapitalInvestingActivities"/>
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    <link:label id="lab_ifrs-full_GainsLossesOnHedgingInstrument_5d052db2-f27d-4192-81d3-b103a6e4276a_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnHedgingInstrument" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in fair value of cash flow hedges</link:label>
    <link:label id="lab_ifrs-full_GainsLossesOnHedgingInstrument_label_en-US" xlink:label="lab_ifrs-full_GainsLossesOnHedgingInstrument" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) on hedging instrument, fair value hedges</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GainsLossesOnHedgingInstrument" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainsLossesOnHedgingInstrument"/>
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    <link:label id="lab_ifrs-full_LaterThanFiveYearsMember_344be6df-0848-454d-9d4a-29c9ba144023_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Thereafter</link:label>
    <link:label id="lab_ifrs-full_LaterThanFiveYearsMember_4d5abf46-cfaa-4d98-82cc-9f6eb43b1e9a_verboseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Thereafter</link:label>
    <link:label id="lab_ifrs-full_LaterThanFiveYearsMember_label_en-US" xlink:label="lab_ifrs-full_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than five years [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LaterThanFiveYearsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LaterThanFiveYearsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanFiveYearsMember" xlink:to="lab_ifrs-full_LaterThanFiveYearsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MaximumMember_405f1b90-e483-47e4-9223-6ad7a9225c35_terseLabel_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum</link:label>
    <link:label id="lab_srt_MaximumMember_label_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maximum [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MaximumMember" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_MaximumMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MaximumMember" xlink:to="lab_srt_MaximumMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentType_c70b417d-1a33-4d33-aeae-0d3a900d8528_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_PurchasesForConstructionInProgressClassifiedAsInvestingActivities_b33d760f-aa43-408b-9286-66b273710cba_negatedTerseLabel_en-US" xlink:label="lab_mx_PurchasesForConstructionInProgressClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Geismar plant under construction</link:label>
    <link:label id="lab_mx_PurchasesForConstructionInProgressClassifiedAsInvestingActivities_label_en-US" xlink:label="lab_mx_PurchasesForConstructionInProgressClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchases For Construction In Progress, Classified As Investing Activities</link:label>
    <link:label id="lab_mx_PurchasesForConstructionInProgressClassifiedAsInvestingActivities_documentation_en-US" xlink:label="lab_mx_PurchasesForConstructionInProgressClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Purchases For Construction In Progress</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_PurchasesForConstructionInProgressClassifiedAsInvestingActivities" xlink:href="mx-20231231.xsd#mx_PurchasesForConstructionInProgressClassifiedAsInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_PurchasesForConstructionInProgressClassifiedAsInvestingActivities" xlink:to="lab_mx_PurchasesForConstructionInProgressClassifiedAsInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_26f9858d-2d5c-4a16-b5b6-74c0496ba405_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segmented information</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of entity's operating segments [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinanceCosts_15f6cb41-00c1-45e4-86d1-05db0e94908d_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_FinanceCosts" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Finance costs (note 12)</link:label>
    <link:label id="lab_ifrs-full_FinanceCosts_25f6f6e7-63aa-4e71-bd23-ea971a48bfc9_terseLabel_en-US" xlink:label="lab_ifrs-full_FinanceCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance costs</link:label>
    <link:label id="lab_ifrs-full_FinanceCosts_label_en-US" xlink:label="lab_ifrs-full_FinanceCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinanceCosts" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinanceCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinanceCosts" xlink:to="lab_ifrs-full_FinanceCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_732d12a8-77bd-4893-a1eb-14654cf1299c_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2028</link:label>
    <link:label id="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_label_en-US" xlink:label="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than four years and not later than five years [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:to="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_9accd128-ee33-475b-a96c-4b4429c3263f_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2027</link:label>
    <link:label id="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_label_en-US" xlink:label="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than three years and not later than four years [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ShareBasedPaymentArrangementsAbstract_721c91d7-13d7-462d-be7d-ceba3543683a_terseLabel_en-US" xlink:label="lab_mx_ShareBasedPaymentArrangementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangements [Abstract]</link:label>
    <link:label id="lab_mx_ShareBasedPaymentArrangementsAbstract_label_en-US" xlink:label="lab_mx_ShareBasedPaymentArrangementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangements [Abstract]</link:label>
    <link:label id="lab_mx_ShareBasedPaymentArrangementsAbstract_documentation_en-US" xlink:label="lab_mx_ShareBasedPaymentArrangementsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangements [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ShareBasedPaymentArrangementsAbstract" xlink:href="mx-20231231.xsd#mx_ShareBasedPaymentArrangementsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ShareBasedPaymentArrangementsAbstract" xlink:to="lab_mx_ShareBasedPaymentArrangementsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_TaxEffectOfUnrecognizedLossCarryforwardsAndTemporaryDifferences_a090cfba-4109-4664-b6e2-e05a858767ef_negatedTerseLabel_en-US" xlink:label="lab_mx_TaxEffectOfUnrecognizedLossCarryforwardsAndTemporaryDifferences" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Utilization of unrecognized loss carryforwards and temporary differences</link:label>
    <link:label id="lab_mx_TaxEffectOfUnrecognizedLossCarryforwardsAndTemporaryDifferences_22a9fbc1-0d29-4dd4-97cd-c2f078839aa5_terseLabel_en-US" xlink:label="lab_mx_TaxEffectOfUnrecognizedLossCarryforwardsAndTemporaryDifferences" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax effect</link:label>
    <link:label id="lab_mx_TaxEffectOfUnrecognizedLossCarryforwardsAndTemporaryDifferences_label_en-US" xlink:label="lab_mx_TaxEffectOfUnrecognizedLossCarryforwardsAndTemporaryDifferences" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Effect Of Unrecognized Loss Carryforwards And Temporary Differences</link:label>
    <link:label id="lab_mx_TaxEffectOfUnrecognizedLossCarryforwardsAndTemporaryDifferences_documentation_en-US" xlink:label="lab_mx_TaxEffectOfUnrecognizedLossCarryforwardsAndTemporaryDifferences" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Effect Of Unrecognized Loss Carryforwards And Temporary Differences</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_TaxEffectOfUnrecognizedLossCarryforwardsAndTemporaryDifferences" xlink:href="mx-20231231.xsd#mx_TaxEffectOfUnrecognizedLossCarryforwardsAndTemporaryDifferences"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_TaxEffectOfUnrecognizedLossCarryforwardsAndTemporaryDifferences" xlink:to="lab_mx_TaxEffectOfUnrecognizedLossCarryforwardsAndTemporaryDifferences" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToNoncontrollingInterests_11e7aefc-9208-4916-a8a3-bc53d8770abf_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling interests (note 24)</link:label>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToNoncontrollingInterests_label_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit (loss), attributable to non-controlling interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProfitLossAttributableToNoncontrollingInterests"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:to="lab_ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_02298e53-e006-44ba-8f68-cb9734162e71_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Foreign exchange gain (loss)</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in net defined benefit liability (asset) resulting from changes in foreign exchange rates, net defined benefit liability (asset)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherPropertyPlantAndEquipmentMember_4ca13c64-31a8-4aea-ac1c-f4a28c8aefee_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_ifrs-full_OtherPropertyPlantAndEquipmentMember_label_en-US" xlink:label="lab_ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other property, plant and equipment [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherPropertyPlantAndEquipmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:to="lab_ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_IncomeTaxRecoveryExpenseAbstract_8ed82103-c0ab-40bd-832f-2f3c53b45617_terseLabel_en-US" xlink:label="lab_mx_IncomeTaxRecoveryExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income tax (expense) recovery (note 16):</link:label>
    <link:label id="lab_mx_IncomeTaxRecoveryExpenseAbstract_label_en-US" xlink:label="lab_mx_IncomeTaxRecoveryExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax Recovery (Expense) [Abstract]</link:label>
    <link:label id="lab_mx_IncomeTaxRecoveryExpenseAbstract_documentation_en-US" xlink:label="lab_mx_IncomeTaxRecoveryExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income Tax Recovery (Expense)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_IncomeTaxRecoveryExpenseAbstract" xlink:href="mx-20231231.xsd#mx_IncomeTaxRecoveryExpenseAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_IncomeTaxRecoveryExpenseAbstract" xlink:to="lab_mx_IncomeTaxRecoveryExpenseAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_RatioofNetIndebtednesstoNetCapital_61edfccc-5957-4b7d-94d3-08811d41c4f4_terseLabel_en-US" xlink:label="lab_mx_RatioofNetIndebtednesstoNetCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net debt to capitalization</link:label>
    <link:label id="lab_mx_RatioofNetIndebtednesstoNetCapital_label_en-US" xlink:label="lab_mx_RatioofNetIndebtednesstoNetCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ratio of Net Indebtedness to Net Capital</link:label>
    <link:label id="lab_mx_RatioofNetIndebtednesstoNetCapital_documentation_en-US" xlink:label="lab_mx_RatioofNetIndebtednesstoNetCapital" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Ratio of Net Indebtedness to Net Capital</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_RatioofNetIndebtednesstoNetCapital" xlink:href="mx-20231231.xsd#mx_RatioofNetIndebtednesstoNetCapital"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_RatioofNetIndebtednesstoNetCapital" xlink:to="lab_mx_RatioofNetIndebtednesstoNetCapital" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_0f1f766a-aab2-43c0-bcf3-828358148b78_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of property, plant and equipment [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:to="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_a22268d7-13c2-47bb-97bb-0a82b9a3e3e3_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_FinanceLeaseLiabilityPaymentDue1_93cf7190-ed2a-4105-a300-1f641c4bec1c_terseLabel_en-US" xlink:label="lab_mx_FinanceLeaseLiabilityPaymentDue1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease obligations</link:label>
    <link:label id="lab_mx_FinanceLeaseLiabilityPaymentDue1_ea83d62b-baa9-4700-a93e-41ad37c1ad1c_verboseLabel_en-US" xlink:label="lab_mx_FinanceLeaseLiabilityPaymentDue1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Lease liabilities recognized (discounted)</link:label>
    <link:label id="lab_mx_FinanceLeaseLiabilityPaymentDue1_label_en-US" xlink:label="lab_mx_FinanceLeaseLiabilityPaymentDue1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance Lease, Liability, Payment, Due1</link:label>
    <link:label id="lab_mx_FinanceLeaseLiabilityPaymentDue1_documentation_en-US" xlink:label="lab_mx_FinanceLeaseLiabilityPaymentDue1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Finance Lease, Liability, Payment, Due1</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_FinanceLeaseLiabilityPaymentDue1" xlink:href="mx-20231231.xsd#mx_FinanceLeaseLiabilityPaymentDue1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_FinanceLeaseLiabilityPaymentDue1" xlink:to="lab_mx_FinanceLeaseLiabilityPaymentDue1" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfRisksMember_1222f781-691b-4aa6-ab8a-831e0deddfe7_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfRisksMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risks [member]</link:label>
    <link:label id="lab_ifrs-full_TypesOfRisksMember_label_en-US" xlink:label="lab_ifrs-full_TypesOfRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Risks [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfRisksMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfRisksMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfRisksMember" xlink:to="lab_ifrs-full_TypesOfRisksMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncomeStatementAbstract_8e0eba02-b4b4-43f0-a23a-4fb5223fa7d2_terseLabel_en-US" xlink:label="lab_ifrs-full_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Profit or loss [abstract]</link:label>
    <link:label id="lab_ifrs-full_IncomeStatementAbstract_label_en-US" xlink:label="lab_ifrs-full_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit or loss [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncomeStatementAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncomeStatementAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeStatementAbstract" xlink:to="lab_ifrs-full_IncomeStatementAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ExpenseRecoveryFromShareBasedPaymentTransactionsWithEmployeesEffectOfChangeInSharePrice_f3d928e5-2c86-4c66-b768-6cd33588eaed_terseLabel_en-US" xlink:label="lab_mx_ExpenseRecoveryFromShareBasedPaymentTransactionsWithEmployeesEffectOfChangeInSharePrice" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expense (recovery) from share-based payment transactions with employees, effect of change in share price</link:label>
    <link:label id="lab_mx_ExpenseRecoveryFromShareBasedPaymentTransactionsWithEmployeesEffectOfChangeInSharePrice_label_en-US" xlink:label="lab_mx_ExpenseRecoveryFromShareBasedPaymentTransactionsWithEmployeesEffectOfChangeInSharePrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expense (Recovery) From Share-Based Payment Transactions With Employees, Effect Of Change In Share Price</link:label>
    <link:label id="lab_mx_ExpenseRecoveryFromShareBasedPaymentTransactionsWithEmployeesEffectOfChangeInSharePrice_documentation_en-US" xlink:label="lab_mx_ExpenseRecoveryFromShareBasedPaymentTransactionsWithEmployeesEffectOfChangeInSharePrice" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expense (Recovery) From Share-Based Payment Transactions With Employees, Effect Of Change In Share Price</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ExpenseRecoveryFromShareBasedPaymentTransactionsWithEmployeesEffectOfChangeInSharePrice" xlink:href="mx-20231231.xsd#mx_ExpenseRecoveryFromShareBasedPaymentTransactionsWithEmployeesEffectOfChangeInSharePrice"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ExpenseRecoveryFromShareBasedPaymentTransactionsWithEmployeesEffectOfChangeInSharePrice" xlink:to="lab_mx_ExpenseRecoveryFromShareBasedPaymentTransactionsWithEmployeesEffectOfChangeInSharePrice" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TopOfRangeMember_01cf5030-4aeb-40d7-a3c2-42dc7c8d9496_terseLabel_en-US" xlink:label="lab_ifrs-full_TopOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Top of range</link:label>
    <link:label id="lab_ifrs-full_TopOfRangeMember_43c376d2-a981-4efa-b93d-6cc7aa090b58_verboseLabel_en-US" xlink:label="lab_ifrs-full_TopOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Top of range</link:label>
    <link:label id="lab_ifrs-full_TopOfRangeMember_label_en-US" xlink:label="lab_ifrs-full_TopOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Top of range [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TopOfRangeMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TopOfRangeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TopOfRangeMember" xlink:to="lab_ifrs-full_TopOfRangeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_Security12bTitle_5619d96a-04ec-44cd-a468-5a263845b1cd_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherCurrentAssets_cf1ba32c-f727-4df0-a076-fdd9f1270d3e_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other assets (note 7)</link:label>
    <link:label id="lab_ifrs-full_OtherCurrentAssets_76e77b04-2d60-4040-9319-5d8e27cfc575_verboseLabel_en-US" xlink:label="lab_ifrs-full_OtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other current assets</link:label>
    <link:label id="lab_ifrs-full_OtherCurrentAssets_eeba7331-e86a-41ea-8e63-73cfa4f6f37e_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_OtherCurrentAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Less current portion</link:label>
    <link:label id="lab_ifrs-full_OtherCurrentAssets_label_en-US" xlink:label="lab_ifrs-full_OtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other current assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherCurrentAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherCurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherCurrentAssets" xlink:to="lab_ifrs-full_OtherCurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_RetirementPlanFundingStatus1Domain_48dc79e0-6547-4484-9aa1-eaee22d2e10b_terseLabel_en-US" xlink:label="lab_mx_RetirementPlanFundingStatus1Domain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retirement Plan Funding Status1 [Domain]</link:label>
    <link:label id="lab_mx_RetirementPlanFundingStatus1Domain_label_en-US" xlink:label="lab_mx_RetirementPlanFundingStatus1Domain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retirement Plan Funding Status1 [Domain]</link:label>
    <link:label id="lab_mx_RetirementPlanFundingStatus1Domain_documentation_en-US" xlink:label="lab_mx_RetirementPlanFundingStatus1Domain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Retirement Plan Funding Status1 [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_RetirementPlanFundingStatus1Domain" xlink:href="mx-20231231.xsd#mx_RetirementPlanFundingStatus1Domain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_RetirementPlanFundingStatus1Domain" xlink:to="lab_mx_RetirementPlanFundingStatus1Domain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InterestExpenseOnLeaseLiabilities_3239dd89-43c8-4954-b070-6fbd5c03f6fd_terseLabel_en-US" xlink:label="lab_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest expense</link:label>
    <link:label id="lab_ifrs-full_InterestExpenseOnLeaseLiabilities_label_en-US" xlink:label="lab_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest expense on lease liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InterestExpenseOnLeaseLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:to="lab_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory_77769ee8-5bcf-4d17-94eb-e25caa2a9853_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of additional information about leasing activities for lessee</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of additional information about leasing activities for lessee [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory" xlink:to="lab_ifrs-full_DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_TypeofLeasedPropertyAxis_9bea8840-7601-434b-8f14-c283fe651e9a_terseLabel_en-US" xlink:label="lab_mx_TypeofLeasedPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Type of Leased Property [Axis]</link:label>
    <link:label id="lab_mx_TypeofLeasedPropertyAxis_label_en-US" xlink:label="lab_mx_TypeofLeasedPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Type of Leased Property [Axis]</link:label>
    <link:label id="lab_mx_TypeofLeasedPropertyAxis_documentation_en-US" xlink:label="lab_mx_TypeofLeasedPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Type of Leased Property [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_TypeofLeasedPropertyAxis" xlink:href="mx-20231231.xsd#mx_TypeofLeasedPropertyAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_TypeofLeasedPropertyAxis" xlink:to="lab_mx_TypeofLeasedPropertyAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DebtInstrumentsPercentageContributedToFairValueOfPlanAssets_a80b8570-0462-41b2-84bb-ecd095f5858c_terseLabel_en-US" xlink:label="lab_ifrs-full_DebtInstrumentsPercentageContributedToFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt securities</link:label>
    <link:label id="lab_ifrs-full_DebtInstrumentsPercentageContributedToFairValueOfPlanAssets_label_en-US" xlink:label="lab_ifrs-full_DebtInstrumentsPercentageContributedToFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt instruments, percentage contributed to fair value of plan assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DebtInstrumentsPercentageContributedToFairValueOfPlanAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DebtInstrumentsPercentageContributedToFairValueOfPlanAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DebtInstrumentsPercentageContributedToFairValueOfPlanAssets" xlink:to="lab_ifrs-full_DebtInstrumentsPercentageContributedToFairValueOfPlanAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_cebaf86e-55e2-4a3e-ab25-1a12ed24bfca_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2025</link:label>
    <link:label id="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_label_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than one year and not later than two years [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_RangeAxis_7eab0793-00b3-4764-b28a-b108546bed07_terseLabel_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
    <link:label id="lab_srt_RangeAxis_label_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RangeAxis" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_RangeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeAxis" xlink:to="lab_srt_RangeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DebtInstrumentUnamortizedDiscountandDeferredFinanceCost_efc6b8b7-429b-4f7f-ad63-0d978f817717_terseLabel_en-US" xlink:label="lab_mx_DebtInstrumentUnamortizedDiscountandDeferredFinanceCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt discounts and deferred financing fees</link:label>
    <link:label id="lab_mx_DebtInstrumentUnamortizedDiscountandDeferredFinanceCost_label_en-US" xlink:label="lab_mx_DebtInstrumentUnamortizedDiscountandDeferredFinanceCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Unamortized Discount and Deferred Finance Cost</link:label>
    <link:label id="lab_mx_DebtInstrumentUnamortizedDiscountandDeferredFinanceCost_documentation_en-US" xlink:label="lab_mx_DebtInstrumentUnamortizedDiscountandDeferredFinanceCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt Instrument, Unamortized Discount and Deferred Finance Cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DebtInstrumentUnamortizedDiscountandDeferredFinanceCost" xlink:href="mx-20231231.xsd#mx_DebtInstrumentUnamortizedDiscountandDeferredFinanceCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DebtInstrumentUnamortizedDiscountandDeferredFinanceCost" xlink:to="lab_mx_DebtInstrumentUnamortizedDiscountandDeferredFinanceCost" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_0d628852-8523-428f-88c4-5bf06d76cc7f_totalLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Decrease in cash and cash equivalents</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in cash and cash equivalents after effect of exchange rate changes</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_UnsecuredDebt525Member_86b968d9-3a27-4ca5-b881-e76fa06148ed_terseLabel_en-US" xlink:label="lab_mx_UnsecuredDebt525Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">$700 million at 5.25% due December 15, 2029</link:label>
    <link:label id="lab_mx_UnsecuredDebt525Member_label_en-US" xlink:label="lab_mx_UnsecuredDebt525Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unsecured Debt, 5.25% [Member]</link:label>
    <link:label id="lab_mx_UnsecuredDebt525Member_documentation_en-US" xlink:label="lab_mx_UnsecuredDebt525Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unsecured Debt, 5.25%</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_UnsecuredDebt525Member" xlink:href="mx-20231231.xsd#mx_UnsecuredDebt525Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_UnsecuredDebt525Member" xlink:to="lab_mx_UnsecuredDebt525Member" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_7b5aaf22-d2cb-4cd0-a01d-12c9e2625c1b_terseLabel_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_label_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInteractiveDataCurrent" xlink:to="lab_dei_EntityInteractiveDataCurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_AdjustmentsToReconcileProfitLossNonCashAbstractAbstract_712b52af-deed-45e8-aedb-8903b81d90ce_terseLabel_en-US" xlink:label="lab_mx_AdjustmentsToReconcileProfitLossNonCashAbstractAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Add (deduct) non-cash items:</link:label>
    <link:label id="lab_mx_AdjustmentsToReconcileProfitLossNonCashAbstractAbstract_label_en-US" xlink:label="lab_mx_AdjustmentsToReconcileProfitLossNonCashAbstractAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments To Reconcile Profit (Loss), Non-Cash [Abstract] [Abstract]</link:label>
    <link:label id="lab_mx_AdjustmentsToReconcileProfitLossNonCashAbstractAbstract_documentation_en-US" xlink:label="lab_mx_AdjustmentsToReconcileProfitLossNonCashAbstractAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Adjustments To Reconcile Profit (Loss), Non-Cash [Abstract] [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_AdjustmentsToReconcileProfitLossNonCashAbstractAbstract" xlink:href="mx-20231231.xsd#mx_AdjustmentsToReconcileProfitLossNonCashAbstractAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_AdjustmentsToReconcileProfitLossNonCashAbstractAbstract" xlink:to="lab_mx_AdjustmentsToReconcileProfitLossNonCashAbstractAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract_367ad6e9-9284-439c-bf4c-cc3246dfb39e_terseLabel_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Attributable to:</link:label>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract_label_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive income attributable to [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ComprehensiveIncomeAttributableToAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:to="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressesLineItems_29a6e0c6-ddf8-4aaa-a658-1cc2122658ef_terseLabel_en-US" xlink:label="lab_dei_EntityAddressesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Addresses [Line Items]</link:label>
    <link:label id="lab_dei_EntityAddressesLineItems_label_en-US" xlink:label="lab_dei_EntityAddressesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Addresses [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressesLineItems" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressesLineItems" xlink:to="lab_dei_EntityAddressesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivitiesFinanceCosts_942b0e47-b575-44eb-b080-3f410218c537_terseLabel_en-US" xlink:label="lab_mx_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivitiesFinanceCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance costs</link:label>
    <link:label id="lab_mx_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivitiesFinanceCosts_label_en-US" xlink:label="lab_mx_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivitiesFinanceCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Other Changes, Liabilities Arising From Financing Activities, Finance Costs</link:label>
    <link:label id="lab_mx_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivitiesFinanceCosts_documentation_en-US" xlink:label="lab_mx_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivitiesFinanceCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Other Changes, Liabilities Arising From Financing Activities, Finance Costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivitiesFinanceCosts" xlink:href="mx-20231231.xsd#mx_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivitiesFinanceCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivitiesFinanceCosts" xlink:to="lab_mx_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivitiesFinanceCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherExpenseByNature_87dc77a1-0d2a-4b9c-9ab0-49208759c623_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherExpenseByNature" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other expenses</link:label>
    <link:label id="lab_ifrs-full_OtherExpenseByNature_label_en-US" xlink:label="lab_ifrs-full_OtherExpenseByNature" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other expenses, by nature</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherExpenseByNature" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherExpenseByNature"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherExpenseByNature" xlink:to="lab_ifrs-full_OtherExpenseByNature" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable_f822e40f-b73f-47c6-bb85-ae65f3afeaa2_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of subsidiaries [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of subsidiaries [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:to="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_LossesGeneratedPeriodYear2005Through2014Member_07437043-312b-4661-b982-41797f42fa9d_terseLabel_en-US" xlink:label="lab_mx_LossesGeneratedPeriodYear2005Through2014Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2005 through 2014</link:label>
    <link:label id="lab_mx_LossesGeneratedPeriodYear2005Through2014Member_label_en-US" xlink:label="lab_mx_LossesGeneratedPeriodYear2005Through2014Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Losses Generated Period, Year 2005 Through 2014 [Member]</link:label>
    <link:label id="lab_mx_LossesGeneratedPeriodYear2005Through2014Member_documentation_en-US" xlink:label="lab_mx_LossesGeneratedPeriodYear2005Through2014Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Losses Generated Period, Year 2005 Through 2014 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LossesGeneratedPeriodYear2005Through2014Member" xlink:href="mx-20231231.xsd#mx_LossesGeneratedPeriodYear2005Through2014Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_LossesGeneratedPeriodYear2005Through2014Member" xlink:to="lab_mx_LossesGeneratedPeriodYear2005Through2014Member" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_CancellationOfBorrowingFacilities_fd635941-b9bc-4760-b00c-060004c1f0ab_terseLabel_en-US" xlink:label="lab_mx_CancellationOfBorrowingFacilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cancellation of non-revolving construction facility</link:label>
    <link:label id="lab_mx_CancellationOfBorrowingFacilities_label_en-US" xlink:label="lab_mx_CancellationOfBorrowingFacilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cancellation of Borrowing Facilities</link:label>
    <link:label id="lab_mx_CancellationOfBorrowingFacilities_documentation_en-US" xlink:label="lab_mx_CancellationOfBorrowingFacilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cancellation of Borrowing Facilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_CancellationOfBorrowingFacilities" xlink:href="mx-20231231.xsd#mx_CancellationOfBorrowingFacilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_CancellationOfBorrowingFacilities" xlink:to="lab_mx_CancellationOfBorrowingFacilities" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DisclosureOfRangeOfExercisePricesOfOutstandingOtherEquityInstrumentsTableTextBlock_a47d2f15-5037-4a89-bc94-c82a78082df5_terseLabel_en-US" xlink:label="lab_mx_DisclosureOfRangeOfExercisePricesOfOutstandingOtherEquityInstrumentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">SARs and TSARs outstanding and exercisable by range of exercise prices</link:label>
    <link:label id="lab_mx_DisclosureOfRangeOfExercisePricesOfOutstandingOtherEquityInstrumentsTableTextBlock_label_en-US" xlink:label="lab_mx_DisclosureOfRangeOfExercisePricesOfOutstandingOtherEquityInstrumentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Range Of Exercise Prices Of Outstanding Other Equity Instruments [Table Text Block]</link:label>
    <link:label id="lab_mx_DisclosureOfRangeOfExercisePricesOfOutstandingOtherEquityInstrumentsTableTextBlock_documentation_en-US" xlink:label="lab_mx_DisclosureOfRangeOfExercisePricesOfOutstandingOtherEquityInstrumentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Range Of Exercise Prices Of Outstanding Other Equity Instruments [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DisclosureOfRangeOfExercisePricesOfOutstandingOtherEquityInstrumentsTableTextBlock" xlink:href="mx-20231231.xsd#mx_DisclosureOfRangeOfExercisePricesOfOutstandingOtherEquityInstrumentsTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DisclosureOfRangeOfExercisePricesOfOutstandingOtherEquityInstrumentsTableTextBlock" xlink:to="lab_mx_DisclosureOfRangeOfExercisePricesOfOutstandingOtherEquityInstrumentsTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TradeAndOtherPayables_b150c0a1-1996-4b88-bc76-0b9637a0e64a_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade and other payables</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherPayables_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other payables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TradeAndOtherPayables" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TradeAndOtherPayables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherPayables" xlink:to="lab_ifrs-full_TradeAndOtherPayables" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_2e83940f-2690-4339-a5eb-5ed9f2b1e019_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_MeasurementInputDiscountRate1Member_76a40124-caa5-4503-a32b-b8c8e856ba70_terseLabel_en-US" xlink:label="lab_mx_MeasurementInputDiscountRate1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discount rate</link:label>
    <link:label id="lab_mx_MeasurementInputDiscountRate1Member_label_en-US" xlink:label="lab_mx_MeasurementInputDiscountRate1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Input, Discount Rate1 [Member]</link:label>
    <link:label id="lab_mx_MeasurementInputDiscountRate1Member_documentation_en-US" xlink:label="lab_mx_MeasurementInputDiscountRate1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Measurement Input, Discount Rate1</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_MeasurementInputDiscountRate1Member" xlink:href="mx-20231231.xsd#mx_MeasurementInputDiscountRate1Member"/>
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    <link:label id="lab_mx_LesseeFinanceLeaseLeaseNotYetCommencedNumberOfVessels_420952d4-487e-4b84-a806-d4aad87e375a_terseLabel_en-US" xlink:label="lab_mx_LesseeFinanceLeaseLeaseNotYetCommencedNumberOfVessels" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease not yet commenced, number of vessels</link:label>
    <link:label id="lab_mx_LesseeFinanceLeaseLeaseNotYetCommencedNumberOfVessels_label_en-US" xlink:label="lab_mx_LesseeFinanceLeaseLeaseNotYetCommencedNumberOfVessels" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Finance Lease, Lease Not yet Commenced, Number of Vessels</link:label>
    <link:label id="lab_mx_LesseeFinanceLeaseLeaseNotYetCommencedNumberOfVessels_documentation_en-US" xlink:label="lab_mx_LesseeFinanceLeaseLeaseNotYetCommencedNumberOfVessels" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lessee, Finance Lease, Lease Not yet Commenced, Number of Vessels</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LesseeFinanceLeaseLeaseNotYetCommencedNumberOfVessels" xlink:href="mx-20231231.xsd#mx_LesseeFinanceLeaseLeaseNotYetCommencedNumberOfVessels"/>
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    <link:label id="lab_mx_DisclosureOfNatureOfOperationsTextBlock_fdbd7a2c-2573-42c9-80dd-ad2f29c9c7a1_terseLabel_en-US" xlink:label="lab_mx_DisclosureOfNatureOfOperationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Nature of operations</link:label>
    <link:label id="lab_mx_DisclosureOfNatureOfOperationsTextBlock_label_en-US" xlink:label="lab_mx_DisclosureOfNatureOfOperationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Nature of Operations [Text Block]</link:label>
    <link:label id="lab_mx_DisclosureOfNatureOfOperationsTextBlock_documentation_en-US" xlink:label="lab_mx_DisclosureOfNatureOfOperationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Nature of Operations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DisclosureOfNatureOfOperationsTextBlock" xlink:href="mx-20231231.xsd#mx_DisclosureOfNatureOfOperationsTextBlock"/>
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    <link:label id="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory_d87d7acc-68a9-406c-9ec4-529b80ae3ac8_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related parties</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of related party [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfRelatedPartyExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:to="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_LeaseTerm_79303640-67e6-45b2-b48a-46b2867f11d9_terseLabel_en-US" xlink:label="lab_mx_LeaseTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease term</link:label>
    <link:label id="lab_mx_LeaseTerm_label_en-US" xlink:label="lab_mx_LeaseTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease, Term</link:label>
    <link:label id="lab_mx_LeaseTerm_documentation_en-US" xlink:label="lab_mx_LeaseTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lease, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LeaseTerm" xlink:href="mx-20231231.xsd#mx_LeaseTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_LeaseTerm" xlink:to="lab_mx_LeaseTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_country_EG_e3441b16-9c99-450f-99db-b4a455fe7835_terseLabel_en-US" xlink:label="lab_country_EG" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Egypt</link:label>
    <link:label id="lab_country_EG_label_en-US" xlink:label="lab_country_EG" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">EGYPT</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_EG" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_EG"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_EG" xlink:to="lab_country_EG" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory_eef4e962-afaf-4550-8b63-538696bcb9bd_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of right-of-use assets</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AuditorLocation_2e71f060-1403-450c-9b1b-455b77acfea7_terseLabel_en-US" xlink:label="lab_dei_AuditorLocation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Auditor Location</link:label>
    <link:label id="lab_dei_AuditorLocation_label_en-US" xlink:label="lab_dei_AuditorLocation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditor Location</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AuditorLocation" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditorLocation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AuditorLocation" xlink:to="lab_dei_AuditorLocation" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentage1_b1b99db6-2c1e-498d-9319-bf7a421c3e80_terseLabel_en-US" xlink:label="lab_mx_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentage1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based compensation arrangement vesting rights, percentage</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mx_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentage1" xlink:href="mx-20231231.xsd#mx_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentage1"/>
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    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory_e3fbf8ae-561e-4c4d-bd3c-f6c6865dd1af_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financing fees</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for finance costs [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory"/>
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    <link:label id="lab_mx_TradeAndOtherReceivablesMember_ec5cf021-edf5-4770-9a58-fb6b6f1f8311_terseLabel_en-US" xlink:label="lab_mx_TradeAndOtherReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade and other receivables, excluding tax receivable</link:label>
    <link:label id="lab_mx_TradeAndOtherReceivablesMember_label_en-US" xlink:label="lab_mx_TradeAndOtherReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade And Other Receivables [Member]</link:label>
    <link:label id="lab_mx_TradeAndOtherReceivablesMember_documentation_en-US" xlink:label="lab_mx_TradeAndOtherReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trade And Other Receivables [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_TradeAndOtherReceivablesMember" xlink:href="mx-20231231.xsd#mx_TradeAndOtherReceivablesMember"/>
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    <link:label id="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory_cf3836c9-f05c-43fc-8f91-14ce3e8f12a7_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income and other taxes</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of income tax [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory"/>
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    <link:label id="lab_ifrs-full_ClassesOfFinancialInstrumentsAxis_2fe4d2fc-257b-40a7-845b-efe2f9129e0d_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of financial instruments [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfFinancialInstrumentsAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of financial instruments [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:to="lab_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_Equity_ebbebb27-6068-4551-9fa3-8dc0aeebf095_totalLabel_en-US" xlink:label="lab_ifrs-full_Equity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total equity</link:label>
    <link:label id="lab_ifrs-full_Equity_db3f54f1-fe11-4856-b745-f386b1e92534_periodStartLabel_en-US" xlink:label="lab_ifrs-full_Equity" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance, beginning of period</link:label>
    <link:label id="lab_ifrs-full_Equity_0d7b8220-6172-431f-a11f-6516936379d6_periodEndLabel_en-US" xlink:label="lab_ifrs-full_Equity" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance, end of period</link:label>
    <link:label id="lab_ifrs-full_Equity_label_en-US" xlink:label="lab_ifrs-full_Equity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Equity" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Equity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Equity" xlink:to="lab_ifrs-full_Equity" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_FundedPlan1Member_bfd244a7-57d2-469b-a799-6804e7b49734_terseLabel_en-US" xlink:label="lab_mx_FundedPlan1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Funded</link:label>
    <link:label id="lab_mx_FundedPlan1Member_label_en-US" xlink:label="lab_mx_FundedPlan1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Funded Plan1 [Member]</link:label>
    <link:label id="lab_mx_FundedPlan1Member_documentation_en-US" xlink:label="lab_mx_FundedPlan1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Funded Plan1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_FundedPlan1Member" xlink:href="mx-20231231.xsd#mx_FundedPlan1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_FundedPlan1Member" xlink:to="lab_mx_FundedPlan1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_SouthAmericaMember_609fd184-8356-45d1-966d-6bb73c681ffd_terseLabel_en-US" xlink:label="lab_srt_SouthAmericaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">South America</link:label>
    <link:label id="lab_srt_SouthAmericaMember_label_en-US" xlink:label="lab_srt_SouthAmericaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">South America [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_SouthAmericaMember" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_SouthAmericaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SouthAmericaMember" xlink:to="lab_srt_SouthAmericaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AnnualInformationForm_de716891-acdc-439b-b98a-c6a37ab47528_terseLabel_en-US" xlink:label="lab_dei_AnnualInformationForm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual Information Form</link:label>
    <link:label id="lab_dei_AnnualInformationForm_label_en-US" xlink:label="lab_dei_AnnualInformationForm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Annual Information Form</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AnnualInformationForm" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AnnualInformationForm" xlink:to="lab_dei_AnnualInformationForm" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_FinanceCostsBeforeCapitalizedInterest_6261a22b-d560-42a2-a983-0ce9dc28f175_totalLabel_en-US" xlink:label="lab_mx_FinanceCostsBeforeCapitalizedInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Finance costs before capitalized interest</link:label>
    <link:label id="lab_mx_FinanceCostsBeforeCapitalizedInterest_label_en-US" xlink:label="lab_mx_FinanceCostsBeforeCapitalizedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance Costs Before Capitalized Interest</link:label>
    <link:label id="lab_mx_FinanceCostsBeforeCapitalizedInterest_documentation_en-US" xlink:label="lab_mx_FinanceCostsBeforeCapitalizedInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Finance Costs Before Capitalized Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_FinanceCostsBeforeCapitalizedInterest" xlink:href="mx-20231231.xsd#mx_FinanceCostsBeforeCapitalizedInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_FinanceCostsBeforeCapitalizedInterest" xlink:to="lab_mx_FinanceCostsBeforeCapitalizedInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareTandemStockAppreciationRightsCashSettledRecovery_db6dd344-e224-4171-b001-df77c30887bf_terseLabel_en-US" xlink:label="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareTandemStockAppreciationRightsCashSettledRecovery" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash-settled recovery included in net income</link:label>
    <link:label id="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareTandemStockAppreciationRightsCashSettledRecovery_label_en-US" xlink:label="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareTandemStockAppreciationRightsCashSettledRecovery" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dilutive Securities, Effect on Basic Earnings Per Share, Tandem Stock Appreciation Rights, Cash-Settled Recovery</link:label>
    <link:label id="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareTandemStockAppreciationRightsCashSettledRecovery_documentation_en-US" xlink:label="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareTandemStockAppreciationRightsCashSettledRecovery" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Dilutive Securities, Effect on Basic Earnings Per Share, Tandem Stock Appreciation Rights, Cash-Settled Recovery</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareTandemStockAppreciationRightsCashSettledRecovery" xlink:href="mx-20231231.xsd#mx_DilutiveSecuritiesEffectonBasicEarningsPerShareTandemStockAppreciationRightsCashSettledRecovery"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareTandemStockAppreciationRightsCashSettledRecovery" xlink:to="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareTandemStockAppreciationRightsCashSettledRecovery" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_MethanexLouisianaLLCMember_7d8da3c4-1357-4bc3-ac07-08999b2a40fa_terseLabel_en-US" xlink:label="lab_mx_MethanexLouisianaLLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanex Louisiana LLC</link:label>
    <link:label id="lab_mx_MethanexLouisianaLLCMember_label_en-US" xlink:label="lab_mx_MethanexLouisianaLLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Methanex Louisiana LLC [Member]</link:label>
    <link:label id="lab_mx_MethanexLouisianaLLCMember_documentation_en-US" xlink:label="lab_mx_MethanexLouisianaLLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Methanex Louisiana LLC [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_MethanexLouisianaLLCMember" xlink:href="mx-20231231.xsd#mx_MethanexLouisianaLLCMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_MethanexLouisianaLLCMember" xlink:to="lab_mx_MethanexLouisianaLLCMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DerivativeFinancialAssets_1f8d005d-f909-48e2-81f2-e86b5da8aaa6_verboseLabel_en-US" xlink:label="lab_ifrs-full_DerivativeFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Fair value of Egypt gas supply contract derivative (note 19)</link:label>
    <link:label id="lab_ifrs-full_DerivativeFinancialAssets_d926643c-1087-4dcb-8e7a-05da69172b7f_terseLabel_en-US" xlink:label="lab_ifrs-full_DerivativeFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative financial assets</link:label>
    <link:label id="lab_ifrs-full_DerivativeFinancialAssets_label_en-US" xlink:label="lab_ifrs-full_DerivativeFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative financial assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DerivativeFinancialAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DerivativeFinancialAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DerivativeFinancialAssets" xlink:to="lab_ifrs-full_DerivativeFinancialAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EquityInstrumentsPercentageContributedToFairValueOfPlanAssets_04e2df79-8f35-4391-997d-0d43db659c71_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityInstrumentsPercentageContributedToFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity securities</link:label>
    <link:label id="lab_ifrs-full_EquityInstrumentsPercentageContributedToFairValueOfPlanAssets_label_en-US" xlink:label="lab_ifrs-full_EquityInstrumentsPercentageContributedToFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity instruments, percentage contributed to fair value of plan assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EquityInstrumentsPercentageContributedToFairValueOfPlanAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EquityInstrumentsPercentageContributedToFairValueOfPlanAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityInstrumentsPercentageContributedToFairValueOfPlanAssets" xlink:to="lab_ifrs-full_EquityInstrumentsPercentageContributedToFairValueOfPlanAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ComponentsOfEquityAxis_5016128c-5f5c-47df-bab3-3770597ff054_terseLabel_en-US" xlink:label="lab_ifrs-full_ComponentsOfEquityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Components of equity [axis]</link:label>
    <link:label id="lab_ifrs-full_ComponentsOfEquityAxis_label_en-US" xlink:label="lab_ifrs-full_ComponentsOfEquityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Components of equity [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ComponentsOfEquityAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ComponentsOfEquityAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComponentsOfEquityAxis" xlink:to="lab_ifrs-full_ComponentsOfEquityAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax_2185778d-7362-490b-bd4e-9674781cef4d_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in cash flow hedges and excluded forward element (note 19)</link:label>
    <link:label id="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax_f83e22c6-04f0-4e4f-b7f7-7d979c1eb08d_totalLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Changes in cash flow hedges and excluded forward element</link:label>
    <link:label id="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax_label_en-US" xlink:label="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) on cash flow hedges, before tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax"/>
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    <link:label id="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_13ac86db-6cf9-49bb-b6d2-2ec0dc5dd61d_terseLabel_en-US" xlink:label="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest cost on accrued benefit obligations / income on assets</link:label>
    <link:label id="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_label_en-US" xlink:label="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ContractualObligationsMember_9c046837-cf39-4436-820d-8eaec0c47c64_terseLabel_en-US" xlink:label="lab_mx_ContractualObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual obligations</link:label>
    <link:label id="lab_mx_ContractualObligationsMember_label_en-US" xlink:label="lab_mx_ContractualObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contractual Obligations [Member]</link:label>
    <link:label id="lab_mx_ContractualObligationsMember_documentation_en-US" xlink:label="lab_mx_ContractualObligationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Contractual Obligations [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ContractualObligationsMember" xlink:href="mx-20231231.xsd#mx_ContractualObligationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ContractualObligationsMember" xlink:to="lab_mx_ContractualObligationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DerivativeLiabilitiesMember_57e0883f-0829-4330-8b70-feaff4a64c6e_terseLabel_en-US" xlink:label="lab_mx_DerivativeLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative instruments designated as cash flow hedges</link:label>
    <link:label id="lab_mx_DerivativeLiabilitiesMember_label_en-US" xlink:label="lab_mx_DerivativeLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Liabilities [Member]</link:label>
    <link:label id="lab_mx_DerivativeLiabilitiesMember_documentation_en-US" xlink:label="lab_mx_DerivativeLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivative Liabilities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DerivativeLiabilitiesMember" xlink:href="mx-20231231.xsd#mx_DerivativeLiabilitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DerivativeLiabilitiesMember" xlink:to="lab_mx_DerivativeLiabilitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_Level3OfFairValueHierarchyMember_8b4440e2-b9cb-4d35-861c-a755c9957230_terseLabel_en-US" xlink:label="lab_ifrs-full_Level3OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Level 3 of fair value hierarchy</link:label>
    <link:label id="lab_ifrs-full_Level3OfFairValueHierarchyMember_label_en-US" xlink:label="lab_ifrs-full_Level3OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Level 3 of fair value hierarchy [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Level3OfFairValueHierarchyMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Level3OfFairValueHierarchyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Level3OfFairValueHierarchyMember" xlink:to="lab_ifrs-full_Level3OfFairValueHierarchyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IndividualAssetsOrCashgeneratingUnitsMember_8c7d95e6-2d6b-4244-95f2-6a4180e6809c_terseLabel_en-US" xlink:label="lab_ifrs-full_IndividualAssetsOrCashgeneratingUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash-generating unit</link:label>
    <link:label id="lab_ifrs-full_IndividualAssetsOrCashgeneratingUnitsMember_label_en-US" xlink:label="lab_ifrs-full_IndividualAssetsOrCashgeneratingUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Individual assets or cash-generating units [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IndividualAssetsOrCashgeneratingUnitsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IndividualAssetsOrCashgeneratingUnitsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IndividualAssetsOrCashgeneratingUnitsMember" xlink:to="lab_ifrs-full_IndividualAssetsOrCashgeneratingUnitsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_country_CA_30e11a7b-9461-4a67-ba50-675a80e4deae_terseLabel_en-US" xlink:label="lab_country_CA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Canada</link:label>
    <link:label id="lab_country_CA_label_en-US" xlink:label="lab_country_CA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">CANADA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_CA" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_CA"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_CA" xlink:to="lab_country_CA" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_IncreaseDecreaseInWorkingCapitalAbstract_c5d3a659-2bd3-42a3-b76c-c65607fbe8d6_terseLabel_en-US" xlink:label="lab_mx_IncreaseDecreaseInWorkingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">These changes relate to the following activities:</link:label>
    <link:label id="lab_mx_IncreaseDecreaseInWorkingCapitalAbstract_label_en-US" xlink:label="lab_mx_IncreaseDecreaseInWorkingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Working Capital [Abstract]</link:label>
    <link:label id="lab_mx_IncreaseDecreaseInWorkingCapitalAbstract_documentation_en-US" xlink:label="lab_mx_IncreaseDecreaseInWorkingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Working Capital [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_IncreaseDecreaseInWorkingCapitalAbstract" xlink:href="mx-20231231.xsd#mx_IncreaseDecreaseInWorkingCapitalAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_IncreaseDecreaseInWorkingCapitalAbstract" xlink:to="lab_mx_IncreaseDecreaseInWorkingCapitalAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_PerformanceShares1Member_ef051d3c-cd7a-4778-8060-ac7da632875a_terseLabel_en-US" xlink:label="lab_mx_PerformanceShares1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Performance shares</link:label>
    <link:label id="lab_mx_PerformanceShares1Member_label_en-US" xlink:label="lab_mx_PerformanceShares1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Performance Shares 1 [Member]</link:label>
    <link:label id="lab_mx_PerformanceShares1Member_documentation_en-US" xlink:label="lab_mx_PerformanceShares1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Performance Shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_PerformanceShares1Member" xlink:href="mx-20231231.xsd#mx_PerformanceShares1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_PerformanceShares1Member" xlink:to="lab_mx_PerformanceShares1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries_fc6eb466-06ec-4322-82e9-3936a340b4ad_verboseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Sale of partial interest in subsidiary (note 25)</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries_344a1e9a-0053-4056-b558-35b31dfe806b_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) through change in equity of subsidiaries, equity</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through change in equity of subsidiaries, equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CostOfSales_f91d23a8-daa4-43c7-9610-441c49fac2e1_terseLabel_en-US" xlink:label="lab_ifrs-full_CostOfSales" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost of sales</link:label>
    <link:label id="lab_ifrs-full_CostOfSales_label_en-US" xlink:label="lab_ifrs-full_CostOfSales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost of sales</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CostOfSales" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CostOfSales"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CostOfSales" xlink:to="lab_ifrs-full_CostOfSales" xlink:type="arc" order="1"/>
    <link:label id="lab_country_CL_175ae709-d485-494e-94c5-37a08017c00f_terseLabel_en-US" xlink:label="lab_country_CL" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Chile</link:label>
    <link:label id="lab_country_CL_label_en-US" xlink:label="lab_country_CL" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">CHILE</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_CL" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_CL"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_CL" xlink:to="lab_country_CL" xlink:type="arc" order="1"/>
    <link:label id="lab_country_CN_c20ec027-f7eb-4d9c-a72a-7cf9fa01a85f_terseLabel_en-US" xlink:label="lab_country_CN" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">China</link:label>
    <link:label id="lab_country_CN_label_en-US" xlink:label="lab_country_CN" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">CHINA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_CN" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_CN"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_CN" xlink:to="lab_country_CN" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariablePercent_d4787121-b8a1-4c77-a132-5aecc2a66c68_terseLabel_en-US" xlink:label="lab_mx_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariablePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reasonably possible change in risk variable, percent</link:label>
    <link:label id="lab_mx_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariablePercent_label_en-US" xlink:label="lab_mx_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariablePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Change In Risk Variable, Percent</link:label>
    <link:label id="lab_mx_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariablePercent_documentation_en-US" xlink:label="lab_mx_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariablePercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Change In Risk Variable, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariablePercent" xlink:href="mx-20231231.xsd#mx_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariablePercent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariablePercent" xlink:to="lab_mx_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariablePercent" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ValuationTechniquesChangeInInputMember_96a4cfae-da73-4e84-bc18-819b98b72665_terseLabel_en-US" xlink:label="lab_mx_ValuationTechniquesChangeInInputMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in input</link:label>
    <link:label id="lab_mx_ValuationTechniquesChangeInInputMember_label_en-US" xlink:label="lab_mx_ValuationTechniquesChangeInInputMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Valuation Techniques, Change In Input [Member]</link:label>
    <link:label id="lab_mx_ValuationTechniquesChangeInInputMember_documentation_en-US" xlink:label="lab_mx_ValuationTechniquesChangeInInputMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Valuation Techniques, Change In Input</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ValuationTechniquesChangeInInputMember" xlink:href="mx-20231231.xsd#mx_ValuationTechniquesChangeInInputMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ValuationTechniquesChangeInInputMember" xlink:to="lab_mx_ValuationTechniquesChangeInInputMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_VesselsMember_8c581323-0885-407d-ab8d-bb1ea79b7685_terseLabel_en-US" xlink:label="lab_mx_VesselsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ocean-going vessels</link:label>
    <link:label id="lab_mx_VesselsMember_label_en-US" xlink:label="lab_mx_VesselsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessels [Member]</link:label>
    <link:label id="lab_mx_VesselsMember_documentation_en-US" xlink:label="lab_mx_VesselsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Vessels [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_VesselsMember" xlink:href="mx-20231231.xsd#mx_VesselsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_VesselsMember" xlink:to="lab_mx_VesselsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_PurchaseCommitment1Member_908bb98d-b963-43d7-b9d9-292b16fee62d_terseLabel_en-US" xlink:label="lab_mx_PurchaseCommitment1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Take-or-pay purchase contracts</link:label>
    <link:label id="lab_mx_PurchaseCommitment1Member_label_en-US" xlink:label="lab_mx_PurchaseCommitment1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase Commitment1 [Member]</link:label>
    <link:label id="lab_mx_PurchaseCommitment1Member_documentation_en-US" xlink:label="lab_mx_PurchaseCommitment1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Purchase Commitment1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_PurchaseCommitment1Member" xlink:href="mx-20231231.xsd#mx_PurchaseCommitment1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_PurchaseCommitment1Member" xlink:to="lab_mx_PurchaseCommitment1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember_56c282b4-2c08-4b63-ae95-6edcbbc953de_terseLabel_en-US" xlink:label="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated depreciation</link:label>
    <link:label id="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember_label_en-US" xlink:label="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated depreciation and amortisation [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AccumulatedDepreciationAndAmortisationMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:to="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_9bee963a-04e9-43da-9497-5bb6dfd3cab4_terseLabel_en-US" xlink:label="lab_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated useful lives</link:label>
    <link:label id="lab_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Useful life measured as period of time, property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:to="lab_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ShipsMember_5f6f705a-38c9-4ada-a6fb-c19977dca4a3_terseLabel_en-US" xlink:label="lab_ifrs-full_ShipsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ocean vessels</link:label>
    <link:label id="lab_ifrs-full_ShipsMember_label_en-US" xlink:label="lab_ifrs-full_ShipsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ships [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ShipsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ShipsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ShipsMember" xlink:to="lab_ifrs-full_ShipsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NetDefinedBenefitLiabilityAssetMember_6b1fb5db-6128-423f-860a-3a7bfe2435e5_terseLabel_en-US" xlink:label="lab_ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net defined benefit liability (asset) [member]</link:label>
    <link:label id="lab_ifrs-full_NetDefinedBenefitLiabilityAssetMember_label_en-US" xlink:label="lab_ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net defined benefit liability (asset) [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NetDefinedBenefitLiabilityAssetMember"/>
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    <link:label id="lab_ifrs-full_LeaseLiabilitiesMember_4467cff4-0a8c-44c1-9be6-1fe819118229_terseLabel_en-US" xlink:label="lab_ifrs-full_LeaseLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease obligations</link:label>
    <link:label id="lab_ifrs-full_LeaseLiabilitiesMember_label_en-US" xlink:label="lab_ifrs-full_LeaseLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease liabilities [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LeaseLiabilitiesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LeaseLiabilitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LeaseLiabilitiesMember" xlink:to="lab_ifrs-full_LeaseLiabilitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities_3a80b4ee-b967-40e8-ad10-ae3820d086c3_totalLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) financing activities</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities_8c4975eb-5687-4887-a25e-68c39db365c0_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) financing activities</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities_label_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) financing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory_1c0f6663-a3d5-4cf5-bfae-3984c67b937b_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of long-term debt</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about borrowings [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory"/>
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    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValue_b978e6ca-6852-4735-833d-475782bea700_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets, fair value</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValue_label_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets, at fair value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialAssetsAtFairValue" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialAssetsAtFairValue"/>
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    <link:label id="lab_ifrs-full_DepreciationRightofuseAssets_a4052326-f43a-4a47-b48f-ddbf7fc130ff_terseLabel_en-US" xlink:label="lab_ifrs-full_DepreciationRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation</link:label>
    <link:label id="lab_ifrs-full_DepreciationRightofuseAssets_label_en-US" xlink:label="lab_ifrs-full_DepreciationRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation, right-of-use assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DepreciationRightofuseAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DepreciationRightofuseAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DepreciationRightofuseAssets" xlink:to="lab_ifrs-full_DepreciationRightofuseAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LongtermBorrowings_e4b83e1e-b185-48b7-adea-68b945a47aa9_terseLabel_en-US" xlink:label="lab_ifrs-full_LongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term debt (note 8)</link:label>
    <link:label id="lab_ifrs-full_LongtermBorrowings_e1061858-6b12-437c-abb6-c8578db0dd0b_verboseLabel_en-US" xlink:label="lab_ifrs-full_LongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Non-current portion of long-term debt</link:label>
    <link:label id="lab_ifrs-full_LongtermBorrowings_label_en-US" xlink:label="lab_ifrs-full_LongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current portion of non-current borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LongtermBorrowings" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LongtermBorrowings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LongtermBorrowings" xlink:to="lab_ifrs-full_LongtermBorrowings" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_UnsecuredDebt425Member_1ca8767e-8aeb-4343-8540-d8ea4a75e2f4_terseLabel_en-US" xlink:label="lab_mx_UnsecuredDebt425Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">$300 million at 4.25% due December 1, 2024</link:label>
    <link:label id="lab_mx_UnsecuredDebt425Member_label_en-US" xlink:label="lab_mx_UnsecuredDebt425Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unsecured Debt, 4.25% [Member]</link:label>
    <link:label id="lab_mx_UnsecuredDebt425Member_documentation_en-US" xlink:label="lab_mx_UnsecuredDebt425Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unsecured Debt, 4.25%</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_UnsecuredDebt425Member" xlink:href="mx-20231231.xsd#mx_UnsecuredDebt425Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_UnsecuredDebt425Member" xlink:to="lab_mx_UnsecuredDebt425Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests_a7128faa-3e4f-4444-af5f-adad8a833d53_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Distributions made and accrued to non-controlling interests</link:label>
    <link:label id="lab_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests_label_en-US" xlink:label="lab_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends recognised as distributions to non-controlling interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:to="lab_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_VestingRequirementsForShareBasedPaymentArrangementVestingPeriod_4dd60b16-62c0-4052-a509-41adaa68a00f_verboseLabel_en-US" xlink:label="lab_mx_VestingRequirementsForShareBasedPaymentArrangementVestingPeriod" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Vesting period</link:label>
    <link:label id="lab_mx_VestingRequirementsForShareBasedPaymentArrangementVestingPeriod_label_en-US" xlink:label="lab_mx_VestingRequirementsForShareBasedPaymentArrangementVestingPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vesting Requirements For Share-Based Payment Arrangement, Vesting Period</link:label>
    <link:label id="lab_mx_VestingRequirementsForShareBasedPaymentArrangementVestingPeriod_documentation_en-US" xlink:label="lab_mx_VestingRequirementsForShareBasedPaymentArrangementVestingPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Vesting Requirements For Share-Based Payment Arrangement, Vesting Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_VestingRequirementsForShareBasedPaymentArrangementVestingPeriod" xlink:href="mx-20231231.xsd#mx_VestingRequirementsForShareBasedPaymentArrangementVestingPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_VestingRequirementsForShareBasedPaymentArrangementVestingPeriod" xlink:to="lab_mx_VestingRequirementsForShareBasedPaymentArrangementVestingPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_3aa9b434-45cc-4880-9afb-e7b0068fd6f1_terseLabel_en-US" xlink:label="lab_ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deductible temporary differences for which no deferred tax asset is recognised</link:label>
    <link:label id="lab_ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_label_en-US" xlink:label="lab_ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deductible temporary differences for which no deferred tax asset is recognised</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised" xlink:to="lab_ifrs-full_DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_UnobservableInputsMember_046ffb6d-ccbb-42ca-8d40-7edfeb691c62_terseLabel_en-US" xlink:label="lab_ifrs-full_UnobservableInputsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unobservable inputs [member]</link:label>
    <link:label id="lab_ifrs-full_UnobservableInputsMember_label_en-US" xlink:label="lab_ifrs-full_UnobservableInputsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unobservable inputs [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_UnobservableInputsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_UnobservableInputsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_UnobservableInputsMember" xlink:to="lab_ifrs-full_UnobservableInputsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_IncreaseDecreaseInWorkingCapitalBeforeOtherAdjustments_207e147a-e8a2-44be-9879-16810a547fe1_negatedTotalLabel_en-US" xlink:label="lab_mx_IncreaseDecreaseInWorkingCapitalBeforeOtherAdjustments" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Decrease (increase) in non-cash working capital</link:label>
    <link:label id="lab_mx_IncreaseDecreaseInWorkingCapitalBeforeOtherAdjustments_label_en-US" xlink:label="lab_mx_IncreaseDecreaseInWorkingCapitalBeforeOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Working Capital, Before Other Adjustments</link:label>
    <link:label id="lab_mx_IncreaseDecreaseInWorkingCapitalBeforeOtherAdjustments_documentation_en-US" xlink:label="lab_mx_IncreaseDecreaseInWorkingCapitalBeforeOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Working Capital, Before Other Adjustments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_IncreaseDecreaseInWorkingCapitalBeforeOtherAdjustments" xlink:href="mx-20231231.xsd#mx_IncreaseDecreaseInWorkingCapitalBeforeOtherAdjustments"/>
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    <link:label id="lab_ifrs-full_InterestReceivedClassifiedAsOperatingActivities_2d9fa1a5-ddf4-4a50-83a9-fbf3452018de_terseLabel_en-US" xlink:label="lab_ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest received</link:label>
    <link:label id="lab_ifrs-full_InterestReceivedClassifiedAsOperatingActivities_label_en-US" xlink:label="lab_ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest received, classified as operating activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InterestReceivedClassifiedAsOperatingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:to="lab_ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis_9ac1c8a9-46db-4d7d-9bc5-8de2d1c1c758_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of financial liabilities [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of financial liabilities [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfFinancialLiabilitiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:to="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_UnfundedPlan1Member_678ea3e5-027b-4430-8847-41c14d28153a_terseLabel_en-US" xlink:label="lab_mx_UnfundedPlan1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unfunded</link:label>
    <link:label id="lab_mx_UnfundedPlan1Member_label_en-US" xlink:label="lab_mx_UnfundedPlan1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unfunded Plan1 [Member]</link:label>
    <link:label id="lab_mx_UnfundedPlan1Member_documentation_en-US" xlink:label="lab_mx_UnfundedPlan1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unfunded Plan1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_UnfundedPlan1Member" xlink:href="mx-20231231.xsd#mx_UnfundedPlan1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_UnfundedPlan1Member" xlink:to="lab_mx_UnfundedPlan1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesMember_8c36d70c-c87f-4a6b-960a-369f4c410535_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities, class [member]</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesMember_label_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liabilities, class [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialLiabilitiesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialLiabilitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilitiesMember" xlink:to="lab_ifrs-full_FinancialLiabilitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods_0caf0ab2-99b1-4980-9e78-80e371dbbc06_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Adjustments to prior years including resolution for certain outstanding audits</link:label>
    <link:label id="lab_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods_label_en-US" xlink:label="lab_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for deferred tax of prior periods</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods" xlink:to="lab_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption_6f7e0247-9a2d-4eb5-a5c7-ba197ec764f3_terseLabel_en-US" xlink:label="lab_ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of reasonably possible decrease in actuarial assumption</link:label>
    <link:label id="lab_ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption_label_en-US" xlink:label="lab_ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of reasonably possible decrease in actuarial assumption</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption" xlink:to="lab_ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory_80717097-3adf-4ae4-a90d-72b7620a3936_verboseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Schedule of financial information for each subsidiary with non-controlling interests</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of interests in subsidiaries [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncome_4caaaf48-d1e2-49c7-ae4a-4a124d42ef18_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive income (loss)</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncome_0047b525-9660-4764-8579-d0476100b401_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive income (loss)</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncome_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other comprehensive income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherComprehensiveIncome" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherComprehensiveIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncome" xlink:to="lab_ifrs-full_OtherComprehensiveIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InterestRateRiskMember_7b5f0305-cbf2-41cc-b1b9-8df13811ebc1_terseLabel_en-US" xlink:label="lab_ifrs-full_InterestRateRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate risk</link:label>
    <link:label id="lab_ifrs-full_InterestRateRiskMember_label_en-US" xlink:label="lab_ifrs-full_InterestRateRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest rate risk [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestRateRiskMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InterestRateRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestRateRiskMember" xlink:to="lab_ifrs-full_InterestRateRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_LossesGeneratedPeriodYear2015Member_0ea77653-7b58-433f-9918-0a945e55ad9f_terseLabel_en-US" xlink:label="lab_mx_LossesGeneratedPeriodYear2015Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Losses generated in 2015 (expires 2035)</link:label>
    <link:label id="lab_mx_LossesGeneratedPeriodYear2015Member_label_en-US" xlink:label="lab_mx_LossesGeneratedPeriodYear2015Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Losses Generated Period, Year 2015 [Member]</link:label>
    <link:label id="lab_mx_LossesGeneratedPeriodYear2015Member_documentation_en-US" xlink:label="lab_mx_LossesGeneratedPeriodYear2015Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Losses Generated Period, Year 2015 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LossesGeneratedPeriodYear2015Member" xlink:href="mx-20231231.xsd#mx_LossesGeneratedPeriodYear2015Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_LossesGeneratedPeriodYear2015Member" xlink:to="lab_mx_LossesGeneratedPeriodYear2015Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncurrentLeaseLiabilities_4fefcacb-8510-4bf3-9cc9-efe2682b8544_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease obligations (note 9)</link:label>
    <link:label id="lab_ifrs-full_NoncurrentLeaseLiabilities_bb223283-1b8f-45b2-8197-c0b5826a114a_verboseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Lease obligations - non current portion</link:label>
    <link:label id="lab_ifrs-full_NoncurrentLeaseLiabilities_label_en-US" xlink:label="lab_ifrs-full_NoncurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current lease liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentLeaseLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentLeaseLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentLeaseLiabilities" xlink:to="lab_ifrs-full_NoncurrentLeaseLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_f1cc5a18-d596-4b65-b8af-3f215029c607_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_StatementOfFinancialPositionAbstract_29167252-b17c-4849-9040-b982bc30e1a6_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement of financial position [abstract]</link:label>
    <link:label id="lab_ifrs-full_StatementOfFinancialPositionAbstract_label_en-US" xlink:label="lab_ifrs-full_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of financial position [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_StatementOfFinancialPositionAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_StatementOfFinancialPositionAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="lab_ifrs-full_StatementOfFinancialPositionAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems_68b1ac73-0caa-4692-8658-40b575333d9b_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of liabilities arising from financing activities [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of liabilities arising from financing activities [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:to="lab_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DeferredTaxExpenseIncomeAbstract_f0a4ac57-a590-4295-8e6a-e817dc13b1f9_terseLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax recovery (expense):</link:label>
    <link:label id="lab_ifrs-full_DeferredTaxExpenseIncomeAbstract_label_en-US" xlink:label="lab_ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DeferredTaxExpenseIncomeAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:to="lab_ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfGeographicalAreasExplanatory_d4d2514c-b42f-4774-85d9-4cc4dff95da2_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenue attributed to geographic regions</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfGeographicalAreasExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of geographical areas [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfGeographicalAreasExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:to="lab_ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfShareCapitalAxis_5f3c1e99-5f61-41ae-8d55-fb425a5266e6_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfShareCapitalAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of share capital [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfShareCapitalAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfShareCapitalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of share capital [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfShareCapitalAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfShareCapitalAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfShareCapitalAxis" xlink:to="lab_ifrs-full_ClassesOfShareCapitalAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinanceIncomeCost_a6a544fc-a009-4edf-830d-56d20284b3a9_terseLabel_en-US" xlink:label="lab_ifrs-full_FinanceIncomeCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance costs, finance income and other</link:label>
    <link:label id="lab_ifrs-full_FinanceIncomeCost_label_en-US" xlink:label="lab_ifrs-full_FinanceIncomeCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance income (cost)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinanceIncomeCost" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinanceIncomeCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinanceIncomeCost" xlink:to="lab_ifrs-full_FinanceIncomeCost" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_Inventories_8e899a3e-39db-4bdf-91a4-d1f82735575f_terseLabel_en-US" xlink:label="lab_ifrs-full_Inventories" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Inventories (note 4)</link:label>
    <link:label id="lab_ifrs-full_Inventories_label_en-US" xlink:label="lab_ifrs-full_Inventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current inventories</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Inventories" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Inventories"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Inventories" xlink:to="lab_ifrs-full_Inventories" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AmountsReceivableRelatedPartyTransactions_60c602cf-cb3e-452d-b54c-c1ead68ef887_terseLabel_en-US" xlink:label="lab_ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Receivables from related party transactions</link:label>
    <link:label id="lab_ifrs-full_AmountsReceivableRelatedPartyTransactions_label_en-US" xlink:label="lab_ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amounts receivable, related party transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AmountsReceivableRelatedPartyTransactions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:to="lab_ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_RevolvingCreditFacility1Member_3d95c7e7-db83-4ddf-91ac-06f7a51284fd_terseLabel_en-US" xlink:label="lab_mx_RevolvingCreditFacility1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Undrawn credit facility</link:label>
    <link:label id="lab_mx_RevolvingCreditFacility1Member_label_en-US" xlink:label="lab_mx_RevolvingCreditFacility1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revolving Credit Facility1 [Member]</link:label>
    <link:label id="lab_mx_RevolvingCreditFacility1Member_documentation_en-US" xlink:label="lab_mx_RevolvingCreditFacility1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Revolving Credit Facility1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_RevolvingCreditFacility1Member" xlink:href="mx-20231231.xsd#mx_RevolvingCreditFacility1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_RevolvingCreditFacility1Member" xlink:to="lab_mx_RevolvingCreditFacility1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RangesMember_12618d60-2b15-473c-b4f4-fce79e1e70ed_terseLabel_en-US" xlink:label="lab_ifrs-full_RangesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ranges [member]</link:label>
    <link:label id="lab_ifrs-full_RangesMember_label_en-US" xlink:label="lab_ifrs-full_RangesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ranges [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RangesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RangesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RangesMember" xlink:to="lab_ifrs-full_RangesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_PerformanceShareUnitsPSUNewPlanMember_91ed1d5e-9898-4f7a-84c0-c1f0c3ef904b_terseLabel_en-US" xlink:label="lab_mx_PerformanceShareUnitsPSUNewPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Performance Share Units (PSU) New Plan</link:label>
    <link:label id="lab_mx_PerformanceShareUnitsPSUNewPlanMember_label_en-US" xlink:label="lab_mx_PerformanceShareUnitsPSUNewPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Performance Share Units (PSU) New Plan [Member]</link:label>
    <link:label id="lab_mx_PerformanceShareUnitsPSUNewPlanMember_documentation_en-US" xlink:label="lab_mx_PerformanceShareUnitsPSUNewPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Performance Share Units (PSU) New Plan [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_PerformanceShareUnitsPSUNewPlanMember" xlink:href="mx-20231231.xsd#mx_PerformanceShareUnitsPSUNewPlanMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_PerformanceShareUnitsPSUNewPlanMember" xlink:to="lab_mx_PerformanceShareUnitsPSUNewPlanMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressPostalZipCode_1c923bc6-9558-4353-aba3-f6aa6fee40a0_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GainsLossesOnChangeInValueOfForwardElementsOfForwardContractsBeforeTax_174c363b-9853-457e-86f4-a2c2c49d5a9c_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnChangeInValueOfForwardElementsOfForwardContractsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Forward element excluded from hedging relationships</link:label>
    <link:label id="lab_ifrs-full_GainsLossesOnChangeInValueOfForwardElementsOfForwardContractsBeforeTax_label_en-US" xlink:label="lab_ifrs-full_GainsLossesOnChangeInValueOfForwardElementsOfForwardContractsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) on change in value of forward elements of forward contracts, before tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GainsLossesOnChangeInValueOfForwardElementsOfForwardContractsBeforeTax" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainsLossesOnChangeInValueOfForwardElementsOfForwardContractsBeforeTax"/>
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    <link:label id="lab_ifrs-full_TypesOfRisksAxis_caba34ce-af60-4668-85f3-8dea69c3690c_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfRisksAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of risks [axis]</link:label>
    <link:label id="lab_ifrs-full_TypesOfRisksAxis_label_en-US" xlink:label="lab_ifrs-full_TypesOfRisksAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of risks [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfRisksAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfRisksAxis"/>
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    <link:label id="lab_mx_ShareBasedCompensationRelatedTemporaryDifferencesMember_a5455d58-7a7b-4395-907a-68fd61e54a01_terseLabel_en-US" xlink:label="lab_mx_ShareBasedCompensationRelatedTemporaryDifferencesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based compensation</link:label>
    <link:label id="lab_mx_ShareBasedCompensationRelatedTemporaryDifferencesMember_label_en-US" xlink:label="lab_mx_ShareBasedCompensationRelatedTemporaryDifferencesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-Based Compensation Related Temporary Differences [Member]</link:label>
    <link:label id="lab_mx_ShareBasedCompensationRelatedTemporaryDifferencesMember_documentation_en-US" xlink:label="lab_mx_ShareBasedCompensationRelatedTemporaryDifferencesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-Based Compensation Related Temporary Differences [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ShareBasedCompensationRelatedTemporaryDifferencesMember" xlink:href="mx-20231231.xsd#mx_ShareBasedCompensationRelatedTemporaryDifferencesMember"/>
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    <link:label id="lab_ifrs-full_BorrowingsByNameAxis_4eca8510-b6ad-4f43-96ac-aed34379a45a_terseLabel_en-US" xlink:label="lab_ifrs-full_BorrowingsByNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings by name [axis]</link:label>
    <link:label id="lab_ifrs-full_BorrowingsByNameAxis_label_en-US" xlink:label="lab_ifrs-full_BorrowingsByNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings by name [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BorrowingsByNameAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BorrowingsByNameAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingsByNameAxis" xlink:to="lab_ifrs-full_BorrowingsByNameAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_IncreaseDecreaseThroughRealizedHedgeLossesGainsRecognizedInCashFlowHedgesEquity_b88166d6-bf01-4be0-8997-a601d7bec217_terseLabel_en-US" xlink:label="lab_mx_IncreaseDecreaseThroughRealizedHedgeLossesGainsRecognizedInCashFlowHedgesEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reclassification of hedge gain (loss) in cash flow hedge</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mx_IncreaseDecreaseThroughRealizedHedgeLossesGainsRecognizedInCashFlowHedgesEquity" xlink:href="mx-20231231.xsd#mx_IncreaseDecreaseThroughRealizedHedgeLossesGainsRecognizedInCashFlowHedgesEquity"/>
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    <link:label id="lab_mx_TaxEffectOfForeignExchanges_7267c5e9-dc5e-4ef4-8906-902e792b2af8_negatedTerseLabel_en-US" xlink:label="lab_mx_TaxEffectOfForeignExchanges" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Impact of foreign exchange</link:label>
    <link:label id="lab_mx_TaxEffectOfForeignExchanges_label_en-US" xlink:label="lab_mx_TaxEffectOfForeignExchanges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Effect Of Foreign Exchanges</link:label>
    <link:label id="lab_mx_TaxEffectOfForeignExchanges_documentation_en-US" xlink:label="lab_mx_TaxEffectOfForeignExchanges" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Effect Of Foreign Exchanges</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_TaxEffectOfForeignExchanges" xlink:href="mx-20231231.xsd#mx_TaxEffectOfForeignExchanges"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_TaxEffectOfForeignExchanges" xlink:to="lab_mx_TaxEffectOfForeignExchanges" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_9776a42e-7261-498c-ab99-884550bcd038_terseLabel_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling interests (note 24)</link:label>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_label_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive income, attributable to non-controlling interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests"/>
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    <link:label id="lab_srt_MinimumMember_acd081e4-5673-44bb-9fc3-9d550ce96305_terseLabel_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Minimum</link:label>
    <link:label id="lab_srt_MinimumMember_label_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Minimum [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MinimumMember" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_MinimumMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MinimumMember" xlink:to="lab_srt_MinimumMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_OtherLiabilitiesCurrentMember_28196570-2541-44d7-abcb-39b98aabd52e_terseLabel_en-US" xlink:label="lab_mx_OtherLiabilitiesCurrentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other current liabilities</link:label>
    <link:label id="lab_mx_OtherLiabilitiesCurrentMember_label_en-US" xlink:label="lab_mx_OtherLiabilitiesCurrentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Liabilities, Current [Member]</link:label>
    <link:label id="lab_mx_OtherLiabilitiesCurrentMember_documentation_en-US" xlink:label="lab_mx_OtherLiabilitiesCurrentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Liabilities, Current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherLiabilitiesCurrentMember" xlink:href="mx-20231231.xsd#mx_OtherLiabilitiesCurrentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OtherLiabilitiesCurrentMember" xlink:to="lab_mx_OtherLiabilitiesCurrentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory_13997eb2-c806-443a-9c15-a9467a0d14dd_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Application of new and revised accounting standards and Anticipated changes to International Financial Reporting Standards</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of changes in accounting policies [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_IncreaseDecreaseinOperatingLiabilities_a2aea957-e62d-4d98-9758-c287e8a611d1_terseLabel_en-US" xlink:label="lab_mx_IncreaseDecreaseinOperatingLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade, other payables and accrued liabilities</link:label>
    <link:label id="lab_mx_IncreaseDecreaseinOperatingLiabilities_label_en-US" xlink:label="lab_mx_IncreaseDecreaseinOperatingLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Operating Liabilities</link:label>
    <link:label id="lab_mx_IncreaseDecreaseinOperatingLiabilities_documentation_en-US" xlink:label="lab_mx_IncreaseDecreaseinOperatingLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Operating Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_IncreaseDecreaseinOperatingLiabilities" xlink:href="mx-20231231.xsd#mx_IncreaseDecreaseinOperatingLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_IncreaseDecreaseinOperatingLiabilities" xlink:to="lab_mx_IncreaseDecreaseinOperatingLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_EffectofExchangeRateChangesAndOther_f7ee1f6c-b89d-4e70-9e87-5e5b71b35adf_negatedTerseLabel_en-US" xlink:label="lab_mx_EffectofExchangeRateChangesAndOther" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Effect of movements in exchange rates and other</link:label>
    <link:label id="lab_mx_EffectofExchangeRateChangesAndOther_label_en-US" xlink:label="lab_mx_EffectofExchangeRateChangesAndOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Effect of Exchange Rate Changes And Other</link:label>
    <link:label id="lab_mx_EffectofExchangeRateChangesAndOther_documentation_en-US" xlink:label="lab_mx_EffectofExchangeRateChangesAndOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Effect of Exchange Rate Changes And Other</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_EffectofExchangeRateChangesAndOther" xlink:href="mx-20231231.xsd#mx_EffectofExchangeRateChangesAndOther"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_EffectofExchangeRateChangesAndOther" xlink:to="lab_mx_EffectofExchangeRateChangesAndOther" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AggregatedTimeBandsMember_9395db0e-ae07-4332-9fe9-b32a2697b065_terseLabel_en-US" xlink:label="lab_ifrs-full_AggregatedTimeBandsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregated time bands [member]</link:label>
    <link:label id="lab_ifrs-full_AggregatedTimeBandsMember_label_en-US" xlink:label="lab_ifrs-full_AggregatedTimeBandsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregated time bands [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AggregatedTimeBandsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AggregatedTimeBandsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AggregatedTimeBandsMember" xlink:to="lab_ifrs-full_AggregatedTimeBandsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_BusinessContactMember_652d9be3-91f0-4c26-8da0-87c811d9d142_terseLabel_en-US" xlink:label="lab_dei_BusinessContactMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Agent for service in United States</link:label>
    <link:label id="lab_dei_BusinessContactMember_label_en-US" xlink:label="lab_dei_BusinessContactMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business Contact [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_BusinessContactMember" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_BusinessContactMember"/>
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    <link:label id="lab_ifrs-full_DisclosureOfFinancialLiabilitiesExplanatory_c761ae4f-e4c7-47fb-86ee-128e4470c4e0_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value measurement of liabilities</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialLiabilitiesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial liabilities [text block]</link:label>
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    <link:label id="lab_ifrs-full_AdjustmentsForIncomeTaxExpense_1c6223b6-573f-4a44-b446-a007faa124c2_terseLabel_en-US" xlink:label="lab_ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income tax expense</link:label>
    <link:label id="lab_ifrs-full_AdjustmentsForIncomeTaxExpense_label_en-US" xlink:label="lab_ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for income tax expense</link:label>
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    <link:label id="lab_ifrs-full_DerivativesMember_b1d04525-6fad-4d64-9582-988cbad14d60_terseLabel_en-US" xlink:label="lab_ifrs-full_DerivativesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative instruments designated as cash flow hedges</link:label>
    <link:label id="lab_ifrs-full_DerivativesMember_8f7b6ac6-9205-4cc4-944e-8b7ff31ae20a_verboseLabel_en-US" xlink:label="lab_ifrs-full_DerivativesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Derivative instruments</link:label>
    <link:label id="lab_ifrs-full_DerivativesMember_label_en-US" xlink:label="lab_ifrs-full_DerivativesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivatives [member]</link:label>
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    <link:label id="lab_mx_TerminalsAndTanksMember_5b0ab6bb-f884-486f-8bdd-025ae8e8c657_verboseLabel_en-US" xlink:label="lab_mx_TerminalsAndTanksMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Terminals and tanks</link:label>
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    <link:label id="lab_mx_TerminalsAndTanksMember_label_en-US" xlink:label="lab_mx_TerminalsAndTanksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Terminals and Tanks [Member]</link:label>
    <link:label id="lab_mx_TerminalsAndTanksMember_documentation_en-US" xlink:label="lab_mx_TerminalsAndTanksMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Terminals and Tanks [Member]</link:label>
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    <link:label id="lab_ifrs-full_EquityAbstract_6d111c2a-03df-4567-9c53-5576f21b1d09_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity:</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EquityAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EquityAbstract"/>
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    <link:label id="lab_ifrs-full_AdministrativeExpense_5e9e8f17-810d-4456-818e-b7c48eb39268_terseLabel_en-US" xlink:label="lab_ifrs-full_AdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Administrative expenses</link:label>
    <link:label id="lab_ifrs-full_AdministrativeExpense_label_en-US" xlink:label="lab_ifrs-full_AdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Administrative expenses</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AdministrativeExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdministrativeExpense"/>
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    <link:label id="lab_mx_ExpensesLineItems_3e9a3e06-e6a2-41b7-92f3-fed6ba9943d1_terseLabel_en-US" xlink:label="lab_mx_ExpensesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expenses [Line Items]</link:label>
    <link:label id="lab_mx_ExpensesLineItems_label_en-US" xlink:label="lab_mx_ExpensesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses [Line Items]</link:label>
    <link:label id="lab_mx_ExpensesLineItems_documentation_en-US" xlink:label="lab_mx_ExpensesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Line Items] for Expenses [Table]</link:label>
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    <link:label id="lab_mx_RestrictedCashMajorMaintenance_documentation_en-US" xlink:label="lab_mx_RestrictedCashMajorMaintenance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Restricted Cash, Major Maintenance</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_RestrictedCashMajorMaintenance" xlink:href="mx-20231231.xsd#mx_RestrictedCashMajorMaintenance"/>
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    <link:label id="lab_mx_LiabilityRelatedOtherChangesAbstract_documentation_en-US" xlink:label="lab_mx_LiabilityRelatedOtherChangesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Liability Related Other Changes [Abstract]</link:label>
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    <link:label id="lab_ifrs-full_ExpenseByNature_560f95d5-fa24-4af7-88d4-e12475f00464_totalLabel_en-US" xlink:label="lab_ifrs-full_ExpenseByNature" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total expenses by nature</link:label>
    <link:label id="lab_ifrs-full_ExpenseByNature_label_en-US" xlink:label="lab_ifrs-full_ExpenseByNature" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses, by nature</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ExpenseByNature" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ExpenseByNature"/>
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    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_761297f5-cded-4602-b80d-df4fc5ab9da5_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Inventories</link:label>
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    <link:label id="lab_ifrs-full_SharebasedPaymentArrangementsMember_5e1a5ed8-65e2-4b80-bd4d-4de85713b394_terseLabel_en-US" xlink:label="lab_ifrs-full_SharebasedPaymentArrangementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based payment arrangements [member]</link:label>
    <link:label id="lab_ifrs-full_SharebasedPaymentArrangementsMember_label_en-US" xlink:label="lab_ifrs-full_SharebasedPaymentArrangementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based payment arrangements [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SharebasedPaymentArrangementsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SharebasedPaymentArrangementsMember"/>
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    <link:label id="lab_mx_LossesGeneratedPeriodYear2015To2017Member_80539b01-906b-4056-8eb8-8cb3138046f3_terseLabel_en-US" xlink:label="lab_mx_LossesGeneratedPeriodYear2015To2017Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expire</link:label>
    <link:label id="lab_mx_LossesGeneratedPeriodYear2015To2017Member_label_en-US" xlink:label="lab_mx_LossesGeneratedPeriodYear2015To2017Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Losses Generated Period, Year 2015 to 2017 [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mx_LossesGeneratedPeriodYear2015To2017Member" xlink:href="mx-20231231.xsd#mx_LossesGeneratedPeriodYear2015To2017Member"/>
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    <link:label id="lab_mx_AtlasMethanolCompanyUnlimitedMember_2cd25afa-c367-4662-b5e1-0f91ff00fffb_terseLabel_en-US" xlink:label="lab_mx_AtlasMethanolCompanyUnlimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Atlas Methanol Company Unlimited</link:label>
    <link:label id="lab_mx_AtlasMethanolCompanyUnlimitedMember_fc044514-292e-4d86-92ec-cd24e4c7004f_verboseLabel_en-US" xlink:label="lab_mx_AtlasMethanolCompanyUnlimitedMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Atlas Plant</link:label>
    <link:label id="lab_mx_AtlasMethanolCompanyUnlimitedMember_label_en-US" xlink:label="lab_mx_AtlasMethanolCompanyUnlimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Atlas Methanol Company Unlimited [Member]</link:label>
    <link:label id="lab_mx_AtlasMethanolCompanyUnlimitedMember_documentation_en-US" xlink:label="lab_mx_AtlasMethanolCompanyUnlimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Atlas Methanol Company Unlimited [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_AtlasMethanolCompanyUnlimitedMember" xlink:href="mx-20231231.xsd#mx_AtlasMethanolCompanyUnlimitedMember"/>
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    <link:label id="lab_ifrs-full_IntrinsicValueOfLiabilitiesFromSharebasedPaymentTransactionsForWhichCounterpartysRightToCashOrOtherAssetsVested2011_a8d09731-ee8f-461d-9ec7-53866d735135_terseLabel_en-US" xlink:label="lab_ifrs-full_IntrinsicValueOfLiabilitiesFromSharebasedPaymentTransactionsForWhichCounterpartysRightToCashOrOtherAssetsVested2011" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intrinsic value of liabilities from share-based payment transactions</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mx_LossesGeneratedPeriodYear2017Member" xlink:href="mx-20231231.xsd#mx_LossesGeneratedPeriodYear2017Member"/>
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    <link:label id="lab_ifrs-full_DisclosureOfOtherProvisionsTable_8bc5a814-b47e-474b-87c5-eb388db8d8e9_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOtherProvisionsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of other provisions [table]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfOtherProvisionsTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfOtherProvisionsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOtherProvisionsTable" xlink:to="lab_ifrs-full_DisclosureOfOtherProvisionsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ValuationTechniquesInputValueOrRangeMember_d066d974-a6c4-40eb-b578-50289ba7d26f_terseLabel_en-US" xlink:label="lab_mx_ValuationTechniquesInputValueOrRangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Input value or range</link:label>
    <link:label id="lab_mx_ValuationTechniquesInputValueOrRangeMember_label_en-US" xlink:label="lab_mx_ValuationTechniquesInputValueOrRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Valuation Techniques, Input Value or Range [Member]</link:label>
    <link:label id="lab_mx_ValuationTechniquesInputValueOrRangeMember_documentation_en-US" xlink:label="lab_mx_ValuationTechniquesInputValueOrRangeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Valuation Techniques, Input Value or Range</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ValuationTechniquesInputValueOrRangeMember" xlink:href="mx-20231231.xsd#mx_ValuationTechniquesInputValueOrRangeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ValuationTechniquesInputValueOrRangeMember" xlink:to="lab_mx_ValuationTechniquesInputValueOrRangeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InterestExpenseIncomeDefinedBenefitPlans_f454cafe-23c5-47b8-9466-60bb9d201c94_verboseLabel_en-US" xlink:label="lab_ifrs-full_InterestExpenseIncomeDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net interest cost</link:label>
    <link:label id="lab_ifrs-full_InterestExpenseIncomeDefinedBenefitPlans_label_en-US" xlink:label="lab_ifrs-full_InterestExpenseIncomeDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest expense (income), defined benefit plans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestExpenseIncomeDefinedBenefitPlans" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InterestExpenseIncomeDefinedBenefitPlans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestExpenseIncomeDefinedBenefitPlans" xlink:to="lab_ifrs-full_InterestExpenseIncomeDefinedBenefitPlans" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfGeographicalAreasLineItems_59feefea-e41b-4512-aa98-fa94079b1454_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of geographical areas [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfGeographicalAreasLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of geographical areas [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfGeographicalAreasLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:to="lab_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProvisionsForEmployeeBenefits_bdae1614-51bf-48bd-9280-4a03f09a8695_terseLabel_en-US" xlink:label="lab_ifrs-full_ProvisionsForEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Defined benefit pension plans (note&#160;21)</link:label>
    <link:label id="lab_ifrs-full_ProvisionsForEmployeeBenefits_label_en-US" xlink:label="lab_ifrs-full_ProvisionsForEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provisions for employee benefits</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProvisionsForEmployeeBenefits" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProvisionsForEmployeeBenefits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProvisionsForEmployeeBenefits" xlink:to="lab_ifrs-full_ProvisionsForEmployeeBenefits" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LiabilitiesArisingFromFinancingActivities_2ccc7ddd-8a30-4d5a-a0da-1757412a1eaa_periodStartLabel_en-US" xlink:label="lab_ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Outstanding at beginning of period</link:label>
    <link:label id="lab_ifrs-full_LiabilitiesArisingFromFinancingActivities_796ce1b1-3cdd-4db6-a914-6f89e04bb341_periodEndLabel_en-US" xlink:label="lab_ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Outstanding at end of period</link:label>
    <link:label id="lab_ifrs-full_LiabilitiesArisingFromFinancingActivities_label_en-US" xlink:label="lab_ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities arising from financing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:to="lab_ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherAssets_85dc4215-0803-4fd6-9e95-9afb68d1e806_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total other assets</link:label>
    <link:label id="lab_ifrs-full_OtherAssets_label_en-US" xlink:label="lab_ifrs-full_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherAssets" xlink:to="lab_ifrs-full_OtherAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_KeyManagementPersonnelCompensationShareBasedPaymentRecovery_4e1df3a3-e973-43da-86bd-802026c0d56f_terseLabel_en-US" xlink:label="lab_mx_KeyManagementPersonnelCompensationShareBasedPaymentRecovery" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based compensation expense</link:label>
    <link:label id="lab_mx_KeyManagementPersonnelCompensationShareBasedPaymentRecovery_label_en-US" xlink:label="lab_mx_KeyManagementPersonnelCompensationShareBasedPaymentRecovery" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key Management Personnel Compensation, Share-based Payment (Recovery)</link:label>
    <link:label id="lab_mx_KeyManagementPersonnelCompensationShareBasedPaymentRecovery_documentation_en-US" xlink:label="lab_mx_KeyManagementPersonnelCompensationShareBasedPaymentRecovery" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Key Management Personnel Compensation, Share-based Payment (Recovery)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_KeyManagementPersonnelCompensationShareBasedPaymentRecovery" xlink:href="mx-20231231.xsd#mx_KeyManagementPersonnelCompensationShareBasedPaymentRecovery"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_KeyManagementPersonnelCompensationShareBasedPaymentRecovery" xlink:to="lab_mx_KeyManagementPersonnelCompensationShareBasedPaymentRecovery" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentMember_9c701f55-4cc3-486a-9253-aef6bceaa14c_terseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment [member]</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentMember_label_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PropertyPlantAndEquipmentMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PropertyPlantAndEquipmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="lab_ifrs-full_PropertyPlantAndEquipmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EntitysTotalForRelatedPartiesMember_3b332226-626e-4f47-b783-d8158ac27011_terseLabel_en-US" xlink:label="lab_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity's total for related parties [member]</link:label>
    <link:label id="lab_ifrs-full_EntitysTotalForRelatedPartiesMember_label_en-US" xlink:label="lab_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity's total for related parties [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="lab_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted_a5ad5791-095e-4391-87c5-15661956149a_terseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of outstanding units granted (in units)</link:label>
    <link:label id="lab_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted_label_en-US" xlink:label="lab_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of other equity instruments granted in share-based payment arrangement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:to="lab_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TransportationExpense_62fd3cb0-7b4e-4d71-bf0d-c437aa8a1e99_terseLabel_en-US" xlink:label="lab_ifrs-full_TransportationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ocean freight and other logistics</link:label>
    <link:label id="lab_ifrs-full_TransportationExpense_label_en-US" xlink:label="lab_ifrs-full_TransportationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Transportation expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TransportationExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TransportationExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TransportationExpense" xlink:to="lab_ifrs-full_TransportationExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_OtherNonCurrentLiabilitiesUndiscountedCashFlows_f9871b75-0575-47fa-9422-12ca621b848e_terseLabel_en-US" xlink:label="lab_mx_OtherNonCurrentLiabilitiesUndiscountedCashFlows" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other long-term liabilities</link:label>
    <link:label id="lab_mx_OtherNonCurrentLiabilitiesUndiscountedCashFlows_label_en-US" xlink:label="lab_mx_OtherNonCurrentLiabilitiesUndiscountedCashFlows" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Non-current Liabilities, Undiscounted Cash Flows</link:label>
    <link:label id="lab_mx_OtherNonCurrentLiabilitiesUndiscountedCashFlows_documentation_en-US" xlink:label="lab_mx_OtherNonCurrentLiabilitiesUndiscountedCashFlows" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Non-current Liabilities, Undiscounted Cash Flows</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherNonCurrentLiabilitiesUndiscountedCashFlows" xlink:href="mx-20231231.xsd#mx_OtherNonCurrentLiabilitiesUndiscountedCashFlows"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OtherNonCurrentLiabilitiesUndiscountedCashFlows" xlink:to="lab_mx_OtherNonCurrentLiabilitiesUndiscountedCashFlows" xlink:type="arc" order="1"/>
    <link:label id="lab_country_KR_75a6faca-c333-425c-aa30-fcf2eceec1ff_terseLabel_en-US" xlink:label="lab_country_KR" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">South Korea</link:label>
    <link:label id="lab_country_KR_label_en-US" xlink:label="lab_country_KR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">KOREA, REPUBLIC OF</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_KR" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_KR"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_KR" xlink:to="lab_country_KR" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_b4cd5e51-0854-4c45-8d17-619a6d0c0e25_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Receivables</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for trade and other receivables [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_MethanolMember_3e0e1273-e846-4c0d-a41e-7d0f7a3041fd_terseLabel_en-US" xlink:label="lab_mx_MethanolMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanol</link:label>
    <link:label id="lab_mx_MethanolMember_label_en-US" xlink:label="lab_mx_MethanolMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Methanol [Member]</link:label>
    <link:label id="lab_mx_MethanolMember_documentation_en-US" xlink:label="lab_mx_MethanolMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Methanol [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_MethanolMember" xlink:href="mx-20231231.xsd#mx_MethanolMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_MethanolMember" xlink:to="lab_mx_MethanolMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentTaxExpenseIncome_8a7e09dc-7ca4-4f37-aa05-700c65d5aebb_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_CurrentTaxExpenseIncome" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Current period before undernoted items</link:label>
    <link:label id="lab_ifrs-full_CurrentTaxExpenseIncome_label_en-US" xlink:label="lab_ifrs-full_CurrentTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current tax expense (income)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentTaxExpenseIncome" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentTaxExpenseIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentTaxExpenseIncome" xlink:to="lab_ifrs-full_CurrentTaxExpenseIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LiquidityRiskMember_8a099221-5ce2-4eb3-a742-9dce82ffa848_terseLabel_en-US" xlink:label="lab_ifrs-full_LiquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liquidity risk</link:label>
    <link:label id="lab_ifrs-full_LiquidityRiskMember_label_en-US" xlink:label="lab_ifrs-full_LiquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liquidity risk [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LiquidityRiskMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LiquidityRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiquidityRiskMember" xlink:to="lab_ifrs-full_LiquidityRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfHedgesAxis_5abb6ac2-805b-4003-b537-768ff7e47fed_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfHedgesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of hedges [axis]</link:label>
    <link:label id="lab_ifrs-full_TypesOfHedgesAxis_label_en-US" xlink:label="lab_ifrs-full_TypesOfHedgesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of hedges [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfHedgesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfHedgesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfHedgesAxis" xlink:to="lab_ifrs-full_TypesOfHedgesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_bed8e176-f1e7-468d-a013-8b7e8164ea42_terseLabel_en-US" xlink:label="lab_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Items that will not be reclassified to income:</link:label>
    <link:label id="lab_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_label_en-US" xlink:label="lab_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Components of other comprehensive income that will not be reclassified to profit or loss, net of tax [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract"/>
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    <link:label id="lab_dei_EntityAddressCountry_ae7fc31d-a687-4851-aeb5-35920ecc7668_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Country</link:label>
    <link:label id="lab_dei_EntityAddressCountry_label_en-US" xlink:label="lab_dei_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Country</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCountry" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry"/>
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    <link:label id="lab_mx_GasContractSettlementAttributableToOrdinaryEquityHoldersOfParentEntity_32e9e244-ff9b-4123-9ff4-405c6b53f3af_terseLabel_en-US" xlink:label="lab_mx_GasContractSettlementAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gas contract settlement, methanex share</link:label>
    <link:label id="lab_mx_GasContractSettlementAttributableToOrdinaryEquityHoldersOfParentEntity_label_en-US" xlink:label="lab_mx_GasContractSettlementAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gas Contract Settlement Attributable To Ordinary Equity Holders Of Parent Entity</link:label>
    <link:label id="lab_mx_GasContractSettlementAttributableToOrdinaryEquityHoldersOfParentEntity_documentation_en-US" xlink:label="lab_mx_GasContractSettlementAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gas Contract Settlement Attributable To Ordinary Equity Holders Of Parent Entity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_GasContractSettlementAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:href="mx-20231231.xsd#mx_GasContractSettlementAttributableToOrdinaryEquityHoldersOfParentEntity"/>
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    <link:label id="lab_mx_LongTermAverageRealizedPriceMeasurementInputMember_e5eb704e-d445-43bd-b968-9e9790064f97_terseLabel_en-US" xlink:label="lab_mx_LongTermAverageRealizedPriceMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term average realized methanol price</link:label>
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    <link:label id="lab_mx_LongTermAverageRealizedPriceMeasurementInputMember_documentation_en-US" xlink:label="lab_mx_LongTermAverageRealizedPriceMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Long-term Average Realized Price, Measurement Input</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LongTermAverageRealizedPriceMeasurementInputMember" xlink:href="mx-20231231.xsd#mx_LongTermAverageRealizedPriceMeasurementInputMember"/>
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    <link:label id="lab_ifrs-full_DilutedEarningsLossPerShare_6c8c3b87-d83a-447d-b9a2-c5dc04e16e29_terseLabel_en-US" xlink:label="lab_ifrs-full_DilutedEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Diluted net income per common share (note 13) (in usd per share)</link:label>
    <link:label id="lab_ifrs-full_DilutedEarningsLossPerShare_8421db25-59f6-494a-90f2-63dee7e37191_verboseLabel_en-US" xlink:label="lab_ifrs-full_DilutedEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Diluted net income per common share (in usd per share)</link:label>
    <link:label id="lab_ifrs-full_DilutedEarningsLossPerShare_label_en-US" xlink:label="lab_ifrs-full_DilutedEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Diluted earnings (loss) per share</link:label>
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    <link:label id="lab_ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans_00d0b048-a085-4504-b197-3b2f6c4ff152_terseLabel_en-US" xlink:label="lab_ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Defined contribution pension plans</link:label>
    <link:label id="lab_ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans_label_en-US" xlink:label="lab_ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Post-employment benefit expense, defined contribution plans</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans" xlink:to="lab_ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfContingentLiabilitiesAxis_c75a4c17-3387-43fd-aa72-79a69dbe78d1_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of contingent liabilities [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfContingentLiabilitiesAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of contingent liabilities [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfContingentLiabilitiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:to="lab_ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementOfEquityTable_25ac12b6-c437-4b5a-997e-e22a5ba6b659_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfEquityTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of fair value measurement of equity [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementOfEquityTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfEquityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of fair value measurement of equity [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFairValueMeasurementOfEquityTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfEquityTable"/>
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    <link:label id="lab_mx_Liquidity_a209637e-add5-44da-9c86-2f36c600a203_totalLabel_en-US" xlink:label="lab_mx_Liquidity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liquidity</link:label>
    <link:label id="lab_mx_Liquidity_label_en-US" xlink:label="lab_mx_Liquidity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liquidity</link:label>
    <link:label id="lab_mx_Liquidity_documentation_en-US" xlink:label="lab_mx_Liquidity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Liquidity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_Liquidity" xlink:href="mx-20231231.xsd#mx_Liquidity"/>
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    <link:label id="lab_ifrs-full_EarningsPerShareExplanatory_0e00ca14-4e83-46c2-a2c0-5ab479f02741_terseLabel_en-US" xlink:label="lab_ifrs-full_EarningsPerShareExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Earnings per share reconciliation</link:label>
    <link:label id="lab_ifrs-full_EarningsPerShareExplanatory_label_en-US" xlink:label="lab_ifrs-full_EarningsPerShareExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings per share [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EarningsPerShareExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EarningsPerShareExplanatory"/>
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    <link:label id="lab_mx_LesseeFinanceLeaseOptiontoExtendAmount_062061a1-7e4b-4168-933f-2adc413fa674_terseLabel_en-US" xlink:label="lab_mx_LesseeFinanceLeaseOptiontoExtendAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Potential future lease payments not included in lease liabilities (undiscounted)</link:label>
    <link:label id="lab_mx_LesseeFinanceLeaseOptiontoExtendAmount_label_en-US" xlink:label="lab_mx_LesseeFinanceLeaseOptiontoExtendAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Finance Lease, Option to Extend, Amount</link:label>
    <link:label id="lab_mx_LesseeFinanceLeaseOptiontoExtendAmount_documentation_en-US" xlink:label="lab_mx_LesseeFinanceLeaseOptiontoExtendAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lessee, Finance Lease, Option to Extend, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LesseeFinanceLeaseOptiontoExtendAmount" xlink:href="mx-20231231.xsd#mx_LesseeFinanceLeaseOptiontoExtendAmount"/>
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    <link:label id="lab_mx_RetirementPlanSponsorLocation1Domain_5cbf18da-e964-4bd7-adf4-6375871457dd_terseLabel_en-US" xlink:label="lab_mx_RetirementPlanSponsorLocation1Domain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retirement Plan Sponsor Location1 [Domain]</link:label>
    <link:label id="lab_mx_RetirementPlanSponsorLocation1Domain_label_en-US" xlink:label="lab_mx_RetirementPlanSponsorLocation1Domain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retirement Plan Sponsor Location1 [Domain]</link:label>
    <link:label id="lab_mx_RetirementPlanSponsorLocation1Domain_documentation_en-US" xlink:label="lab_mx_RetirementPlanSponsorLocation1Domain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Retirement Plan Sponsor Location1 [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_RetirementPlanSponsorLocation1Domain" xlink:href="mx-20231231.xsd#mx_RetirementPlanSponsorLocation1Domain"/>
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    <link:label id="lab_ifrs-full_IncreaseDecreaseInLiabilitiesArisingFromFinancingActivities_90b9729d-9f1f-4a86-a849-8ef6160b1014_negatedTotalLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Total changes from financing cash flows</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfAdditionalInformationAboutUnderstandingFinancialPositionsAndLiquidityOfEntityExplanatory_2f144158-c988-4cfe-a9c1-79fc1c64804c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfAdditionalInformationAboutUnderstandingFinancialPositionsAndLiquidityOfEntityExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in non-cash working capital</link:label>
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    <link:label id="lab_ifrs-full_WeightedAverageDurationOfDefinedBenefitObligation2019_f942c878-00b6-40e1-9506-0fd9e22a20da_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageDurationOfDefinedBenefitObligation2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average duration of defined benefit obligation</link:label>
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    <link:label id="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFiveYearsMember_a9498eef-24a1-4091-8e94-7efbaa193335_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">3-5&#160;years</link:label>
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    <link:label id="lab_mx_DeferredTaxLiabilitiesDeferredTaxExpenseIncomeRecognizedInProfitOrLoss_e0ccd112-f34e-4ff6-b46b-0508ad456028_terseLabel_en-US" xlink:label="lab_mx_DeferredTaxLiabilitiesDeferredTaxExpenseIncomeRecognizedInProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred income tax recovery (expense) included in net income</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mx_DeferredTaxLiabilitiesDeferredTaxExpenseIncomeRecognizedInProfitOrLoss" xlink:href="mx-20231231.xsd#mx_DeferredTaxLiabilitiesDeferredTaxExpenseIncomeRecognizedInProfitOrLoss"/>
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    <link:label id="lab_mx_DebtDefaultCreditorIsPermittedToDemandRepaymentLongTermDebtAmount_documentation_en-US" xlink:label="lab_mx_DebtDefaultCreditorIsPermittedToDemandRepaymentLongTermDebtAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt Default, Creditor Is Permitted To Demand Repayment, Long-Term Debt, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DebtDefaultCreditorIsPermittedToDemandRepaymentLongTermDebtAmount" xlink:href="mx-20231231.xsd#mx_DebtDefaultCreditorIsPermittedToDemandRepaymentLongTermDebtAmount"/>
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    <link:label id="lab_mx_DeferredTaxExpenseIncomeAndAdjustmentsForDeferredTaxOfPriorPeriods_label_en-US" xlink:label="lab_mx_DeferredTaxExpenseIncomeAndAdjustmentsForDeferredTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Expense (Income) And Adjustments For Deferred Tax Of Prior Periods</link:label>
    <link:label id="lab_mx_DeferredTaxExpenseIncomeAndAdjustmentsForDeferredTaxOfPriorPeriods_documentation_en-US" xlink:label="lab_mx_DeferredTaxExpenseIncomeAndAdjustmentsForDeferredTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred Tax Expense (Income) And Adjustments For Deferred Tax Of Prior Periods</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DeferredTaxExpenseIncomeAndAdjustmentsForDeferredTaxOfPriorPeriods" xlink:href="mx-20231231.xsd#mx_DeferredTaxExpenseIncomeAndAdjustmentsForDeferredTaxOfPriorPeriods"/>
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    <link:label id="lab_dei_DocumentFinStmtErrorCorrectionFlag_179b9338-927d-415e-a05f-fd235b7b21ef_terseLabel_en-US" xlink:label="lab_dei_DocumentFinStmtErrorCorrectionFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Financial Statement Error Correction</link:label>
    <link:label id="lab_dei_DocumentFinStmtErrorCorrectionFlag_label_en-US" xlink:label="lab_dei_DocumentFinStmtErrorCorrectionFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Financial Statement Error Correction [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFinStmtErrorCorrectionFlag" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFinStmtErrorCorrectionFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFinStmtErrorCorrectionFlag" xlink:to="lab_dei_DocumentFinStmtErrorCorrectionFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherNoncurrentLiabilities_9c47a535-c698-447e-a04d-8bc369590c2e_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other long-term liabilities (note 10)</link:label>
    <link:label id="lab_ifrs-full_OtherNoncurrentLiabilities_26a64828-e7a3-40ca-a77f-4cc0e5b70d4e_verboseLabel_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other non-current liabilities</link:label>
    <link:label id="lab_ifrs-full_OtherNoncurrentLiabilities_1fc44213-6e40-466c-92f6-d61e9ef2f3ef_netLabel_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Other long-term liabilities</link:label>
    <link:label id="lab_ifrs-full_OtherNoncurrentLiabilities_label_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other non-current liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherNoncurrentLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherNoncurrentLiabilities"/>
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    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_dffef306-6bc0-43a0-bf8c-c1fe92c2f444_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exercise price of outstanding units granted (in usd per unit)</link:label>
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    <link:label id="lab_mx_UseofEstimatesPolicyPolicyTextBlock_5c0aeaf2-3a31-4e03-9148-44fe376f6804_terseLabel_en-US" xlink:label="lab_mx_UseofEstimatesPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Use of estimates</link:label>
    <link:label id="lab_mx_UseofEstimatesPolicyPolicyTextBlock_label_en-US" xlink:label="lab_mx_UseofEstimatesPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Use of Estimates, Policy [Policy Text Block]</link:label>
    <link:label id="lab_mx_UseofEstimatesPolicyPolicyTextBlock_documentation_en-US" xlink:label="lab_mx_UseofEstimatesPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Use of Estimates, Policy</link:label>
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    <link:label id="lab_mx_DisclosureofFinanceLeasesTable_documentation_en-US" xlink:label="lab_mx_DisclosureofFinanceLeasesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of Finance Leases [Table]</link:label>
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    <link:label id="lab_mx_OtherTemporaryDifferencesWithLiabilityBalancesMember_f672e378-51f7-4286-b077-56cf2c154ca2_terseLabel_en-US" xlink:label="lab_mx_OtherTemporaryDifferencesWithLiabilityBalancesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_mx_OtherTemporaryDifferencesWithLiabilityBalancesMember_documentation_en-US" xlink:label="lab_mx_OtherTemporaryDifferencesWithLiabilityBalancesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Temporary Differences With Liability Balances [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherTemporaryDifferencesWithLiabilityBalancesMember" xlink:href="mx-20231231.xsd#mx_OtherTemporaryDifferencesWithLiabilityBalancesMember"/>
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    <link:label id="lab_ifrs-full_PresentValueOfDefinedBenefitObligationMember_855c230d-18ec-4860-b8db-e371875384b9_terseLabel_en-US" xlink:label="lab_ifrs-full_PresentValueOfDefinedBenefitObligationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrued benefit obligations</link:label>
    <link:label id="lab_ifrs-full_PresentValueOfDefinedBenefitObligationMember_label_en-US" xlink:label="lab_ifrs-full_PresentValueOfDefinedBenefitObligationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Present value of defined benefit obligation [member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PresentValueOfDefinedBenefitObligationMember" xlink:to="lab_ifrs-full_PresentValueOfDefinedBenefitObligationMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_3621d514-2798-49b0-82ba-e370ad336b0e_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income (loss) per common share</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"/>
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    <link:label id="lab_ifrs-full_AssetsAndLiabilitiesAxis_eb9e25e0-5d89-4a5c-885c-7f6aa3412695_terseLabel_en-US" xlink:label="lab_ifrs-full_AssetsAndLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets and liabilities [axis]</link:label>
    <link:label id="lab_ifrs-full_AssetsAndLiabilitiesAxis_label_en-US" xlink:label="lab_ifrs-full_AssetsAndLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets and liabilities [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AssetsAndLiabilitiesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AssetsAndLiabilitiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AssetsAndLiabilitiesAxis" xlink:to="lab_ifrs-full_AssetsAndLiabilitiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_e03134a5-1a65-404f-9e5a-a0e7c096c832_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other assets</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for intangible assets other than goodwill [text block]</link:label>
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    <link:label id="lab_ifrs-full_FixedInterestRateMember_7c941793-d44e-47aa-a3c0-a2e6151ebde9_terseLabel_en-US" xlink:label="lab_ifrs-full_FixedInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed interest rate</link:label>
    <link:label id="lab_ifrs-full_FixedInterestRateMember_label_en-US" xlink:label="lab_ifrs-full_FixedInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed interest rate [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FixedInterestRateMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FixedInterestRateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FixedInterestRateMember" xlink:to="lab_ifrs-full_FixedInterestRateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProportionOfOwnershipInterestInAssociate_d75c0697-4ac4-4482-8bef-c99913bb61f0_terseLabel_en-US" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of ownership interest in associates</link:label>
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    <link:label id="lab_ifrs-full_ProportionOfOwnershipInterestInAssociate_label_en-US" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proportion of ownership interest in associate</link:label>
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    <link:label id="lab_mx_MeasurementInputMethanolPriceForecastMember_939fab8e-b343-44f7-b2c2-246dd33c4f74_terseLabel_en-US" xlink:label="lab_mx_MeasurementInputMethanolPriceForecastMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanol price forecast</link:label>
    <link:label id="lab_mx_MeasurementInputMethanolPriceForecastMember_label_en-US" xlink:label="lab_mx_MeasurementInputMethanolPriceForecastMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Input, Methanol Price Forecast [Member]</link:label>
    <link:label id="lab_mx_MeasurementInputMethanolPriceForecastMember_documentation_en-US" xlink:label="lab_mx_MeasurementInputMethanolPriceForecastMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Measurement Input, Methanol Price Forecast</link:label>
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    <link:label id="lab_mx_FinancialLiabilitiesUndiscountedCashFlows_384016ee-8b69-4092-8989-d0c3d00671ef_totalLabel_en-US" xlink:label="lab_mx_FinancialLiabilitiesUndiscountedCashFlows" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities</link:label>
    <link:label id="lab_mx_FinancialLiabilitiesUndiscountedCashFlows_label_en-US" xlink:label="lab_mx_FinancialLiabilitiesUndiscountedCashFlows" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Liabilities, Undiscounted Cash Flows</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mx_FinancialLiabilitiesUndiscountedCashFlows" xlink:href="mx-20231231.xsd#mx_FinancialLiabilitiesUndiscountedCashFlows"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_FinancialLiabilitiesUndiscountedCashFlows" xlink:to="lab_mx_FinancialLiabilitiesUndiscountedCashFlows" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentPeriodEndDate_c2651f93-356b-4221-9f27-bbd12e7c5b7c_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DisposalsRightofUseAssets_1dbcabf7-89ab-41ff-acd4-c0a435860812_terseLabel_en-US" xlink:label="lab_mx_DisposalsRightofUseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disposals and other</link:label>
    <link:label id="lab_mx_DisposalsRightofUseAssets_label_en-US" xlink:label="lab_mx_DisposalsRightofUseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposals, Right of Use Assets</link:label>
    <link:label id="lab_mx_DisposalsRightofUseAssets_documentation_en-US" xlink:label="lab_mx_DisposalsRightofUseAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disposals, Right of Use Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DisposalsRightofUseAssets" xlink:href="mx-20231231.xsd#mx_DisposalsRightofUseAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DisposalsRightofUseAssets" xlink:to="lab_mx_DisposalsRightofUseAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_302f9ec4-2a6e-431d-b789-140ce6e551db_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of disclosure of transactions between related parties</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of transactions between related parties [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCosts_d03e423b-5e9f-430c-adce-fcccba772147_terseLabel_en-US" xlink:label="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Site restoration costs</link:label>
    <link:label id="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCosts_label_en-US" xlink:label="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision for decommissioning, restoration and rehabilitation costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCosts" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCosts" xlink:to="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RecognisedAssetsDefinedBenefitPlan_7d908480-b50a-4296-b1cc-3f03c596ca53_terseLabel_en-US" xlink:label="lab_ifrs-full_RecognisedAssetsDefinedBenefitPlan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Defined benefit pension plans (note 21)</link:label>
    <link:label id="lab_ifrs-full_RecognisedAssetsDefinedBenefitPlan_label_en-US" xlink:label="lab_ifrs-full_RecognisedAssetsDefinedBenefitPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net defined benefit asset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RecognisedAssetsDefinedBenefitPlan" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RecognisedAssetsDefinedBenefitPlan"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RecognisedAssetsDefinedBenefitPlan" xlink:to="lab_ifrs-full_RecognisedAssetsDefinedBenefitPlan" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_247f5218-2cae-4241-8f7e-6539834c22dd_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discount rate used in current estimate of value in use</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Discount rate used in current estimate of value in use</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:to="lab_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_NewOrRevisedOtherProvisions_3d94f959-bfcc-40c8-83bc-86706ecee75d_terseLabel_en-US" xlink:label="lab_mx_NewOrRevisedOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">New or revised provisions</link:label>
    <link:label id="lab_mx_NewOrRevisedOtherProvisions_label_en-US" xlink:label="lab_mx_NewOrRevisedOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">New or Revised, Other Provisions</link:label>
    <link:label id="lab_mx_NewOrRevisedOtherProvisions_documentation_en-US" xlink:label="lab_mx_NewOrRevisedOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">New or Revised, Other Provisions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_NewOrRevisedOtherProvisions" xlink:href="mx-20231231.xsd#mx_NewOrRevisedOtherProvisions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_NewOrRevisedOtherProvisions" xlink:to="lab_mx_NewOrRevisedOtherProvisions" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PercentageOfEntitysRevenue_d1ab7a6d-b4c1-4fd7-b462-230aabb4f6dd_terseLabel_en-US" xlink:label="lab_ifrs-full_PercentageOfEntitysRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of sales</link:label>
    <link:label id="lab_ifrs-full_PercentageOfEntitysRevenue_label_en-US" xlink:label="lab_ifrs-full_PercentageOfEntitysRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of entity's revenue</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PercentageOfEntitysRevenue" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PercentageOfEntitysRevenue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PercentageOfEntitysRevenue" xlink:to="lab_ifrs-full_PercentageOfEntitysRevenue" xlink:type="arc" order="1"/>
    <link:label id="lab_country_NZ_506b0afc-ea5a-4415-a23b-c4fe53a20f28_terseLabel_en-US" xlink:label="lab_country_NZ" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">New Zealand</link:label>
    <link:label id="lab_country_NZ_label_en-US" xlink:label="lab_country_NZ" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">NEW ZEALAND</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_NZ" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_NZ"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_NZ" xlink:to="lab_country_NZ" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems_44ef3bac-2a84-44d7-8812-d4ccdc0a147a_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of quantitative information about right-of-use assets [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of quantitative information about right-of-use assets [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:to="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities_a4cc9437-a621-4006-b48f-e7431425eb6e_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other cash payments, including share-based compensation</link:label>
    <link:label id="lab_ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities_label_en-US" xlink:label="lab_ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other inflows (outflows) of cash, classified as operating activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities" xlink:to="lab_ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfGeographicalAreasTable_b31ef2f9-f088-4da7-8a63-56d1fa3fd788_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of geographical areas [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfGeographicalAreasTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of geographical areas [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfGeographicalAreasTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:to="lab_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_WaterfrontShippingLimitedMember_5fa6ae66-5953-4162-9e1f-98eed6595301_terseLabel_en-US" xlink:label="lab_mx_WaterfrontShippingLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Waterfront Shipping Limited</link:label>
    <link:label id="lab_mx_WaterfrontShippingLimitedMember_label_en-US" xlink:label="lab_mx_WaterfrontShippingLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Waterfront Shipping Limited [Member]</link:label>
    <link:label id="lab_mx_WaterfrontShippingLimitedMember_documentation_en-US" xlink:label="lab_mx_WaterfrontShippingLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Waterfront Shipping Limited</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_WaterfrontShippingLimitedMember" xlink:href="mx-20231231.xsd#mx_WaterfrontShippingLimitedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_WaterfrontShippingLimitedMember" xlink:to="lab_mx_WaterfrontShippingLimitedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFinanceCostExplanatory_c50f037f-ec14-4fe0-affb-fd0ed37c10e3_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinanceCostExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance costs</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinanceCostExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinanceCostExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of finance cost [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFinanceCostExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinanceCostExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinanceCostExplanatory" xlink:to="lab_ifrs-full_DisclosureOfFinanceCostExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod_cb23eade-6fcc-4812-a8d6-321f58475520_terseLabel_en-US" xlink:label="lab_ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment in associate (note 6)</link:label>
    <link:label id="lab_ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod_4758c262-abfe-473a-9cee-fa5a7f0ab9d3_totalLabel_en-US" xlink:label="lab_ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Investment in associate</link:label>
    <link:label id="lab_ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod_label_en-US" xlink:label="lab_ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments in associates accounted for using equity method</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod" xlink:to="lab_ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipment_66b9afc1-4d22-43aa-9765-8926cb25da24_terseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Owned assets</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipment_6ddf8475-6090-4f05-bc93-0b37048c1aba_periodStartLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Value at beginning of period</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipment_d8a60344-d78b-463a-9e04-b090a8d0f4ac_periodEndLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Value at end of period</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PropertyPlantAndEquipment" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PropertyPlantAndEquipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipment" xlink:to="lab_ifrs-full_PropertyPlantAndEquipment" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement2019_280b8af9-b43d-4f9b-9763-b92af564dd7b_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exercise price of outstanding units cancelled (in usd per unit)</link:label>
    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement2019_label_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement2019" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average exercise price of other equity instruments forfeited in share-based payment arrangement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement2019" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement2019"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement2019" xlink:to="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement2019" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_PurchaseCommitmentOfMethanolSupplyMember_4df49029-9e5d-423c-8d71-73de7332e997_terseLabel_en-US" xlink:label="lab_mx_PurchaseCommitmentOfMethanolSupplyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase commitment of methanol supply</link:label>
    <link:label id="lab_mx_PurchaseCommitmentOfMethanolSupplyMember_label_en-US" xlink:label="lab_mx_PurchaseCommitmentOfMethanolSupplyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase Commitment Of Methanol Supply [Member]</link:label>
    <link:label id="lab_mx_PurchaseCommitmentOfMethanolSupplyMember_documentation_en-US" xlink:label="lab_mx_PurchaseCommitmentOfMethanolSupplyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Purchase Commitment Of Methanol Supply [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_PurchaseCommitmentOfMethanolSupplyMember" xlink:href="mx-20231231.xsd#mx_PurchaseCommitmentOfMethanolSupplyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_PurchaseCommitmentOfMethanolSupplyMember" xlink:to="lab_mx_PurchaseCommitmentOfMethanolSupplyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_LossesGeneratedPeriodAxis_cdc2d975-fcbd-4dd8-826d-ab6c6a11f602_terseLabel_en-US" xlink:label="lab_mx_LossesGeneratedPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Losses Generated Period [Axis]</link:label>
    <link:label id="lab_mx_LossesGeneratedPeriodAxis_label_en-US" xlink:label="lab_mx_LossesGeneratedPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Losses Generated Period [Axis]</link:label>
    <link:label id="lab_mx_LossesGeneratedPeriodAxis_documentation_en-US" xlink:label="lab_mx_LossesGeneratedPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Losses Generated Period [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LossesGeneratedPeriodAxis" xlink:href="mx-20231231.xsd#mx_LossesGeneratedPeriodAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_LossesGeneratedPeriodAxis" xlink:to="lab_mx_LossesGeneratedPeriodAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_RetirementPlanSponsorLocation1Axis_e7b2abdf-1ae1-4451-9f1a-d24b8cfe1387_terseLabel_en-US" xlink:label="lab_mx_RetirementPlanSponsorLocation1Axis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retirement Plan Sponsor Location1 [Axis]</link:label>
    <link:label id="lab_mx_RetirementPlanSponsorLocation1Axis_label_en-US" xlink:label="lab_mx_RetirementPlanSponsorLocation1Axis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retirement Plan Sponsor Location1 [Axis]</link:label>
    <link:label id="lab_mx_RetirementPlanSponsorLocation1Axis_documentation_en-US" xlink:label="lab_mx_RetirementPlanSponsorLocation1Axis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Retirement Plan Sponsor Location1 [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_RetirementPlanSponsorLocation1Axis" xlink:href="mx-20231231.xsd#mx_RetirementPlanSponsorLocation1Axis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_RetirementPlanSponsorLocation1Axis" xlink:to="lab_mx_RetirementPlanSponsorLocation1Axis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EntitysTotalForSubsidiariesMember_e7dd67f4-d735-41cb-8824-ce7cfe144d0c_terseLabel_en-US" xlink:label="lab_ifrs-full_EntitysTotalForSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity's total for subsidiaries [member]</link:label>
    <link:label id="lab_ifrs-full_EntitysTotalForSubsidiariesMember_label_en-US" xlink:label="lab_ifrs-full_EntitysTotalForSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity's total for subsidiaries [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EntitysTotalForSubsidiariesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EntitysTotalForSubsidiariesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EntitysTotalForSubsidiariesMember" xlink:to="lab_ifrs-full_EntitysTotalForSubsidiariesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BankBorrowingsUndiscountedCashFlows_7f1c2059-7821-4a0b-a6cb-7a6b53df45d0_terseLabel_en-US" xlink:label="lab_ifrs-full_BankBorrowingsUndiscountedCashFlows" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term debt</link:label>
    <link:label id="lab_ifrs-full_BankBorrowingsUndiscountedCashFlows_label_en-US" xlink:label="lab_ifrs-full_BankBorrowingsUndiscountedCashFlows" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bank borrowings, undiscounted cash flows</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BankBorrowingsUndiscountedCashFlows" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BankBorrowingsUndiscountedCashFlows"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BankBorrowingsUndiscountedCashFlows" xlink:to="lab_ifrs-full_BankBorrowingsUndiscountedCashFlows" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_06d20414-e9ee-44dc-9e72-52e77beee86a_terseLabel_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term employee benefits</link:label>
    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_label_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key management personnel compensation, short-term employee benefits</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfContractsAxis_30f0f1fd-2a74-4d4f-a6fa-db8a7be60691_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfContractsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of contracts [axis]</link:label>
    <link:label id="lab_ifrs-full_TypesOfContractsAxis_label_en-US" xlink:label="lab_ifrs-full_TypesOfContractsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of contracts [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfContractsAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfContractsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfContractsAxis" xlink:to="lab_ifrs-full_TypesOfContractsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_UndiscountedEstimatedCashFlowsRequiredToSettleLiabilities_a1767657-44fd-4550-9e49-d4ecf38d09aa_terseLabel_en-US" xlink:label="lab_mx_UndiscountedEstimatedCashFlowsRequiredToSettleLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Undiscounted amount of estimated cash flows required to settle liabilities</link:label>
    <link:label id="lab_mx_UndiscountedEstimatedCashFlowsRequiredToSettleLiabilities_label_en-US" xlink:label="lab_mx_UndiscountedEstimatedCashFlowsRequiredToSettleLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Undiscounted Estimated Cash Flows Required To Settle Liabilities</link:label>
    <link:label id="lab_mx_UndiscountedEstimatedCashFlowsRequiredToSettleLiabilities_documentation_en-US" xlink:label="lab_mx_UndiscountedEstimatedCashFlowsRequiredToSettleLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Undiscounted Estimated Cash Flows Required To Settle Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_UndiscountedEstimatedCashFlowsRequiredToSettleLiabilities" xlink:href="mx-20231231.xsd#mx_UndiscountedEstimatedCashFlowsRequiredToSettleLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_UndiscountedEstimatedCashFlowsRequiredToSettleLiabilities" xlink:to="lab_mx_UndiscountedEstimatedCashFlowsRequiredToSettleLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_OperatingSegmentsAbstract_4104c6b6-20c4-4af6-b45a-d20a09e27beb_terseLabel_en-US" xlink:label="lab_mx_OperatingSegmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating Segments [Abstract]</link:label>
    <link:label id="lab_mx_OperatingSegmentsAbstract_label_en-US" xlink:label="lab_mx_OperatingSegmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Segments [Abstract]</link:label>
    <link:label id="lab_mx_OperatingSegmentsAbstract_documentation_en-US" xlink:label="lab_mx_OperatingSegmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Operating Segments [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OperatingSegmentsAbstract" xlink:href="mx-20231231.xsd#mx_OperatingSegmentsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OperatingSegmentsAbstract" xlink:to="lab_mx_OperatingSegmentsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_GasContractSettlementNetOfTax_c14b9e6b-8515-44e9-b407-7a470c700990_terseLabel_en-US" xlink:label="lab_mx_GasContractSettlementNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gas contract settlement, net of tax</link:label>
    <link:label id="lab_mx_GasContractSettlementNetOfTax_label_en-US" xlink:label="lab_mx_GasContractSettlementNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gas Contract Settlement, Net Of Tax</link:label>
    <link:label id="lab_mx_GasContractSettlementNetOfTax_documentation_en-US" xlink:label="lab_mx_GasContractSettlementNetOfTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gas Contract Settlement, Net Of Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_GasContractSettlementNetOfTax" xlink:href="mx-20231231.xsd#mx_GasContractSettlementNetOfTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_GasContractSettlementNetOfTax" xlink:to="lab_mx_GasContractSettlementNetOfTax" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_SignificantInvestmentsInAssociatesAxis_99205d7e-974c-4259-9981-6faa785d328b_terseLabel_en-US" xlink:label="lab_ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Associates [axis]</link:label>
    <link:label id="lab_ifrs-full_SignificantInvestmentsInAssociatesAxis_label_en-US" xlink:label="lab_ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Associates [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SignificantInvestmentsInAssociatesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:to="lab_ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_MethanexAsiaPacificLimitedMember_9287ef62-0cd4-41a3-98d1-eda4daaed945_terseLabel_en-US" xlink:label="lab_mx_MethanexAsiaPacificLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanex Asia Pacific Limited</link:label>
    <link:label id="lab_mx_MethanexAsiaPacificLimitedMember_label_en-US" xlink:label="lab_mx_MethanexAsiaPacificLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Methanex Asia Pacific Limited [Member]</link:label>
    <link:label id="lab_mx_MethanexAsiaPacificLimitedMember_documentation_en-US" xlink:label="lab_mx_MethanexAsiaPacificLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Methanex Asia Pacific Limited [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_MethanexAsiaPacificLimitedMember" xlink:href="mx-20231231.xsd#mx_MethanexAsiaPacificLimitedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_MethanexAsiaPacificLimitedMember" xlink:to="lab_mx_MethanexAsiaPacificLimitedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DeferredTaxAssets_b3b00d13-d6b9-4954-a36e-16b3598de683_verboseLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Deferred income tax assets (note 16)</link:label>
    <link:label id="lab_ifrs-full_DeferredTaxAssets_9862e0f9-3baa-4fcd-9ede-860a62e1b1ca_terseLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets</link:label>
    <link:label id="lab_ifrs-full_DeferredTaxAssets_2beed48e-97b9-4a3a-b245-c2ec14a782a9_periodStartLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets, beginning of period</link:label>
    <link:label id="lab_ifrs-full_DeferredTaxAssets_b288abe9-4c0a-4b61-b2b9-a39d50f9bb6a_periodEndLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets, end of period</link:label>
    <link:label id="lab_ifrs-full_DeferredTaxAssets_label_en-US" xlink:label="lab_ifrs-full_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DeferredTaxAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DeferredTaxAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeferredTaxAssets" xlink:to="lab_ifrs-full_DeferredTaxAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_NumberOfSegmentsOperating_a3813945-2379-4647-88e9-03d8950f9839_terseLabel_en-US" xlink:label="lab_mx_NumberOfSegmentsOperating" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of operating segments</link:label>
    <link:label id="lab_mx_NumberOfSegmentsOperating_label_en-US" xlink:label="lab_mx_NumberOfSegmentsOperating" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Segments, Operating</link:label>
    <link:label id="lab_mx_NumberOfSegmentsOperating_documentation_en-US" xlink:label="lab_mx_NumberOfSegmentsOperating" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of Segments, Operating</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_NumberOfSegmentsOperating" xlink:href="mx-20231231.xsd#mx_NumberOfSegmentsOperating"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_NumberOfSegmentsOperating" xlink:to="lab_mx_NumberOfSegmentsOperating" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_FinanceLeasePayments_cb889b74-12ad-43dd-a09b-bf63c7bdc09b_negatedTerseLabel_en-US" xlink:label="lab_mx_FinanceLeasePayments" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Lease payments</link:label>
    <link:label id="lab_mx_FinanceLeasePayments_label_en-US" xlink:label="lab_mx_FinanceLeasePayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance Lease, Payments</link:label>
    <link:label id="lab_mx_FinanceLeasePayments_documentation_en-US" xlink:label="lab_mx_FinanceLeasePayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Finance Lease, Payments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_FinanceLeasePayments" xlink:href="mx-20231231.xsd#mx_FinanceLeasePayments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_FinanceLeasePayments" xlink:to="lab_mx_FinanceLeasePayments" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems_e6331216-9e72-4423-aab1-74c60183ba82_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of financial instruments by type of interest rate [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial instruments by type of interest rate [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems" xlink:to="lab_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesAtFairValue_d394869c-5fae-405f-b5d9-e78f1064e520_negatedLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Liabilities, fair value</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesAtFairValue_56d4525c-71f4-4c0a-ad17-c666e31e828f_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liabilities, fair value</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesAtFairValue_5c8bb59f-a4d1-44b0-b681-74031759c665_verboseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Fair value</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesAtFairValue_label_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liabilities, at fair value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialLiabilitiesAtFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:to="lab_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_23d89201-b429-4239-b6b9-3418588ec432_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retirement plans</link:label>
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    <link:label id="lab_ifrs-full_CashAndCashEquivalents_label_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
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    <link:label id="lab_mx_DebtInstrumentCovenantEBITDAToInterestCoverageRatio_6da11deb-95f2-482a-900f-a13320d2719d_terseLabel_en-US" xlink:label="lab_mx_DebtInstrumentCovenantEBITDAToInterestCoverageRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt covenant, EBITDA to interest coverage ratio</link:label>
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    <link:label id="lab_dei_DocumentAnnualReport_cd2a7001-698c-495b-96a2-d1881f6ad691_terseLabel_en-US" xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Annual Report</link:label>
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    <link:label id="lab_ifrs-full_NoncurrentLiabilities_label_en-US" xlink:label="lab_ifrs-full_NoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current liabilities</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodExplanatory_302bdf60-538e-4bf5-90cc-3a60514c8666_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average assumptions of outstanding SARs and TSARs</link:label>
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    <link:label id="lab_ifrs-full_Assets_label_en-US" xlink:label="lab_ifrs-full_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Assets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Assets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Assets" xlink:to="lab_ifrs-full_Assets" xlink:type="arc" order="1"/>
    <link:label id="lab_country_US_20d57025-9b7e-4e74-9661-2f29e026df17_terseLabel_en-US" xlink:label="lab_country_US" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">United States</link:label>
    <link:label id="lab_country_US_label_en-US" xlink:label="lab_country_US" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">UNITED STATES</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_US" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_US"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_US" xlink:to="lab_country_US" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BasicEarningsPerShareAbstract_ae63830b-01fc-417c-bc31-31c79efdd907_terseLabel_en-US" xlink:label="lab_ifrs-full_BasicEarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income per common share for the year attributable to Methanex Corporation shareholders:</link:label>
    <link:label id="lab_ifrs-full_BasicEarningsPerShareAbstract_label_en-US" xlink:label="lab_ifrs-full_BasicEarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basic earnings per share [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BasicEarningsPerShareAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BasicEarningsPerShareAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BasicEarningsPerShareAbstract" xlink:to="lab_ifrs-full_BasicEarningsPerShareAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_MethanexServicesShanghaiCoLtdMember_4b276ce5-9ad6-4079-b0f2-668a3863d618_terseLabel_en-US" xlink:label="lab_mx_MethanexServicesShanghaiCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanex Services (Shanghai) Co., Ltd.</link:label>
    <link:label id="lab_mx_MethanexServicesShanghaiCoLtdMember_label_en-US" xlink:label="lab_mx_MethanexServicesShanghaiCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Methanex Services (Shanghai) Co., Ltd. [Member]</link:label>
    <link:label id="lab_mx_MethanexServicesShanghaiCoLtdMember_documentation_en-US" xlink:label="lab_mx_MethanexServicesShanghaiCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Methanex Services (Shanghai) Co., Ltd.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_MethanexServicesShanghaiCoLtdMember" xlink:href="mx-20231231.xsd#mx_MethanexServicesShanghaiCoLtdMember"/>
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    <link:label id="lab_mx_OtherLeasedPropertyMember_b1a2f0ac-1b8b-4a4c-a713-d85c585fb4ea_terseLabel_en-US" xlink:label="lab_mx_OtherLeasedPropertyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_mx_OtherLeasedPropertyMember_label_en-US" xlink:label="lab_mx_OtherLeasedPropertyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other, Leased Property [Member]</link:label>
    <link:label id="lab_mx_OtherLeasedPropertyMember_documentation_en-US" xlink:label="lab_mx_OtherLeasedPropertyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other, Leased Property [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherLeasedPropertyMember" xlink:href="mx-20231231.xsd#mx_OtherLeasedPropertyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OtherLeasedPropertyMember" xlink:to="lab_mx_OtherLeasedPropertyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_7f1b7e02-1d8b-4846-8504-bc09901a4a34_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Current</link:label>
    <link:label id="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_28443bc9-ea6a-42c7-86ef-73f5e43eab67_negatedTotalLabel_en-US" xlink:label="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Current tax recovery (expense)</link:label>
    <link:label id="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_label_en-US" xlink:label="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current tax expense (income) and adjustments for current tax of prior periods</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:to="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_LesseeFinanceLeaseLeaseNotyetCommencedAmount_f77e9bdf-0f12-4b7e-ac4d-57599128f352_terseLabel_en-US" xlink:label="lab_mx_LesseeFinanceLeaseLeaseNotyetCommencedAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease not yet commenced, amount</link:label>
    <link:label id="lab_mx_LesseeFinanceLeaseLeaseNotyetCommencedAmount_label_en-US" xlink:label="lab_mx_LesseeFinanceLeaseLeaseNotyetCommencedAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Finance Lease, Lease Not yet Commenced, Amount</link:label>
    <link:label id="lab_mx_LesseeFinanceLeaseLeaseNotyetCommencedAmount_documentation_en-US" xlink:label="lab_mx_LesseeFinanceLeaseLeaseNotyetCommencedAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lessee, Finance Lease, Lease Not yet Commenced, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LesseeFinanceLeaseLeaseNotyetCommencedAmount" xlink:href="mx-20231231.xsd#mx_LesseeFinanceLeaseLeaseNotyetCommencedAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_LesseeFinanceLeaseLeaseNotyetCommencedAmount" xlink:to="lab_mx_LesseeFinanceLeaseLeaseNotyetCommencedAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsExplanatory_6d346db3-0f18-4de3-b74b-c64c571f3afc_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value, natural gas forward contracts and cash flow hedges and excluded forward element</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about hedged items [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NotionalAmount_e49db4ef-8e53-4226-aca3-af79f6e7b59b_terseLabel_en-US" xlink:label="lab_ifrs-full_NotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notional amount</link:label>
    <link:label id="lab_ifrs-full_NotionalAmount_label_en-US" xlink:label="lab_ifrs-full_NotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Notional amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NotionalAmount" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NotionalAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NotionalAmount" xlink:to="lab_ifrs-full_NotionalAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_d025546b-28e6-42f2-ae37-8cf556877305_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_label_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) financing activities [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="lab_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DepreciationPropertyPlantAndEquipment_48a94c4e-e49f-47c2-b739-464732237522_terseLabel_en-US" xlink:label="lab_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation</link:label>
    <link:label id="lab_ifrs-full_DepreciationPropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation, property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressesTable_00497a71-b23d-4195-9a1f-50fc25425aa2_terseLabel_en-US" xlink:label="lab_dei_EntityAddressesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Addresses [Table]</link:label>
    <link:label id="lab_dei_EntityAddressesTable_label_en-US" xlink:label="lab_dei_EntityAddressesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Addresses [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressesTable" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressesTable" xlink:to="lab_dei_EntityAddressesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IssuedCapitalMember_3aae2a96-5d68-4787-92a3-786559f1cd03_terseLabel_en-US" xlink:label="lab_ifrs-full_IssuedCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital stock</link:label>
    <link:label id="lab_ifrs-full_IssuedCapitalMember_label_en-US" xlink:label="lab_ifrs-full_IssuedCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issued capital [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IssuedCapitalMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IssuedCapitalMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IssuedCapitalMember" xlink:to="lab_ifrs-full_IssuedCapitalMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_3e770644-e5a2-4654-ac1c-5776762a5bd8_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2026</link:label>
    <link:label id="lab_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_label_en-US" xlink:label="lab_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than two years and not later than three years [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="lab_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_9521adfd-2420-492e-9779-60cbc771712c_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reporting currency</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for functional currency [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_country_TT_654f7a3a-c512-440a-aabd-c504c1fab5ea_terseLabel_en-US" xlink:label="lab_country_TT" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trinidad</link:label>
    <link:label id="lab_country_TT_label_en-US" xlink:label="lab_country_TT" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TRINIDAD AND TOBAGO</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_TT" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_TT"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_TT" xlink:to="lab_country_TT" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCurrentReportingStatus_17693fa3-17c7-4a5d-99fe-d8736e19bdcc_terseLabel_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Current Reporting Status</link:label>
    <link:label id="lab_dei_EntityCurrentReportingStatus_label_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Current Reporting Status</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCurrentReportingStatus" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus" xlink:to="lab_dei_EntityCurrentReportingStatus" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RetainedEarnings_d4b4eb48-0d58-4b1b-a77c-116d2211e3da_terseLabel_en-US" xlink:label="lab_ifrs-full_RetainedEarnings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retained earnings</link:label>
    <link:label id="lab_ifrs-full_RetainedEarnings_label_en-US" xlink:label="lab_ifrs-full_RetainedEarnings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retained earnings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RetainedEarnings" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RetainedEarnings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RetainedEarnings" xlink:to="lab_ifrs-full_RetainedEarnings" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ExpectedVolatilityOtherEquityInstrumentsGranted_9d99227a-64ed-484e-8c35-375a5b539ddc_terseLabel_en-US" xlink:label="lab_mx_ExpectedVolatilityOtherEquityInstrumentsGranted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expected volatility</link:label>
    <link:label id="lab_mx_ExpectedVolatilityOtherEquityInstrumentsGranted_label_en-US" xlink:label="lab_mx_ExpectedVolatilityOtherEquityInstrumentsGranted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expected Volatility, Other Equity Instruments Granted</link:label>
    <link:label id="lab_mx_ExpectedVolatilityOtherEquityInstrumentsGranted_documentation_en-US" xlink:label="lab_mx_ExpectedVolatilityOtherEquityInstrumentsGranted" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expected Volatility, Other Equity Instruments Granted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ExpectedVolatilityOtherEquityInstrumentsGranted" xlink:href="mx-20231231.xsd#mx_ExpectedVolatilityOtherEquityInstrumentsGranted"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ExpectedVolatilityOtherEquityInstrumentsGranted" xlink:to="lab_mx_ExpectedVolatilityOtherEquityInstrumentsGranted" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherCurrentLiabilities_4d706945-46f6-4123-bf30-521c221e1801_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current maturities on other long-term liabilities (note 10)</link:label>
    <link:label id="lab_ifrs-full_OtherCurrentLiabilities_6972658d-0579-4cd3-bdb3-1a41bb8a0cf1_negatedLabel_en-US" xlink:label="lab_ifrs-full_OtherCurrentLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Less current maturities</link:label>
    <link:label id="lab_ifrs-full_OtherCurrentLiabilities_label_en-US" xlink:label="lab_ifrs-full_OtherCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other current liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherCurrentLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherCurrentLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherCurrentLiabilities" xlink:to="lab_ifrs-full_OtherCurrentLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_WeightedAverageShares_472e66f0-359c-4870-b347-d1265e913348_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average number of common shares outstanding (note 13) (in shares)</link:label>
    <link:label id="lab_ifrs-full_WeightedAverageShares_661ea1e6-3795-41ff-a70c-51e1865fa788_verboseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Denominator for basic net income per common share (in shares)</link:label>
    <link:label id="lab_ifrs-full_WeightedAverageShares_label_en-US" xlink:label="lab_ifrs-full_WeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average number of ordinary shares used in calculating basic earnings per share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_WeightedAverageShares" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_WeightedAverageShares"/>
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    <link:label id="lab_ifrs-full_RightofuseAssetsMember_e2ab4601-9775-40c9-900d-d4ae74e91384_terseLabel_en-US" xlink:label="lab_ifrs-full_RightofuseAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Right-of-use assets</link:label>
    <link:label id="lab_ifrs-full_RightofuseAssetsMember_label_en-US" xlink:label="lab_ifrs-full_RightofuseAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Right-of-use assets [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RightofuseAssetsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RightofuseAssetsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RightofuseAssetsMember" xlink:to="lab_ifrs-full_RightofuseAssetsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_UnusedTaxLossesMember_4d654c76-2589-488a-b52d-f5626a069718_terseLabel_en-US" xlink:label="lab_ifrs-full_UnusedTaxLossesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-capital loss carryforwards</link:label>
    <link:label id="lab_ifrs-full_UnusedTaxLossesMember_5187f2fb-cb36-4d85-b24f-b13113d487d8_verboseLabel_en-US" xlink:label="lab_ifrs-full_UnusedTaxLossesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Unused tax losses</link:label>
    <link:label id="lab_ifrs-full_UnusedTaxLossesMember_label_en-US" xlink:label="lab_ifrs-full_UnusedTaxLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unused tax losses [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_UnusedTaxLossesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_UnusedTaxLossesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_UnusedTaxLossesMember" xlink:to="lab_ifrs-full_UnusedTaxLossesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashAndCashEquivalentsPercentageContributedToFairValueOfPlanAssets_4f80ef80-1659-43b9-aac4-c809b67ab68b_terseLabel_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalentsPercentageContributedToFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and other short-term securities</link:label>
    <link:label id="lab_ifrs-full_CashAndCashEquivalentsPercentageContributedToFairValueOfPlanAssets_label_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalentsPercentageContributedToFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents, percentage contributed to fair value of plan assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashAndCashEquivalentsPercentageContributedToFairValueOfPlanAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashAndCashEquivalentsPercentageContributedToFairValueOfPlanAssets"/>
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    <link:label id="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems_17522c23-abe9-4f3b-87fe-a15258d2e042_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:to="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ScenarioUnspecifiedDomain_f142050c-da96-49fb-9058-a2223d4b3b32_terseLabel_en-US" xlink:label="lab_srt_ScenarioUnspecifiedDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Scenario [Domain]</link:label>
    <link:label id="lab_srt_ScenarioUnspecifiedDomain_label_en-US" xlink:label="lab_srt_ScenarioUnspecifiedDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Scenario [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ScenarioUnspecifiedDomain" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_ScenarioUnspecifiedDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScenarioUnspecifiedDomain" xlink:to="lab_srt_ScenarioUnspecifiedDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan_a173b608-bb1e-4a71-a3d5-b7f79cb5eac0_terseLabel_en-US" xlink:label="lab_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimate of contributions expected to be paid to plan for next annual reporting period</link:label>
    <link:label id="lab_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan_label_en-US" xlink:label="lab_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Estimate of contributions expected to be paid to plan for next annual reporting period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:to="lab_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DisclosureOfInterestsInSubsidiariesAndJointVenturesTableTextBlock_e51ef759-22f1-4533-969f-e37492697423_terseLabel_en-US" xlink:label="lab_mx_DisclosureOfInterestsInSubsidiariesAndJointVenturesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of disclosure of interests in subsidiaries and joint ventures</link:label>
    <link:label id="lab_mx_DisclosureOfInterestsInSubsidiariesAndJointVenturesTableTextBlock_label_en-US" xlink:label="lab_mx_DisclosureOfInterestsInSubsidiariesAndJointVenturesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Interests In Subsidiaries And Joint Ventures [Table Text Block]</link:label>
    <link:label id="lab_mx_DisclosureOfInterestsInSubsidiariesAndJointVenturesTableTextBlock_documentation_en-US" xlink:label="lab_mx_DisclosureOfInterestsInSubsidiariesAndJointVenturesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Interests In Subsidiaries And Joint Ventures</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DisclosureOfInterestsInSubsidiariesAndJointVenturesTableTextBlock" xlink:href="mx-20231231.xsd#mx_DisclosureOfInterestsInSubsidiariesAndJointVenturesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DisclosureOfInterestsInSubsidiariesAndJointVenturesTableTextBlock" xlink:to="lab_mx_DisclosureOfInterestsInSubsidiariesAndJointVenturesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_LiquidityAndCapitalizationAbstract_label_en-US" xlink:label="lab_mx_LiquidityAndCapitalizationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liquidity And Capitalization [Abstract]</link:label>
    <link:label id="lab_mx_LiquidityAndCapitalizationAbstract_documentation_en-US" xlink:label="lab_mx_LiquidityAndCapitalizationAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Liquidity And Capitalization</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LiquidityAndCapitalizationAbstract" xlink:href="mx-20231231.xsd#mx_LiquidityAndCapitalizationAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_LiquidityAndCapitalizationAbstract" xlink:to="lab_mx_LiquidityAndCapitalizationAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentLiabilitiesAbstract_66034a9b-84be-43c5-bb65-5f87064f65bd_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current liabilities:</link:label>
    <link:label id="lab_ifrs-full_CurrentLiabilitiesAbstract_label_en-US" xlink:label="lab_ifrs-full_CurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current liabilities [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentLiabilitiesAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentLiabilitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentLiabilitiesAbstract" xlink:to="lab_ifrs-full_CurrentLiabilitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ScheduleOfTradeAndOtherReceivablesTableTextBlock_c7cf01e3-c945-4c05-801f-c7f44d8f1e09_terseLabel_en-US" xlink:label="lab_mx_ScheduleOfTradeAndOtherReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of trade and other receivables</link:label>
    <link:label id="lab_mx_ScheduleOfTradeAndOtherReceivablesTableTextBlock_label_en-US" xlink:label="lab_mx_ScheduleOfTradeAndOtherReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule Of Trade And Other Receivables [Table Text Block]</link:label>
    <link:label id="lab_mx_ScheduleOfTradeAndOtherReceivablesTableTextBlock_documentation_en-US" xlink:label="lab_mx_ScheduleOfTradeAndOtherReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Schedule Of Trade And Other Receivables [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ScheduleOfTradeAndOtherReceivablesTableTextBlock" xlink:href="mx-20231231.xsd#mx_ScheduleOfTradeAndOtherReceivablesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ScheduleOfTradeAndOtherReceivablesTableTextBlock" xlink:to="lab_mx_ScheduleOfTradeAndOtherReceivablesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_OtherAssetsCurrentMember_1245a6cd-85c7-4135-a268-10560026ab11_terseLabel_en-US" xlink:label="lab_mx_OtherAssetsCurrentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other current assets</link:label>
    <link:label id="lab_mx_OtherAssetsCurrentMember_label_en-US" xlink:label="lab_mx_OtherAssetsCurrentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Assets, Current [Member]</link:label>
    <link:label id="lab_mx_OtherAssetsCurrentMember_documentation_en-US" xlink:label="lab_mx_OtherAssetsCurrentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Assets, Current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherAssetsCurrentMember" xlink:href="mx-20231231.xsd#mx_OtherAssetsCurrentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OtherAssetsCurrentMember" xlink:to="lab_mx_OtherAssetsCurrentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory_4bf3672e-907f-4aee-bf75-0e61e614c1f7_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Material accounting policies</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of material accounting policy information [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory"/>
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    <link:label id="lab_srt_RangeMember_d36deb07-a334-414f-b23e-f4f3a637eb7b_terseLabel_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Domain]</link:label>
    <link:label id="lab_srt_RangeMember_label_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RangeMember" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_RangeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeMember" xlink:to="lab_srt_RangeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_RevenueFromSaleOfOilAndGasProductsAttributableToOrdinaryEquityHoldersOfParentEntity_59a3abb1-4b6f-43f4-9225-a58b14f2f7c8_terseLabel_en-US" xlink:label="lab_mx_RevenueFromSaleOfOilAndGasProductsAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Egypt gas redirection and sale proceeds, parent</link:label>
    <link:label id="lab_mx_RevenueFromSaleOfOilAndGasProductsAttributableToOrdinaryEquityHoldersOfParentEntity_label_en-US" xlink:label="lab_mx_RevenueFromSaleOfOilAndGasProductsAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue From Sale Of Oil And Gas Products Attributable To Ordinary Equity Holders Of Parent Entity</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mx_RevenueFromSaleOfOilAndGasProductsAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:href="mx-20231231.xsd#mx_RevenueFromSaleOfOilAndGasProductsAttributableToOrdinaryEquityHoldersOfParentEntity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_RevenueFromSaleOfOilAndGasProductsAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:to="lab_mx_RevenueFromSaleOfOilAndGasProductsAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_4216e82c-6a88-4776-b714-2bb0a41f89b0_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Income taxes paid</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_label_en-US" xlink:label="lab_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income taxes paid (refund), classified as operating activities</link:label>
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    <link:label id="lab_ifrs-full_RawMaterialsAndConsumablesUsed_310cc1c0-74c4-4b10-85de-831bb951afe4_terseLabel_en-US" xlink:label="lab_ifrs-full_RawMaterialsAndConsumablesUsed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost of raw materials and purchased methanol</link:label>
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    <link:label id="lab_mx_RestrictedCashCashFlowHedge_ab12653e-61d5-426f-8a37-a41a391fc995_terseLabel_en-US" xlink:label="lab_mx_RestrictedCashCashFlowHedge" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restricted cash, cash flow hedge</link:label>
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    <link:label id="lab_ifrs-full_NumberOfSharesOutstanding_f3c4a7fb-1d75-42ae-bbb6-d078acbf6d6c_terseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of shares outstanding (in shares)</link:label>
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    <link:label id="lab_ifrs-full_IncomeTaxExpenseContinuingOperations_4d557919-760b-4664-afc6-1e7b4c157b80_negatedTotalLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Total income tax expense</link:label>
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    <link:label id="lab_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_92f544b0-c639-492f-9f27-8de64b544daf_terseLabel_en-US" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest %</link:label>
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    <link:label id="lab_mx_RangesOfExercisePricesForOutstandingOtherEquityInstrumentsDomain_documentation_en-US" xlink:label="lab_mx_RangesOfExercisePricesForOutstandingOtherEquityInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Ranges Of Exercise Prices For Outstanding Other Equity Instruments [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_RangesOfExercisePricesForOutstandingOtherEquityInstrumentsDomain" xlink:href="mx-20231231.xsd#mx_RangesOfExercisePricesForOutstandingOtherEquityInstrumentsDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_RangesOfExercisePricesForOutstandingOtherEquityInstrumentsDomain" xlink:to="lab_mx_RangesOfExercisePricesForOutstandingOtherEquityInstrumentsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DisclosureOfMajorComponentsOfTaxExpenseIncomeTableTextBlock_60e4ecb8-9bc4-4e44-a2ca-bf275db9eae7_terseLabel_en-US" xlink:label="lab_mx_DisclosureOfMajorComponentsOfTaxExpenseIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Components of income tax (expense) recovery</link:label>
    <link:label id="lab_mx_DisclosureOfMajorComponentsOfTaxExpenseIncomeTableTextBlock_label_en-US" xlink:label="lab_mx_DisclosureOfMajorComponentsOfTaxExpenseIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Major Components Of Tax Expense (Income) [Table Text Block]</link:label>
    <link:label id="lab_mx_DisclosureOfMajorComponentsOfTaxExpenseIncomeTableTextBlock_documentation_en-US" xlink:label="lab_mx_DisclosureOfMajorComponentsOfTaxExpenseIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Major Components Of Tax Expense (Income)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DisclosureOfMajorComponentsOfTaxExpenseIncomeTableTextBlock" xlink:href="mx-20231231.xsd#mx_DisclosureOfMajorComponentsOfTaxExpenseIncomeTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DisclosureOfMajorComponentsOfTaxExpenseIncomeTableTextBlock" xlink:to="lab_mx_DisclosureOfMajorComponentsOfTaxExpenseIncomeTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RevenueFromSaleOfOilAndGasProducts_c348aa06-f3d7-4851-9b0a-543b3c8e4b8a_terseLabel_en-US" xlink:label="lab_ifrs-full_RevenueFromSaleOfOilAndGasProducts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Egypt gas redirection and sale proceeds (note 26)</link:label>
    <link:label id="lab_ifrs-full_RevenueFromSaleOfOilAndGasProducts_a766bcf4-6c66-4430-a6e6-95d507a65131_verboseLabel_en-US" xlink:label="lab_ifrs-full_RevenueFromSaleOfOilAndGasProducts" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Egypt gas redirection and sale proceeds</link:label>
    <link:label id="lab_ifrs-full_RevenueFromSaleOfOilAndGasProducts_label_en-US" xlink:label="lab_ifrs-full_RevenueFromSaleOfOilAndGasProducts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue from sale of oil and gas products</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RevenueFromSaleOfOilAndGasProducts" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RevenueFromSaleOfOilAndGasProducts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevenueFromSaleOfOilAndGasProducts" xlink:to="lab_ifrs-full_RevenueFromSaleOfOilAndGasProducts" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_PropertyPlantAndEquipmentRelatedTemporaryDifferencesMember_d9ecb4a9-fe43-4d25-a82a-d73953aebdf4_terseLabel_en-US" xlink:label="lab_mx_PropertyPlantAndEquipmentRelatedTemporaryDifferencesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment (owned)</link:label>
    <link:label id="lab_mx_PropertyPlantAndEquipmentRelatedTemporaryDifferencesMember_label_en-US" xlink:label="lab_mx_PropertyPlantAndEquipmentRelatedTemporaryDifferencesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, Plant And Equipment Related Temporary Differences [Member]</link:label>
    <link:label id="lab_mx_PropertyPlantAndEquipmentRelatedTemporaryDifferencesMember_documentation_en-US" xlink:label="lab_mx_PropertyPlantAndEquipmentRelatedTemporaryDifferencesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Property, Plant And Equipment Related Temporary Differences [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_PropertyPlantAndEquipmentRelatedTemporaryDifferencesMember" xlink:href="mx-20231231.xsd#mx_PropertyPlantAndEquipmentRelatedTemporaryDifferencesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_PropertyPlantAndEquipmentRelatedTemporaryDifferencesMember" xlink:to="lab_mx_PropertyPlantAndEquipmentRelatedTemporaryDifferencesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncurrentAssetsAbstract_cc542f5a-ea1e-42f7-8f6b-6823bb04d182_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current assets:</link:label>
    <link:label id="lab_ifrs-full_NoncurrentAssetsAbstract_label_en-US" xlink:label="lab_ifrs-full_NoncurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current assets [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentAssetsAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentAssetsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentAssetsAbstract" xlink:to="lab_ifrs-full_NoncurrentAssetsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DeferredTaxLiabilitiesIncomeExpenseTaxRelatingToComponentsOfOtherComprehensiveIncome_00bd93cd-a407-4bce-852a-9a75141b12bf_terseLabel_en-US" xlink:label="lab_mx_DeferredTaxLiabilitiesIncomeExpenseTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred income tax recovery (expense) included in other comprehensive income</link:label>
    <link:label id="lab_mx_DeferredTaxLiabilitiesIncomeExpenseTaxRelatingToComponentsOfOtherComprehensiveIncome_label_en-US" xlink:label="lab_mx_DeferredTaxLiabilitiesIncomeExpenseTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Liabilities, Income (Expense) Tax Relating To Components Of Other Comprehensive Income</link:label>
    <link:label id="lab_mx_DeferredTaxLiabilitiesIncomeExpenseTaxRelatingToComponentsOfOtherComprehensiveIncome_documentation_en-US" xlink:label="lab_mx_DeferredTaxLiabilitiesIncomeExpenseTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred Tax Liabilities, Income (Expense) Tax Relating To Components Of Other Comprehensive Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DeferredTaxLiabilitiesIncomeExpenseTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:href="mx-20231231.xsd#mx_DeferredTaxLiabilitiesIncomeExpenseTaxRelatingToComponentsOfOtherComprehensiveIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DeferredTaxLiabilitiesIncomeExpenseTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:to="lab_mx_DeferredTaxLiabilitiesIncomeExpenseTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_0ef106f4-851c-42b6-82c5-456f7af44612_verboseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Actuarial loss on defined benefit pension plans (note 21(a))</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_a2f71652-b649-48c3-b58f-63502ba28c31_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Actuarial loss</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other comprehensive income, before tax, gains (losses) on remeasurements of defined benefit plans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:to="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InterestRateTypesMember_90100317-42cc-4c1f-8db2-27f0c71b62fc_terseLabel_en-US" xlink:label="lab_ifrs-full_InterestRateTypesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate types [member]</link:label>
    <link:label id="lab_ifrs-full_InterestRateTypesMember_label_en-US" xlink:label="lab_ifrs-full_InterestRateTypesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest rate types [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestRateTypesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InterestRateTypesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestRateTypesMember" xlink:to="lab_ifrs-full_InterestRateTypesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_NaturalGasSupplyArrangementTerm_86693c83-fa4d-448f-a35f-70f3e1da52d1_terseLabel_en-US" xlink:label="lab_mx_NaturalGasSupplyArrangementTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Natural gas supply arrangement term</link:label>
    <link:label id="lab_mx_NaturalGasSupplyArrangementTerm_label_en-US" xlink:label="lab_mx_NaturalGasSupplyArrangementTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Natural Gas Supply Arrangement Term</link:label>
    <link:label id="lab_mx_NaturalGasSupplyArrangementTerm_documentation_en-US" xlink:label="lab_mx_NaturalGasSupplyArrangementTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Natural Gas Supply Arrangement Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_NaturalGasSupplyArrangementTerm" xlink:href="mx-20231231.xsd#mx_NaturalGasSupplyArrangementTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_NaturalGasSupplyArrangementTerm" xlink:to="lab_mx_NaturalGasSupplyArrangementTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TradeAndOtherCurrentReceivables_888a2156-1bc0-4941-b0bc-16500f3272e0_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade and other receivables (note 3)</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherCurrentReceivables_f750d428-dd40-49af-ac7c-8bda95a494d7_totalLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Trade and other receivables</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherCurrentReceivables_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other current receivables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TradeAndOtherCurrentReceivables" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TradeAndOtherCurrentReceivables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherCurrentReceivables" xlink:to="lab_ifrs-full_TradeAndOtherCurrentReceivables" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfEarningsPerShareExplanatory_427a793d-0ced-460f-aac1-b9ef0b5583d5_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income per common share</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfEarningsPerShareExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of earnings per share [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfEarningsPerShareExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:to="lab_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IssuedCapital_bea67616-313c-4cdf-8c23-3f529b43347e_terseLabel_en-US" xlink:label="lab_ifrs-full_IssuedCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital stock 25,000,000 authorized preferred shares without nominal or par&#160;value Unlimited authorization of common shares without nominal or par&#160;value Issued and outstanding common shares at December 31, 2023 were 67,387,492 (2022 - 69,239,136)</link:label>
    <link:label id="lab_ifrs-full_IssuedCapital_label_en-US" xlink:label="lab_ifrs-full_IssuedCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issued capital</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IssuedCapital" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IssuedCapital"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IssuedCapital" xlink:to="lab_ifrs-full_IssuedCapital" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_MethanexU.S.A.LLCMember_da857129-f137-4602-af47-23a3c84a2c72_terseLabel_en-US" xlink:label="lab_mx_MethanexU.S.A.LLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanex USA LLC</link:label>
    <link:label id="lab_mx_MethanexU.S.A.LLCMember_label_en-US" xlink:label="lab_mx_MethanexU.S.A.LLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Methanex U.S.A. LLC [Member]</link:label>
    <link:label id="lab_mx_MethanexU.S.A.LLCMember_documentation_en-US" xlink:label="lab_mx_MethanexU.S.A.LLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Methanex U.S.A. LLC [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_MethanexU.S.A.LLCMember" xlink:href="mx-20231231.xsd#mx_MethanexU.S.A.LLCMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_MethanexU.S.A.LLCMember" xlink:to="lab_mx_MethanexU.S.A.LLCMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ProceedsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlAndFromContributionsOfNonControllingInterests_ee3c9ae2-9b5b-40e2-9f52-24e4d4d1bd8d_verboseLabel_en-US" xlink:label="lab_mx_ProceedsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlAndFromContributionsOfNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Sale of partial interest in subsidiary (note 25)</link:label>
    <link:label id="lab_mx_ProceedsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlAndFromContributionsOfNonControllingInterests_a7a6a6f6-1119-4ec8-a220-16dba9570d32_terseLabel_en-US" xlink:label="lab_mx_ProceedsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlAndFromContributionsOfNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of partial interest in non-controlling interests and equity contributions by non-controlling interest</link:label>
    <link:label id="lab_mx_ProceedsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlAndFromContributionsOfNonControllingInterests_label_en-US" xlink:label="lab_mx_ProceedsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlAndFromContributionsOfNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds From Changes In Ownership Interests In Subsidiaries That Do Not Result In Loss Of Control And From Contributions Of Non-controlling Interests</link:label>
    <link:label id="lab_mx_ProceedsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlAndFromContributionsOfNonControllingInterests_documentation_en-US" xlink:label="lab_mx_ProceedsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlAndFromContributionsOfNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proceeds From Changes In Ownership Interests In Subsidiaries That Do Not Result In Loss Of Control And From Contributions Of Non-controlling Interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ProceedsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlAndFromContributionsOfNonControllingInterests" xlink:href="mx-20231231.xsd#mx_ProceedsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlAndFromContributionsOfNonControllingInterests"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ProceedsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlAndFromContributionsOfNonControllingInterests" xlink:to="lab_mx_ProceedsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlAndFromContributionsOfNonControllingInterests" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_5685e728-2159-4395-a600-db2e7b94d5e6_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current service cost</link:label>
    <link:label id="lab_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_label_en-US" xlink:label="lab_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase in net defined benefit liability (asset) resulting from current service cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans_aafdcc84-1db7-4904-85f4-c613e96dd8b9_periodStartLabel_en-US" xlink:label="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance, beginning of year</link:label>
    <link:label id="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans_65859b81-395e-4827-8507-5210ef042bce_periodEndLabel_en-US" xlink:label="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance, end of year</link:label>
    <link:label id="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans_b53fe96b-ddf9-4eca-8989-37fa2900153d_terseLabel_en-US" xlink:label="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retirement obligation (asset)</link:label>
    <link:label id="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans_label_en-US" xlink:label="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net defined benefit liability (asset)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LiabilityAssetOfDefinedBenefitPlans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:to="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_662002a3-dcd6-4a1d-b1ce-9f57c8561e77_negatedLabel_en-US" xlink:label="lab_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Benefit payments</link:label>
    <link:label id="lab_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_label_en-US" xlink:label="lab_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease (increase) in net defined benefit liability (asset) resulting from payments from plan</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable_d8d3077d-09a6-4df8-917c-12f92c40fe8c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:to="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughExerciseOfOptions_554063bc-60bf-49da-a4cf-868c40f65ee7_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Issue of shares on exercise of stock options</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughExerciseOfOptions_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through exercise of options, equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughExerciseOfOptions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember_a60af826-a207-4599-94ff-c857627aa01c_terseLabel_en-US" xlink:label="lab_mx_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities measured at fair value:</link:label>
    <link:label id="lab_mx_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember_label_en-US" xlink:label="lab_mx_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Liabilities At Fair Value Through Other Comprehensive Income, Category [Member]</link:label>
    <link:label id="lab_mx_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember_documentation_en-US" xlink:label="lab_mx_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial Liabilities At Fair Value Through Other Comprehensive Income, Category [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:href="mx-20231231.xsd#mx_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:to="lab_mx_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfProvisionsAxis_c7d5009a-37c9-4871-ae8c-c0de6ccbc1dd_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfProvisionsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of other provisions [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfProvisionsAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfProvisionsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of other provisions [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfProvisionsAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfProvisionsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfProvisionsAxis" xlink:to="lab_ifrs-full_ClassesOfProvisionsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PreferenceSharesMember_7be4a823-3a11-42c6-89e6-289ba11e4a76_terseLabel_en-US" xlink:label="lab_ifrs-full_PreferenceSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred shares</link:label>
    <link:label id="lab_ifrs-full_PreferenceSharesMember_label_en-US" xlink:label="lab_ifrs-full_PreferenceSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preference shares [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PreferenceSharesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PreferenceSharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PreferenceSharesMember" xlink:to="lab_ifrs-full_PreferenceSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DebtDefaultAcceleratedByCreditorLongTermDebtAmount_133a3fcb-fd5d-4f86-be07-0f14dde2c56e_terseLabel_en-US" xlink:label="lab_mx_DebtDefaultAcceleratedByCreditorLongTermDebtAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Default payment accelerated by a creditor, amount of indebtedness (or more)</link:label>
    <link:label id="lab_mx_DebtDefaultAcceleratedByCreditorLongTermDebtAmount_label_en-US" xlink:label="lab_mx_DebtDefaultAcceleratedByCreditorLongTermDebtAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Default, Accelerated By Creditor, Long-Term Debt, Amount</link:label>
    <link:label id="lab_mx_DebtDefaultAcceleratedByCreditorLongTermDebtAmount_documentation_en-US" xlink:label="lab_mx_DebtDefaultAcceleratedByCreditorLongTermDebtAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt Default, Accelerated By Creditor, Long-Term Debt, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DebtDefaultAcceleratedByCreditorLongTermDebtAmount" xlink:href="mx-20231231.xsd#mx_DebtDefaultAcceleratedByCreditorLongTermDebtAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DebtDefaultAcceleratedByCreditorLongTermDebtAmount" xlink:to="lab_mx_DebtDefaultAcceleratedByCreditorLongTermDebtAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_CostOfSalesIncludingDepreciationAndAmortisationExpense_c94e1308-c3a1-41f7-9bcb-cfa36e645b52_negatedTerseLabel_en-US" xlink:label="lab_mx_CostOfSalesIncludingDepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Cost of sales and depreciation and amortization</link:label>
    <link:label id="lab_mx_CostOfSalesIncludingDepreciationAndAmortisationExpense_label_en-US" xlink:label="lab_mx_CostOfSalesIncludingDepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost Of Sales Including Depreciation And Amortisation Expense</link:label>
    <link:label id="lab_mx_CostOfSalesIncludingDepreciationAndAmortisationExpense_documentation_en-US" xlink:label="lab_mx_CostOfSalesIncludingDepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cost Of Sales Including Depreciation And Amortisation Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_CostOfSalesIncludingDepreciationAndAmortisationExpense" xlink:href="mx-20231231.xsd#mx_CostOfSalesIncludingDepreciationAndAmortisationExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_CostOfSalesIncludingDepreciationAndAmortisationExpense" xlink:to="lab_mx_CostOfSalesIncludingDepreciationAndAmortisationExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_FinancialLiabilitiesCarryingAmountAbstract_30a8ea41-b62d-40b2-ba5f-d8aba36b48b6_terseLabel_en-US" xlink:label="lab_mx_FinancialLiabilitiesCarryingAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carrying amount</link:label>
    <link:label id="lab_mx_FinancialLiabilitiesCarryingAmountAbstract_label_en-US" xlink:label="lab_mx_FinancialLiabilitiesCarryingAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Liabilities, Carrying Amount [Abstract]</link:label>
    <link:label id="lab_mx_FinancialLiabilitiesCarryingAmountAbstract_documentation_en-US" xlink:label="lab_mx_FinancialLiabilitiesCarryingAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial Liabilities, Carrying Amount [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_FinancialLiabilitiesCarryingAmountAbstract" xlink:href="mx-20231231.xsd#mx_FinancialLiabilitiesCarryingAmountAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_FinancialLiabilitiesCarryingAmountAbstract" xlink:to="lab_mx_FinancialLiabilitiesCarryingAmountAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DeferredTaxAssetsIncludingOffsetAmount_400fa944-ffff-41ab-9417-b2ff4f75841f_terseLabel_en-US" xlink:label="lab_mx_DeferredTaxAssetsIncludingOffsetAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets</link:label>
    <link:label id="lab_mx_DeferredTaxAssetsIncludingOffsetAmount_label_en-US" xlink:label="lab_mx_DeferredTaxAssetsIncludingOffsetAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Assets, Including Offset Amount</link:label>
    <link:label id="lab_mx_DeferredTaxAssetsIncludingOffsetAmount_documentation_en-US" xlink:label="lab_mx_DeferredTaxAssetsIncludingOffsetAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred Tax Assets, Including Offset Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DeferredTaxAssetsIncludingOffsetAmount" xlink:href="mx-20231231.xsd#mx_DeferredTaxAssetsIncludingOffsetAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DeferredTaxAssetsIncludingOffsetAmount" xlink:to="lab_mx_DeferredTaxAssetsIncludingOffsetAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_SellingExpenseAndDistributionCosts_98faa59a-d2a6-4ea2-b681-e0ebfee15f26_terseLabel_en-US" xlink:label="lab_mx_SellingExpenseAndDistributionCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Selling and distribution</link:label>
    <link:label id="lab_mx_SellingExpenseAndDistributionCosts_label_en-US" xlink:label="lab_mx_SellingExpenseAndDistributionCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Selling Expense And Distribution Costs</link:label>
    <link:label id="lab_mx_SellingExpenseAndDistributionCosts_documentation_en-US" xlink:label="lab_mx_SellingExpenseAndDistributionCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Selling Expense And Distribution Costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_SellingExpenseAndDistributionCosts" xlink:href="mx-20231231.xsd#mx_SellingExpenseAndDistributionCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_SellingExpenseAndDistributionCosts" xlink:to="lab_mx_SellingExpenseAndDistributionCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInWorkingCapital_01b7287a-dd82-42c6-9691-88c6c9ee9d7a_negatedLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Changes in non-cash working capital (note 17(a))</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInWorkingCapital_2e5e1957-441f-4a82-bb71-d66d3f2c0dd1_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Operating</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInWorkingCapital_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in working capital</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseInWorkingCapital"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:to="lab_ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_33b62ba4-c96b-40a2-b09b-fc1ab1a4f1da_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_label_en-US" xlink:label="lab_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other tax effects for reconciliation between accounting profit and tax expense (income)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:to="lab_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BasicEarningsLossPerShare_53ddd6bb-572d-467d-ba61-5d7cefd592e4_terseLabel_en-US" xlink:label="lab_ifrs-full_BasicEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basic net income per common share (note 13) (in usd per share)</link:label>
    <link:label id="lab_ifrs-full_BasicEarningsLossPerShare_04f92cae-7ff0-418a-8777-426977032a4d_verboseLabel_en-US" xlink:label="lab_ifrs-full_BasicEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Basic net income per common share (in usd per share)</link:label>
    <link:label id="lab_ifrs-full_BasicEarningsLossPerShare_label_en-US" xlink:label="lab_ifrs-full_BasicEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basic earnings (loss) per share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BasicEarningsLossPerShare" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BasicEarningsLossPerShare"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BasicEarningsLossPerShare" xlink:to="lab_ifrs-full_BasicEarningsLossPerShare" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_UndiscountedLeasePaymentsDue_6a98eefa-3a52-4ef7-95f3-cb10bee3c029_totalLabel_en-US" xlink:label="lab_mx_UndiscountedLeasePaymentsDue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Lease payments</link:label>
    <link:label id="lab_mx_UndiscountedLeasePaymentsDue_label_en-US" xlink:label="lab_mx_UndiscountedLeasePaymentsDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Undiscounted Lease Payments Due</link:label>
    <link:label id="lab_mx_UndiscountedLeasePaymentsDue_documentation_en-US" xlink:label="lab_mx_UndiscountedLeasePaymentsDue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Undiscounted Lease Payments Due</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_UndiscountedLeasePaymentsDue" xlink:href="mx-20231231.xsd#mx_UndiscountedLeasePaymentsDue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_UndiscountedLeasePaymentsDue" xlink:to="lab_mx_UndiscountedLeasePaymentsDue" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherNoncurrentAssets_2d34c3f4-a948-42f9-98c8-d066998db0c1_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other assets (note 7)</link:label>
    <link:label id="lab_ifrs-full_OtherNoncurrentAssets_1059624d-d2cf-42a7-9564-bfd882540b9b_verboseLabel_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other assets</link:label>
    <link:label id="lab_ifrs-full_OtherNoncurrentAssets_label_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other non-current assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherNoncurrentAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherNoncurrentAssets" xlink:to="lab_ifrs-full_OtherNoncurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_OilAndGasAssetsAbstract_label_en-US" xlink:label="lab_mx_OilAndGasAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Oil and Gas Assets [Abstract]</link:label>
    <link:label id="lab_mx_OilAndGasAssetsAbstract_documentation_en-US" xlink:label="lab_mx_OilAndGasAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Oil and Gas Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OilAndGasAssetsAbstract" xlink:href="mx-20231231.xsd#mx_OilAndGasAssetsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OilAndGasAssetsAbstract" xlink:to="lab_mx_OilAndGasAssetsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_UnsecuredDebt565Member_44a9f47e-32ef-4f1f-ad22-b15ee264bddd_terseLabel_en-US" xlink:label="lab_mx_UnsecuredDebt565Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">$300 million at 5.65% due December 1, 2044</link:label>
    <link:label id="lab_mx_UnsecuredDebt565Member_label_en-US" xlink:label="lab_mx_UnsecuredDebt565Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unsecured Debt, 5.65% [Member]</link:label>
    <link:label id="lab_mx_UnsecuredDebt565Member_documentation_en-US" xlink:label="lab_mx_UnsecuredDebt565Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unsecured Debt, 5.65%</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_UnsecuredDebt565Member" xlink:href="mx-20231231.xsd#mx_UnsecuredDebt565Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_UnsecuredDebt565Member" xlink:to="lab_mx_UnsecuredDebt565Member" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ExercisePriceRangeThreeMember_881c1984-dac4-48aa-9751-4f3123c93885_terseLabel_en-US" xlink:label="lab_mx_ExercisePriceRangeThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">$54.65 to $78.59</link:label>
    <link:label id="lab_mx_ExercisePriceRangeThreeMember_label_en-US" xlink:label="lab_mx_ExercisePriceRangeThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Exercise Price Range Three [Member]</link:label>
    <link:label id="lab_mx_ExercisePriceRangeThreeMember_documentation_en-US" xlink:label="lab_mx_ExercisePriceRangeThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Exercise Price Range Three [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ExercisePriceRangeThreeMember" xlink:href="mx-20231231.xsd#mx_ExercisePriceRangeThreeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ExercisePriceRangeThreeMember" xlink:to="lab_mx_ExercisePriceRangeThreeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DerivativeFinancialLiabilities_efd6d309-f0c0-4d8c-a2a8-c8f0ae43c321_verboseLabel_en-US" xlink:label="lab_ifrs-full_DerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Cash flow hedges (note 19)</link:label>
    <link:label id="lab_ifrs-full_DerivativeFinancialLiabilities_b5e3394f-6b0a-4696-87de-ba16dd200581_terseLabel_en-US" xlink:label="lab_ifrs-full_DerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flow hedges</link:label>
    <link:label id="lab_ifrs-full_DerivativeFinancialLiabilities_label_en-US" xlink:label="lab_ifrs-full_DerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative financial liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DerivativeFinancialLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DerivativeFinancialLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DerivativeFinancialLiabilities" xlink:to="lab_ifrs-full_DerivativeFinancialLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_OperatingLossCarryforwards1_a2e7a278-ce94-4964-b60e-5c2abc106a57_terseLabel_en-US" xlink:label="lab_mx_OperatingLossCarryforwards1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross amount</link:label>
    <link:label id="lab_mx_OperatingLossCarryforwards1_6106563b-ad24-4e3f-8fb5-14ec8b939e07_verboseLabel_en-US" xlink:label="lab_mx_OperatingLossCarryforwards1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Operating loss carryforwards</link:label>
    <link:label id="lab_mx_OperatingLossCarryforwards1_label_en-US" xlink:label="lab_mx_OperatingLossCarryforwards1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Loss Carryforwards1</link:label>
    <link:label id="lab_mx_OperatingLossCarryforwards1_documentation_en-US" xlink:label="lab_mx_OperatingLossCarryforwards1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Operating Loss Carryforwards1</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OperatingLossCarryforwards1" xlink:href="mx-20231231.xsd#mx_OperatingLossCarryforwards1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OperatingLossCarryforwards1" xlink:to="lab_mx_OperatingLossCarryforwards1" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ScenarioForecastMember_5e54aae7-091d-4c30-9d25-344ac2547f12_terseLabel_en-US" xlink:label="lab_srt_ScenarioForecastMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Forecast</link:label>
    <link:label id="lab_srt_ScenarioForecastMember_label_en-US" xlink:label="lab_srt_ScenarioForecastMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forecast [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ScenarioForecastMember" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_ScenarioForecastMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScenarioForecastMember" xlink:to="lab_srt_ScenarioForecastMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ValueAddedTaxReceivables_9666c463-486a-426a-8d2e-28ddfdab2c8b_terseLabel_en-US" xlink:label="lab_ifrs-full_ValueAddedTaxReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Chile VAT receivable</link:label>
    <link:label id="lab_ifrs-full_ValueAddedTaxReceivables_label_en-US" xlink:label="lab_ifrs-full_ValueAddedTaxReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Value added tax receivables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ValueAddedTaxReceivables" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ValueAddedTaxReceivables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ValueAddedTaxReceivables" xlink:to="lab_ifrs-full_ValueAddedTaxReceivables" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProceedsFromChangesInOwnershipInterestsInSubsidiaries_1c8e466e-0dc6-4e97-ba7c-05da38d90137_verboseLabel_en-US" xlink:label="lab_ifrs-full_ProceedsFromChangesInOwnershipInterestsInSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Sale of partial interests in subsidiary</link:label>
    <link:label id="lab_ifrs-full_ProceedsFromChangesInOwnershipInterestsInSubsidiaries_label_en-US" xlink:label="lab_ifrs-full_ProceedsFromChangesInOwnershipInterestsInSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from changes in ownership interests in subsidiaries that do not result in loss of control</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProceedsFromChangesInOwnershipInterestsInSubsidiaries" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProceedsFromChangesInOwnershipInterestsInSubsidiaries"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProceedsFromChangesInOwnershipInterestsInSubsidiaries" xlink:to="lab_ifrs-full_ProceedsFromChangesInOwnershipInterestsInSubsidiaries" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AdjustmentsForSharebasedPayments_1c2b656d-030f-47ac-a6b8-cf09798a1a04_terseLabel_en-US" xlink:label="lab_ifrs-full_AdjustmentsForSharebasedPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based compensation expense</link:label>
    <link:label id="lab_ifrs-full_AdjustmentsForSharebasedPayments_label_en-US" xlink:label="lab_ifrs-full_AdjustmentsForSharebasedPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for share-based payments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AdjustmentsForSharebasedPayments" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdjustmentsForSharebasedPayments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForSharebasedPayments" xlink:to="lab_ifrs-full_AdjustmentsForSharebasedPayments" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_LeaseObligationsIncludingCurrentPortionMember_b411db05-abc0-4791-ada9-c39f6984ac95_terseLabel_en-US" xlink:label="lab_mx_LeaseObligationsIncludingCurrentPortionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease obligations, including current portion</link:label>
    <link:label id="lab_mx_LeaseObligationsIncludingCurrentPortionMember_label_en-US" xlink:label="lab_mx_LeaseObligationsIncludingCurrentPortionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease Obligations, Including Current Portion [Member]</link:label>
    <link:label id="lab_mx_LeaseObligationsIncludingCurrentPortionMember_documentation_en-US" xlink:label="lab_mx_LeaseObligationsIncludingCurrentPortionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lease Obligations, Including Current Portion</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LeaseObligationsIncludingCurrentPortionMember" xlink:href="mx-20231231.xsd#mx_LeaseObligationsIncludingCurrentPortionMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_LeaseObligationsIncludingCurrentPortionMember" xlink:to="lab_mx_LeaseObligationsIncludingCurrentPortionMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GrossLeaseLiabilities_8d5a5481-693d-403b-9926-cd99626ff9c5_verboseLabel_en-US" xlink:label="lab_ifrs-full_GrossLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Lease obligations</link:label>
    <link:label id="lab_ifrs-full_GrossLeaseLiabilities_label_en-US" xlink:label="lab_ifrs-full_GrossLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gross lease liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GrossLeaseLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GrossLeaseLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GrossLeaseLiabilities" xlink:to="lab_ifrs-full_GrossLeaseLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfOtherProvisionsExplanatory_cbc1e9e9-96bd-4d2c-a203-e91302b61711_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOtherProvisionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provision for site restoration costs</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfOtherProvisionsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfOtherProvisionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of other provisions [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfOtherProvisionsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfOtherProvisionsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOtherProvisionsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfOtherProvisionsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfExpensesExplanatory_970ebf62-8406-4863-935b-65f8c35c1b75_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfExpensesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expenses</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfExpensesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfExpensesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of expenses [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfExpensesExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfExpensesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfExpensesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfExpensesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityPrimarySicNumber_878320be-e73e-4541-9e8b-437b46b5d7c1_terseLabel_en-US" xlink:label="lab_dei_EntityPrimarySicNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Primary SIC Number</link:label>
    <link:label id="lab_dei_EntityPrimarySicNumber_label_en-US" xlink:label="lab_dei_EntityPrimarySicNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Primary SIC Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityPrimarySicNumber" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityPrimarySicNumber" xlink:to="lab_dei_EntityPrimarySicNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfInterestRatesAxis_e39a752a-222f-4b8f-83a2-623b86cca34e_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfInterestRatesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of interest rates [axis]</link:label>
    <link:label id="lab_ifrs-full_TypesOfInterestRatesAxis_label_en-US" xlink:label="lab_ifrs-full_TypesOfInterestRatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of interest rates [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfInterestRatesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfInterestRatesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfInterestRatesAxis" xlink:to="lab_ifrs-full_TypesOfInterestRatesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_OtherLimitedRecourseDebtFacilitiesMember_bec901fc-5cd4-466a-af0a-eb42e71a9a45_terseLabel_en-US" xlink:label="lab_mx_OtherLimitedRecourseDebtFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other limited recourse debt facilities</link:label>
    <link:label id="lab_mx_OtherLimitedRecourseDebtFacilitiesMember_0511bd3d-cb00-49ab-8cb7-039420ca901e_verboseLabel_en-US" xlink:label="lab_mx_OtherLimitedRecourseDebtFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other limited recourse debt facilities</link:label>
    <link:label id="lab_mx_OtherLimitedRecourseDebtFacilitiesMember_label_en-US" xlink:label="lab_mx_OtherLimitedRecourseDebtFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Limited Recourse Debt Facilities [Member]</link:label>
    <link:label id="lab_mx_OtherLimitedRecourseDebtFacilitiesMember_documentation_en-US" xlink:label="lab_mx_OtherLimitedRecourseDebtFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Limited Recourse Debt Facilities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherLimitedRecourseDebtFacilitiesMember" xlink:href="mx-20231231.xsd#mx_OtherLimitedRecourseDebtFacilitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OtherLimitedRecourseDebtFacilitiesMember" xlink:to="lab_mx_OtherLimitedRecourseDebtFacilitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory_30ace79b-8e06-4afb-a1bf-96eb0dfd4d0e_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling interests</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of non-controlling interests [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_FairValueMeasurementInputsAndValuationTechniquesLineItems_dd89d772-0dda-4379-817f-44ff69349390_terseLabel_en-US" xlink:label="lab_mx_FairValueMeasurementInputsAndValuationTechniquesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Measurement Inputs and Valuation Techniques [Line Items]</link:label>
    <link:label id="lab_mx_FairValueMeasurementInputsAndValuationTechniquesLineItems_label_en-US" xlink:label="lab_mx_FairValueMeasurementInputsAndValuationTechniquesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurement Inputs and Valuation Techniques [Line Items]</link:label>
    <link:label id="lab_mx_FairValueMeasurementInputsAndValuationTechniquesLineItems_documentation_en-US" xlink:label="lab_mx_FairValueMeasurementInputsAndValuationTechniquesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair Value Measurement Inputs and Valuation Techniques</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_FairValueMeasurementInputsAndValuationTechniquesLineItems" xlink:to="lab_mx_FairValueMeasurementInputsAndValuationTechniquesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement2019_021a676c-41f9-400b-b2e8-1d8ce62bf601_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exercise price of outstanding units exercised (in usd per unit)</link:label>
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    <link:label id="lab_mx_ProportionOfMarketingRightsInterestInProduction_e6e061a7-8cf6-4b0c-b81b-c561f9fb9481_terseLabel_en-US" xlink:label="lab_mx_ProportionOfMarketingRightsInterestInProduction" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of marketing rights in production</link:label>
    <link:label id="lab_mx_ProportionOfMarketingRightsInterestInProduction_label_en-US" xlink:label="lab_mx_ProportionOfMarketingRightsInterestInProduction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proportion Of Marketing Rights Interest In Production</link:label>
    <link:label id="lab_mx_ProportionOfMarketingRightsInterestInProduction_documentation_en-US" xlink:label="lab_mx_ProportionOfMarketingRightsInterestInProduction" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proportion Of Marketing Rights Interest In Production</link:label>
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    <link:label id="lab_ifrs-full_ActuarialAssumptionsMember_f706e338-55c8-4925-af77-77e247eda756_terseLabel_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Actuarial assumptions [member]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ActuarialAssumptionsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ActuarialAssumptionsMember"/>
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    <link:label id="lab_srt_EuropeMember_86b2f91c-9803-45a5-9a03-36db002c654d_terseLabel_en-US" xlink:label="lab_srt_EuropeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Europe</link:label>
    <link:label id="lab_srt_EuropeMember_label_en-US" xlink:label="lab_srt_EuropeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Europe [Member]</link:label>
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    <link:label id="lab_mx_NorthAmericanNaturalGasForwardContractMember_94a262c9-532c-47cc-89ac-55690b899f30_terseLabel_en-US" xlink:label="lab_mx_NorthAmericanNaturalGasForwardContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">North american natural gas forward contract</link:label>
    <link:label id="lab_mx_NorthAmericanNaturalGasForwardContractMember_label_en-US" xlink:label="lab_mx_NorthAmericanNaturalGasForwardContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">North American Natural Gas Forward Contract [Member]</link:label>
    <link:label id="lab_mx_NorthAmericanNaturalGasForwardContractMember_documentation_en-US" xlink:label="lab_mx_NorthAmericanNaturalGasForwardContractMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">North American Natural Gas Forward Contract</link:label>
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    <link:label id="lab_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis_c862f924-da13-4019-9dca-0b57007a0a83_terseLabel_en-US" xlink:label="lab_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Individual assets or cash-generating units [axis]</link:label>
    <link:label id="lab_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis_label_en-US" xlink:label="lab_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Individual assets or cash-generating units [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis" xlink:to="lab_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_StockRepurchasedDuringPeriodValue1_d2e78138-bf4c-4979-887f-84a71be1aafb_negatedTerseLabel_en-US" xlink:label="lab_mx_StockRepurchasedDuringPeriodValue1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payments for repurchase of shares</link:label>
    <link:label id="lab_mx_StockRepurchasedDuringPeriodValue1_label_en-US" xlink:label="lab_mx_StockRepurchasedDuringPeriodValue1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Repurchased During Period, Value1</link:label>
    <link:label id="lab_mx_StockRepurchasedDuringPeriodValue1_documentation_en-US" xlink:label="lab_mx_StockRepurchasedDuringPeriodValue1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Stock Repurchased During Period, Value1</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_StockRepurchasedDuringPeriodValue1" xlink:href="mx-20231231.xsd#mx_StockRepurchasedDuringPeriodValue1"/>
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    <link:label id="lab_mx_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems_4ea4dd5e-b420-4fec-b7e5-9ec76aece162_terseLabel_en-US" xlink:label="lab_mx_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]</link:label>
    <link:label id="lab_mx_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems_label_en-US" xlink:label="lab_mx_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]</link:label>
    <link:label id="lab_mx_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems_documentation_en-US" xlink:label="lab_mx_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Line Items] for Disclosure Of Fair Value Measurement Of Assets And Liabilities [Table]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems" xlink:to="lab_mx_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract_4fe3edac-4cd9-4fcd-a78f-ddf1d03db09d_terseLabel_en-US" xlink:label="lab_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reconciliation of changes in property, plant and equipment [abstract]</link:label>
    <link:label id="lab_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract_label_en-US" xlink:label="lab_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reconciliation of changes in property, plant and equipment [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract"/>
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    <link:label id="lab_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_b43a6926-7a75-4408-9839-1204880e5779_verboseLabel_en-US" xlink:label="lab_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Expense from share-based payment transactions with employees</link:label>
    <link:label id="lab_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_label_en-US" xlink:label="lab_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expense from share-based payment transactions with employees</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees"/>
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    <link:label id="lab_ifrs-full_CurrentAssetsAbstract_6dcbdd49-abd5-4fc9-a10b-6849ae4d80d7_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current assets:</link:label>
    <link:label id="lab_ifrs-full_CurrentAssetsAbstract_label_en-US" xlink:label="lab_ifrs-full_CurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current assets [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentAssetsAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentAssetsAbstract"/>
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    <link:label id="lab_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_3878c0a1-ac6f-4694-b435-6bc6bba3f105_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitments and contingencies</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of commitments and contingent liabilities [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory"/>
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    <link:label id="lab_ifrs-full_CategoriesOfRelatedPartiesAxis_f8f76179-679d-4220-8287-3e396fdbb001_terseLabel_en-US" xlink:label="lab_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Categories of related parties [axis]</link:label>
    <link:label id="lab_ifrs-full_CategoriesOfRelatedPartiesAxis_label_en-US" xlink:label="lab_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of related parties [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="lab_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_FinanceLeaseLiabilityUndiscountedExcessAmount1_d440cb77-6a31-4225-849f-e5a7a64a3e8d_terseLabel_en-US" xlink:label="lab_mx_FinanceLeaseLiabilityUndiscountedExcessAmount1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest component</link:label>
    <link:label id="lab_mx_FinanceLeaseLiabilityUndiscountedExcessAmount1_label_en-US" xlink:label="lab_mx_FinanceLeaseLiabilityUndiscountedExcessAmount1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance Lease, Liability, Undiscounted Excess Amount1</link:label>
    <link:label id="lab_mx_FinanceLeaseLiabilityUndiscountedExcessAmount1_documentation_en-US" xlink:label="lab_mx_FinanceLeaseLiabilityUndiscountedExcessAmount1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Finance Lease, Liability, Undiscounted Excess Amount</link:label>
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    <link:label id="lab_ifrs-full_StatementOfChangesInEquityLineItems_365b3b70-7da9-4ab9-8307-cc24315d205d_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfChangesInEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [line items]</link:label>
    <link:label id="lab_ifrs-full_StatementOfChangesInEquityLineItems_label_en-US" xlink:label="lab_ifrs-full_StatementOfChangesInEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [line items]</link:label>
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    <link:label id="lab_ifrs-full_EntitysTotalForAssociatesMember_6a289f28-b715-4c4b-8a38-1284a0aec142_terseLabel_en-US" xlink:label="lab_ifrs-full_EntitysTotalForAssociatesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity's total for associates [member]</link:label>
    <link:label id="lab_ifrs-full_EntitysTotalForAssociatesMember_label_en-US" xlink:label="lab_ifrs-full_EntitysTotalForAssociatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity's total for associates [member]</link:label>
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    <link:label id="lab_ifrs-full_ClassesOfFinancialAssetsAxis_2c21ac86-225d-432b-8000-fd6347eb55d1_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of financial assets [axis]</link:label>
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    <link:label id="lab_ifrs-full_TaxEffectOfForeignTaxRates_56c7adb0-5b5d-49f3-b9e4-3e28673058ad_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_TaxEffectOfForeignTaxRates" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Impact of income and losses taxed in foreign jurisdictions</link:label>
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    <link:label id="lab_mx_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2_1ab1f112-caf3-4c4c-a8f9-7517fabfe28d_terseLabel_en-US" xlink:label="lab_mx_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average remaining vesting period</link:label>
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    <link:label id="lab_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_9c1e0d4c-4323-42ba-bace-e19c0aef526e_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES</link:label>
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    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement2019_94df0004-3e1d-4496-81b7-042598010fe7_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average exercise price of units exercisable (in usd per unit)</link:label>
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    <link:label id="lab_ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_45ffa6b3-2129-4ad5-a806-cd3ef9d3f39b_terseLabel_en-US" xlink:label="lab_ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expense relating to short-term leases for which recognition exemption has been used</link:label>
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    <link:label id="lab_dei_AuditorFirmId_cdd3326f-66b2-47fa-8ad8-6283f9c05cba_terseLabel_en-US" xlink:label="lab_dei_AuditorFirmId" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Auditor Firm ID</link:label>
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    <link:label id="lab_mx_LesseeFinanceLeaseLeaseNotYetCommencedNumberOfVesselsAdditions_46238006-2f8a-4247-b118-a2f865ec24d0_terseLabel_en-US" xlink:label="lab_mx_LesseeFinanceLeaseLeaseNotYetCommencedNumberOfVesselsAdditions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease not yet commenced, number of vessel, additions</link:label>
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    <link:label id="lab_ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows_314a0240-22b4-4665-a18f-c68342b14ed4_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade and other payables</link:label>
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    <link:label id="lab_mx_NumberOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangementInLieuOfDividends_f15992b4-a6d2-47d2-b263-67524b7f0c29_terseLabel_en-US" xlink:label="lab_mx_NumberOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangementInLieuOfDividends" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of outstanding units granted in lieu of dividends (in units)</link:label>
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    <link:label id="lab_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans_8c1af6fd-8e80-4bc9-b207-6e0f853296c1_totalLabel_en-US" xlink:label="lab_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total net defined benefit pension plan expense</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable_d25c769c-91cb-4464-8992-63e6ec28e1fa_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of financial instruments by type of interest rate [table]</link:label>
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    <link:label id="lab_mx_MethanolPlantInGeismarLouisianaMember_6b5cbc35-cc57-4ad0-a691-d77a4e442e10_terseLabel_en-US" xlink:label="lab_mx_MethanolPlantInGeismarLouisianaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanol plant in Geismar, Louisiana</link:label>
    <link:label id="lab_mx_MethanolPlantInGeismarLouisianaMember_label_en-US" xlink:label="lab_mx_MethanolPlantInGeismarLouisianaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Methanol Plant in Geismar, Louisiana [Member]</link:label>
    <link:label id="lab_mx_MethanolPlantInGeismarLouisianaMember_documentation_en-US" xlink:label="lab_mx_MethanolPlantInGeismarLouisianaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Methanol Plant in Geismar, Louisiana</link:label>
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    <link:label id="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_62e9faa3-e3d4-4072-82c0-8976ff76832f_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payments for repurchase of shares</link:label>
    <link:label id="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_label_en-US" xlink:label="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to acquire or redeem entity's shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PaymentsToAcquireOrRedeemEntitysShares"/>
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    <link:label id="lab_ifrs-full_AccountingProfit_8cfb2a55-2bf8-48c3-9281-efd4520fdd77_terseLabel_en-US" xlink:label="lab_ifrs-full_AccountingProfit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income (loss) before income taxes after deduction of earnings of associate</link:label>
    <link:label id="lab_ifrs-full_AccountingProfit_label_en-US" xlink:label="lab_ifrs-full_AccountingProfit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounting profit</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AccountingProfit" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AccountingProfit"/>
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    <link:label id="lab_ifrs-full_ClassesOfAssetsMember_c85e066e-f5cd-421c-ac74-c924b275aa43_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets [member]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfAssetsMember_label_en-US" xlink:label="lab_ifrs-full_ClassesOfAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfAssetsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfAssetsMember"/>
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    <link:label id="lab_mx_CashAndCashEquivalents1Member_782e9bd9-84af-4723-b8f7-cf450b6d556c_terseLabel_en-US" xlink:label="lab_mx_CashAndCashEquivalents1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:label id="lab_mx_CashAndCashEquivalents1Member_label_en-US" xlink:label="lab_mx_CashAndCashEquivalents1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash And Cash Equivalents1 [Member]</link:label>
    <link:label id="lab_mx_CashAndCashEquivalents1Member_documentation_en-US" xlink:label="lab_mx_CashAndCashEquivalents1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cash And Cash Equivalents1 [Member]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfOtherNoncurrentAssetsExplanatory_24c79e7e-449e-4eb8-84f1-6e8ac61ce297_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOtherNoncurrentAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other assets</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfOtherNoncurrentAssetsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfOtherNoncurrentAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of other non-current assets [text block]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOtherNoncurrentAssetsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfOtherNoncurrentAssetsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentLeaseLiabilities_2d4d4adb-cbfd-4911-903a-59b6ef19e19d_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current maturities on lease obligations (note 9)</link:label>
    <link:label id="lab_ifrs-full_CurrentLeaseLiabilities_772c5b9f-dcc1-4cd0-90db-deeaec7fa0a4_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_CurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Less: current portion</link:label>
    <link:label id="lab_ifrs-full_CurrentLeaseLiabilities_label_en-US" xlink:label="lab_ifrs-full_CurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current lease liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentLeaseLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentLeaseLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentLeaseLiabilities" xlink:to="lab_ifrs-full_CurrentLeaseLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions_c260bc0f-d60c-4b53-88b1-fb077a6cd758_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compensation expense recorded for stock options</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through share-based payment transactions, equity</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_ed678218-6561-4232-be9f-e99111071e6f_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems"/>
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    <link:label id="lab_ifrs-full_UnobservableInputsAxis_a626ec26-e764-4e7f-b63a-57217d780a55_terseLabel_en-US" xlink:label="lab_ifrs-full_UnobservableInputsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unobservable inputs [axis]</link:label>
    <link:label id="lab_ifrs-full_UnobservableInputsAxis_label_en-US" xlink:label="lab_ifrs-full_UnobservableInputsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unobservable inputs [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_UnobservableInputsAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_UnobservableInputsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_UnobservableInputsAxis" xlink:to="lab_ifrs-full_UnobservableInputsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InterestPaidClassifiedAsFinancingActivities_9e0298ed-01d3-42e0-a96c-81b27981661f_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Interest paid</link:label>
    <link:label id="lab_ifrs-full_InterestPaidClassifiedAsFinancingActivities_label_en-US" xlink:label="lab_ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest paid, classified as financing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InterestPaidClassifiedAsFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:to="lab_ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_562b840c-5760-4f11-ad48-8a86f6aea451_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based compensation</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for share-based payment transactions [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToAbstract_964c43c9-95fb-4e12-b9e6-30b80a21ed90_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Attributable to:</link:label>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToAbstract_label_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit (loss), attributable to [abstract]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProfitLossAttributableToAbstract" xlink:to="lab_ifrs-full_ProfitLossAttributableToAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember_5af7ff8b-ba3f-4b93-8132-ad0aa91a0307_terseLabel_en-US" xlink:label="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provision for site restoration costs</link:label>
    <link:label id="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember_label_en-US" xlink:label="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision for decommissioning, restoration and rehabilitation costs [member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" xlink:to="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_fb8a221e-f58d-42f2-8bcc-5916df6fa29d_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES</link:label>
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    <link:label id="lab_ifrs-full_NotLaterThanOneYearMember_4a0d62e1-bb7b-4657-a53e-89006c26fe0d_terseLabel_en-US" xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2024</link:label>
    <link:label id="lab_ifrs-full_NotLaterThanOneYearMember_12494d30-f38d-4032-a648-cf9c3758a995_verboseLabel_en-US" xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Within one year</link:label>
    <link:label id="lab_ifrs-full_NotLaterThanOneYearMember_48182fde-3ffb-4312-85a1-389f12463125_netLabel_en-US" xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">1&#160;year or&#160;less</link:label>
    <link:label id="lab_ifrs-full_NotLaterThanOneYearMember_label_en-US" xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Not later than one year [member]</link:label>
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    <link:label id="lab_mx_OtherMiscellaneousAssets_8a71973d-0983-4f78-9db8-cafd2674ca08_terseLabel_en-US" xlink:label="lab_mx_OtherMiscellaneousAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_mx_OtherMiscellaneousAssets_label_en-US" xlink:label="lab_mx_OtherMiscellaneousAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Miscellaneous Assets</link:label>
    <link:label id="lab_mx_OtherMiscellaneousAssets_documentation_en-US" xlink:label="lab_mx_OtherMiscellaneousAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Miscellaneous Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherMiscellaneousAssets" xlink:href="mx-20231231.xsd#mx_OtherMiscellaneousAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OtherMiscellaneousAssets" xlink:to="lab_mx_OtherMiscellaneousAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_b5e58b86-c3bd-4470-9a89-f3f342d28de9_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leases</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for leases [text block]</link:label>
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    <link:label id="lab_mx_RatioDebttoCapitalization_4338723a-2619-49aa-a59d-a1a40c21858a_terseLabel_en-US" xlink:label="lab_mx_RatioDebttoCapitalization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total debt to capitalization</link:label>
    <link:label id="lab_mx_RatioDebttoCapitalization_label_en-US" xlink:label="lab_mx_RatioDebttoCapitalization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ratio Debt to Capitalization</link:label>
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    <link:label id="lab_mx_OtherLiabilitiesNonCurrentMember_2c214f24-12d9-4d70-8c50-4f00220dd2d9_terseLabel_en-US" xlink:label="lab_mx_OtherLiabilitiesNonCurrentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other long-term liabilities</link:label>
    <link:label id="lab_mx_OtherLiabilitiesNonCurrentMember_label_en-US" xlink:label="lab_mx_OtherLiabilitiesNonCurrentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Liabilities, Non-current [Member]</link:label>
    <link:label id="lab_mx_OtherLiabilitiesNonCurrentMember_documentation_en-US" xlink:label="lab_mx_OtherLiabilitiesNonCurrentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Liabilities, Non-current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherLiabilitiesNonCurrentMember" xlink:href="mx-20231231.xsd#mx_OtherLiabilitiesNonCurrentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OtherLiabilitiesNonCurrentMember" xlink:to="lab_mx_OtherLiabilitiesNonCurrentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory_935f458b-65ea-4471-ae3b-890c0feb4d04_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reconciliation of liabilities arising from financing activities</link:label>
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    <link:label id="lab_ifrs-full_DebtSecurities_af6b6d5a-cf32-46e7-8cdd-25538a1d67d0_verboseLabel_en-US" xlink:label="lab_ifrs-full_DebtSecurities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Land mortgage</link:label>
    <link:label id="lab_ifrs-full_DebtSecurities_label_en-US" xlink:label="lab_ifrs-full_DebtSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt instruments issued</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DebtSecurities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DebtSecurities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DebtSecurities" xlink:to="lab_ifrs-full_DebtSecurities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_a42eedc1-9237-4202-b352-a27e06b76c42_terseLabel_en-US" xlink:label="lab_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Items that may be reclassified to income:</link:label>
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    <link:label id="lab_ifrs-full_CurrentAssets_840328a1-b631-4cd5-a35b-f21cfd48e408_totalLabel_en-US" xlink:label="lab_ifrs-full_CurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Current assets</link:label>
    <link:label id="lab_ifrs-full_CurrentAssets_ed2a521c-2985-4da0-899d-ea668fa3373a_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current assets</link:label>
    <link:label id="lab_ifrs-full_CurrentAssets_label_en-US" xlink:label="lab_ifrs-full_CurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentAssets" xlink:to="lab_ifrs-full_CurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentPortionOfLongtermBorrowings_bed022f2-529e-4f14-89b9-e821e254e807_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Less current maturities</link:label>
    <link:label id="lab_ifrs-full_CurrentPortionOfLongtermBorrowings_label_en-US" xlink:label="lab_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current portion of non-current borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentPortionOfLongtermBorrowings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:to="lab_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NetDefinedBenefitLiabilityAssetAxis_0e9c627b-61e1-4916-a32e-164717d94aef_terseLabel_en-US" xlink:label="lab_ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net defined benefit liability (asset) [axis]</link:label>
    <link:label id="lab_ifrs-full_NetDefinedBenefitLiabilityAssetAxis_label_en-US" xlink:label="lab_ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net defined benefit liability (asset) [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NetDefinedBenefitLiabilityAssetAxis"/>
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    <link:label id="lab_dei_EntityAddressesAddressTypeAxis_53a8b400-49fc-4c08-92d2-9bed2366e958_terseLabel_en-US" xlink:label="lab_dei_EntityAddressesAddressTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Addresses, Address Type [Axis]</link:label>
    <link:label id="lab_dei_EntityAddressesAddressTypeAxis_label_en-US" xlink:label="lab_dei_EntityAddressesAddressTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Addresses, Address Type [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressesAddressTypeAxis" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressesAddressTypeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressesAddressTypeAxis" xlink:to="lab_dei_EntityAddressesAddressTypeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ContingentLiabilitiesWithAssociatesMinimumMassRequired_94fc9cc7-28c6-43c9-a1ab-ef939ad71024_terseLabel_en-US" xlink:label="lab_mx_ContingentLiabilitiesWithAssociatesMinimumMassRequired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase commitments (in tonnes)</link:label>
    <link:label id="lab_mx_ContingentLiabilitiesWithAssociatesMinimumMassRequired_label_en-US" xlink:label="lab_mx_ContingentLiabilitiesWithAssociatesMinimumMassRequired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contingent Liabilities With Associates, Minimum Mass Required</link:label>
    <link:label id="lab_mx_ContingentLiabilitiesWithAssociatesMinimumMassRequired_documentation_en-US" xlink:label="lab_mx_ContingentLiabilitiesWithAssociatesMinimumMassRequired" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Contingent Liabilities With Associates, Minimum Mass Required</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ContingentLiabilitiesWithAssociatesMinimumMassRequired" xlink:href="mx-20231231.xsd#mx_ContingentLiabilitiesWithAssociatesMinimumMassRequired"/>
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    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_b9ca5dd1-13c3-4977-a4e7-f6743cccd5a7_terseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_label_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_EgyptianMethanexMethanolCompanyS.A.E.MethanexEgyptMember_83a9a1ea-43a4-4b69-84ca-772d82f3ebee_netLabel_en-US" xlink:label="lab_mx_EgyptianMethanexMethanolCompanyS.A.E.MethanexEgyptMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Egypt Plant</link:label>
    <link:label id="lab_mx_EgyptianMethanexMethanolCompanyS.A.E.MethanexEgyptMember_9c0f4aa5-3f6d-443e-9db9-b1bacb6ece77_terseLabel_en-US" xlink:label="lab_mx_EgyptianMethanexMethanolCompanyS.A.E.MethanexEgyptMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Egyptian Methanex Methanol Company S.A.E. ("Methanex Egypt")</link:label>
    <link:label id="lab_mx_EgyptianMethanexMethanolCompanyS.A.E.MethanexEgyptMember_95b19884-7526-44ed-9e84-631ba9592ae4_verboseLabel_en-US" xlink:label="lab_mx_EgyptianMethanexMethanolCompanyS.A.E.MethanexEgyptMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Methanex Egypt</link:label>
    <link:label id="lab_mx_EgyptianMethanexMethanolCompanyS.A.E.MethanexEgyptMember_label_en-US" xlink:label="lab_mx_EgyptianMethanexMethanolCompanyS.A.E.MethanexEgyptMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Egyptian Methanex Methanol Company S.A.E. (Methanex Egypt) [Member]</link:label>
    <link:label id="lab_mx_EgyptianMethanexMethanolCompanyS.A.E.MethanexEgyptMember_documentation_en-US" xlink:label="lab_mx_EgyptianMethanexMethanolCompanyS.A.E.MethanexEgyptMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Egyptian Methanex Methanol Company S.A.E. (Methanex Egypt) [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_EgyptianMethanexMethanolCompanyS.A.E.MethanexEgyptMember" xlink:href="mx-20231231.xsd#mx_EgyptianMethanexMethanolCompanyS.A.E.MethanexEgyptMember"/>
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    <link:label id="lab_ifrs-full_OtherProvisionsMember_50a05d9c-73a7-4435-a3f7-fd1d9825f36c_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other provisions [member]</link:label>
    <link:label id="lab_ifrs-full_OtherProvisionsMember_label_en-US" xlink:label="lab_ifrs-full_OtherProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other provisions [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherProvisionsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherProvisionsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherProvisionsMember" xlink:to="lab_ifrs-full_OtherProvisionsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities_d197c707-f130-4a6d-bcaa-e1f59071aba6_terseLabel_en-US" xlink:label="lab_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of minimum principal payments for long-term debt</link:label>
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    <link:label id="lab_ifrs-full_DiscountRateMeasurementInputMember_a974c72c-d2e7-427c-8298-be150d97c0ef_terseLabel_en-US" xlink:label="lab_ifrs-full_DiscountRateMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discount rate (after-tax)</link:label>
    <link:label id="lab_ifrs-full_DiscountRateMeasurementInputMember_label_en-US" xlink:label="lab_ifrs-full_DiscountRateMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Discount rate, measurement input [member]</link:label>
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    <link:label id="lab_dei_EntityAddressStateOrProvince_78947e8e-492c-4159-bae4-c87c9c41e885_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince"/>
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    <link:label id="lab_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax_79fefa87-a043-4869-a943-95f3d1509590_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Realized losses (gains) on foreign exchange hedges reclassified to revenue</link:label>
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    <link:label id="lab_mx_LiabilitiesCurrentMember_1b43d534-1200-4008-a8ee-182e3835e5b8_terseLabel_en-US" xlink:label="lab_mx_LiabilitiesCurrentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current liabilities</link:label>
    <link:label id="lab_mx_LiabilitiesCurrentMember_label_en-US" xlink:label="lab_mx_LiabilitiesCurrentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities, Current [Member]</link:label>
    <link:label id="lab_mx_LiabilitiesCurrentMember_documentation_en-US" xlink:label="lab_mx_LiabilitiesCurrentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Liabilities, Current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LiabilitiesCurrentMember" xlink:href="mx-20231231.xsd#mx_LiabilitiesCurrentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_LiabilitiesCurrentMember" xlink:to="lab_mx_LiabilitiesCurrentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareShareBasedCompensationArrangementsAbstract_efce9a7a-db4e-4e0a-9f41-ba0aeacf5a90_terseLabel_en-US" xlink:label="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareShareBasedCompensationArrangementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment for the effect of TSARs:</link:label>
    <link:label id="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareShareBasedCompensationArrangementsAbstract_label_en-US" xlink:label="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareShareBasedCompensationArrangementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dilutive Securities, Effect on Basic Earnings Per Share, Share-Based Compensation Arrangements [Abstract]</link:label>
    <link:label id="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareShareBasedCompensationArrangementsAbstract_documentation_en-US" xlink:label="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareShareBasedCompensationArrangementsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Dilutive Securities, Effect on Basic Earnings Per Share, Share-Based Compensation Arrangements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareShareBasedCompensationArrangementsAbstract" xlink:href="mx-20231231.xsd#mx_DilutiveSecuritiesEffectonBasicEarningsPerShareShareBasedCompensationArrangementsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareShareBasedCompensationArrangementsAbstract" xlink:to="lab_mx_DilutiveSecuritiesEffectonBasicEarningsPerShareShareBasedCompensationArrangementsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BorrowingsInterestRate_55e7794a-accd-469a-a794-8cd73ce3ac5e_terseLabel_en-US" xlink:label="lab_ifrs-full_BorrowingsInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate</link:label>
    <link:label id="lab_ifrs-full_BorrowingsInterestRate_label_en-US" xlink:label="lab_ifrs-full_BorrowingsInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings, interest rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BorrowingsInterestRate" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BorrowingsInterestRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingsInterestRate" xlink:to="lab_ifrs-full_BorrowingsInterestRate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfHedgesMember_f3abe01b-1d54-41de-a866-53a51aafd92f_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfHedgesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hedges [member]</link:label>
    <link:label id="lab_ifrs-full_TypesOfHedgesMember_label_en-US" xlink:label="lab_ifrs-full_TypesOfHedgesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedges [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfHedgesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfHedgesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfHedgesMember" xlink:to="lab_ifrs-full_TypesOfHedgesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CategoriesOfFinancialAssetsAxis_64462fa7-f028-456c-8ae4-a6d2064731ff_terseLabel_en-US" xlink:label="lab_ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Categories of financial assets [axis]</link:label>
    <link:label id="lab_ifrs-full_CategoriesOfFinancialAssetsAxis_label_en-US" xlink:label="lab_ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of financial assets [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CategoriesOfFinancialAssetsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:to="lab_ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_AuditInformationAbstract_label_en-US" xlink:label="lab_mx_AuditInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Audit Information [Abstract]</link:label>
    <link:label id="lab_mx_AuditInformationAbstract_documentation_en-US" xlink:label="lab_mx_AuditInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Audit Information [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_AuditInformationAbstract" xlink:href="mx-20231231.xsd#mx_AuditInformationAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_AuditInformationAbstract" xlink:to="lab_mx_AuditInformationAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_HedgingInstrumentEnergy_c6179f2b-ead7-46a2-b58f-dfe5e392691d_terseLabel_en-US" xlink:label="lab_mx_HedgingInstrumentEnergy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hedging instrument, energy (in mmbtu)</link:label>
    <link:label id="lab_mx_HedgingInstrumentEnergy_label_en-US" xlink:label="lab_mx_HedgingInstrumentEnergy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging Instrument, Energy</link:label>
    <link:label id="lab_mx_HedgingInstrumentEnergy_documentation_en-US" xlink:label="lab_mx_HedgingInstrumentEnergy" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hedging Instrument, Energy</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_HedgingInstrumentEnergy" xlink:href="mx-20231231.xsd#mx_HedgingInstrumentEnergy"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_HedgingInstrumentEnergy" xlink:to="lab_mx_HedgingInstrumentEnergy" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember_0fab2cd2-132d-457f-9861-f8af2ba82578_terseLabel_en-US" xlink:label="lab_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liabilities arising from financing activities [member]</link:label>
    <link:label id="lab_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember_label_en-US" xlink:label="lab_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities arising from financing activities [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:to="lab_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FixedpriceContractsMember_9ae21e68-9f19-46cc-8c7e-34f5d5999fbc_terseLabel_en-US" xlink:label="lab_ifrs-full_FixedpriceContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed-price contracts</link:label>
    <link:label id="lab_ifrs-full_FixedpriceContractsMember_label_en-US" xlink:label="lab_ifrs-full_FixedpriceContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed-price contracts [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FixedpriceContractsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FixedpriceContractsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FixedpriceContractsMember" xlink:to="lab_ifrs-full_FixedpriceContractsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfInterestsInAssociatesExplanatory_df01df19-e1e4-4ed9-8f97-acd732ee1060_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInterestsInAssociatesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summarized financial information in associate</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfInterestsInAssociatesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfInterestsInAssociatesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of interests in associates [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfInterestsInAssociatesExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfInterestsInAssociatesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInterestsInAssociatesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfInterestsInAssociatesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract_7e1e92dc-cef7-4f27-9105-da26499c9bf5_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current tax (expense) recovery:</link:label>
    <link:label id="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract_label_en-US" xlink:label="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current tax expense (income) and adjustments for current tax of prior periods [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:to="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialLiabilitiesTable_73f23e5f-0704-4c92-affc-2ee49d5df4a9_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of financial liabilities [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialLiabilitiesTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial liabilities [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFinancialLiabilitiesTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialLiabilitiesTable" xlink:to="lab_ifrs-full_DisclosureOfFinancialLiabilitiesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities_5f393aab-0647-4622-89e7-4c1d54655b6f_terseLabel_en-US" xlink:label="lab_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value, level 2 maturity profile</link:label>
    <link:label id="lab_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities_label_en-US" xlink:label="lab_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of maturity analysis for derivative financial liabilities [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:to="lab_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_8aadecec-a477-4023-98fa-09b93c1fc80f_terseLabel_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanex Corporation shareholders</link:label>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_label_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive income, attributable to owners of parent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AssetsAndLiabilitiesMember_c7eced6b-5dd6-4b3c-95c2-aba05afa603a_terseLabel_en-US" xlink:label="lab_ifrs-full_AssetsAndLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets and liabilities [member]</link:label>
    <link:label id="lab_ifrs-full_AssetsAndLiabilitiesMember_label_en-US" xlink:label="lab_ifrs-full_AssetsAndLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets and liabilities [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AssetsAndLiabilitiesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AssetsAndLiabilitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AssetsAndLiabilitiesMember" xlink:to="lab_ifrs-full_AssetsAndLiabilitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfBorrowingsExplanatory_1c9e44f2-7921-4a36-a477-ca9cd8433b39_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term debt</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfBorrowingsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of borrowings [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfBorrowingsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ExercisePriceRangeOneMember_9e980e1d-2fbc-4ca9-83a2-dda895e9d13b_verboseLabel_en-US" xlink:label="lab_mx_ExercisePriceRangeOneMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">$29.27 to $38.79</link:label>
    <link:label id="lab_mx_ExercisePriceRangeOneMember_label_en-US" xlink:label="lab_mx_ExercisePriceRangeOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Exercise Price Range One [Member]</link:label>
    <link:label id="lab_mx_ExercisePriceRangeOneMember_documentation_en-US" xlink:label="lab_mx_ExercisePriceRangeOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Exercise Price Range One [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ExercisePriceRangeOneMember" xlink:href="mx-20231231.xsd#mx_ExercisePriceRangeOneMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ExercisePriceRangeOneMember" xlink:to="lab_mx_ExercisePriceRangeOneMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_HedgingInstrumentAssets_acda5f54-c587-4080-83ff-1b580412e141_terseLabel_en-US" xlink:label="lab_ifrs-full_HedgingInstrumentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flow hedges (note 19)</link:label>
    <link:label id="lab_ifrs-full_HedgingInstrumentAssets_label_en-US" xlink:label="lab_ifrs-full_HedgingInstrumentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging instrument, assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_HedgingInstrumentAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_HedgingInstrumentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_HedgingInstrumentAssets" xlink:to="lab_ifrs-full_HedgingInstrumentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_09ecbff4-be61-4acb-9c03-c521d9a3c7e7_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for property, plant and equipment [text block]</link:label>
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    <link:label id="lab_ifrs-full_DeferredTaxLiabilities_label_en-US" xlink:label="lab_ifrs-full_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</link:label>
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    <link:label id="lab_mx_TemporaryDifferencesIncludingTemporaryDifferencesWithAssetBalancesMember_544914dc-3d1b-43c1-b6d6-cad81f94da7a_terseLabel_en-US" xlink:label="lab_mx_TemporaryDifferencesIncludingTemporaryDifferencesWithAssetBalancesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Temporary differences including temporary differences with asset balances</link:label>
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    <link:label id="lab_mx_TemporaryDifferencesIncludingTemporaryDifferencesWithAssetBalancesMember_documentation_en-US" xlink:label="lab_mx_TemporaryDifferencesIncludingTemporaryDifferencesWithAssetBalancesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Temporary Differences Including Temporary Differences With Asset Balances [Member]</link:label>
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    <link:label id="lab_mx_MethanexNewZealandLimitedMember_58d4e046-76a4-44ed-88b4-ff22d83b5716_terseLabel_en-US" xlink:label="lab_mx_MethanexNewZealandLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanex New Zealand Limited</link:label>
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    <link:label id="lab_mx_MethanexNewZealandLimitedMember_documentation_en-US" xlink:label="lab_mx_MethanexNewZealandLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Methanex New Zealand Limited [Member]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable_61ce2792-3394-4ca3-b6c8-7e434d97a0ac_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of liabilities arising from financing activities [table]</link:label>
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    <link:label id="lab_mx_RiskFreeInterestRateOtherEquityInstrumentsGranted_ed3fb806-3dd5-41cf-b716-e882d13d204b_terseLabel_en-US" xlink:label="lab_mx_RiskFreeInterestRateOtherEquityInstrumentsGranted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risk-free interest rate</link:label>
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    <link:label id="lab_mx_RiskFreeInterestRateOtherEquityInstrumentsGranted_documentation_en-US" xlink:label="lab_mx_RiskFreeInterestRateOtherEquityInstrumentsGranted" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Risk Free Interest Rate, Other Equity Instruments Granted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_RiskFreeInterestRateOtherEquityInstrumentsGranted" xlink:href="mx-20231231.xsd#mx_RiskFreeInterestRateOtherEquityInstrumentsGranted"/>
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    <link:label id="lab_mx_DeferredTaxAssetsDeferredTaxExpenseIncomeRecognizedInProfitOrLoss_4badd93d-919d-4cc0-abc2-efae3268fb9f_negatedTerseLabel_en-US" xlink:label="lab_mx_DeferredTaxAssetsDeferredTaxExpenseIncomeRecognizedInProfitOrLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Deferred income tax recovery (expense) included in net income</link:label>
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    <link:label id="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis_f8133698-52e8-42d9-abc3-92d6af6c66f7_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of share-based payment arrangements [axis]</link:label>
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    <link:label id="lab_ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset_92c5f080-c35a-4549-b390-8a73f24f6819_terseLabel_en-US" xlink:label="lab_ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contributions</link:label>
    <link:label id="lab_ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset_label_en-US" xlink:label="lab_ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease (increase) in net defined benefit liability (asset) resulting from contributions to plan</link:label>
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    <link:label id="lab_ifrs-full_PlanAssetsMember_a9f82fd2-0259-4e2d-97c5-8903521d64ee_terseLabel_en-US" xlink:label="lab_ifrs-full_PlanAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair values of plan assets</link:label>
    <link:label id="lab_ifrs-full_PlanAssetsMember_label_en-US" xlink:label="lab_ifrs-full_PlanAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Plan assets [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PlanAssetsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PlanAssetsMember"/>
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    <link:label id="lab_ifrs-full_BottomOfRangeMember_94200bd8-ca50-4cfc-9b1c-674a185f2dda_terseLabel_en-US" xlink:label="lab_ifrs-full_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bottom of range</link:label>
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    <link:label id="lab_ifrs-full_BottomOfRangeMember_label_en-US" xlink:label="lab_ifrs-full_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bottom of range [member]</link:label>
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    <link:label id="lab_mx_GasPriceMeasurementInputMember_f8ae59e9-7e23-4c8f-a5ab-6492904216ce_terseLabel_en-US" xlink:label="lab_mx_GasPriceMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gas price</link:label>
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    <link:label id="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_617eaf5d-5c4f-4710-9ef0-493800e9fda2_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Repayment of lease obligations</link:label>
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    <link:label id="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_label_en-US" xlink:label="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments of lease liabilities, classified as financing activities</link:label>
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    <link:label id="lab_mx_MitsuiOSKLinesLtdMember_b109144f-ca3b-4057-96c1-df54a783d9ae_terseLabel_en-US" xlink:label="lab_mx_MitsuiOSKLinesLtdMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mitsui O.S.K. Lines, Ltd. (MOL)</link:label>
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    <link:label id="lab_ifrs-full_OrdinarySharesMember_c0c8059b-2009-4074-bd75-2078671b8ee2_terseLabel_en-US" xlink:label="lab_ifrs-full_OrdinarySharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common shares</link:label>
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    <link:label id="lab_dei_CurrentFiscalYearEndDate_859fa4ef-33e3-4f91-aa97-e596c9ec13db_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
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    <link:label id="lab_mx_WeightedAverageRemainingContractualLifeOfOutstandingOtherEquityInstruments_528a254d-9e87-458f-872b-ea56839602d3_terseLabel_en-US" xlink:label="lab_mx_WeightedAverageRemainingContractualLifeOfOutstandingOtherEquityInstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average remaining contractual life&#160;(years)</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_WeightedAverageRemainingContractualLifeOfOutstandingOtherEquityInstruments" xlink:to="lab_mx_WeightedAverageRemainingContractualLifeOfOutstandingOtherEquityInstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AddressTypeDomain_b6d3801f-f5e2-443d-b27b-8db2468837ad_terseLabel_en-US" xlink:label="lab_dei_AddressTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Address Type [Domain]</link:label>
    <link:label id="lab_dei_AddressTypeDomain_label_en-US" xlink:label="lab_dei_AddressTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Address Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AddressTypeDomain" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AddressTypeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AddressTypeDomain" xlink:to="lab_dei_AddressTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RetainedEarningsMember_e2aa942e-d0dc-465a-b7b0-02cd305bd656_terseLabel_en-US" xlink:label="lab_ifrs-full_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retained earnings</link:label>
    <link:label id="lab_ifrs-full_RetainedEarningsMember_label_en-US" xlink:label="lab_ifrs-full_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retained earnings [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RetainedEarningsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RetainedEarningsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RetainedEarningsMember" xlink:to="lab_ifrs-full_RetainedEarningsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AdjustmentsForReconcileProfitLossAbstract_42e3b0d9-92cc-4c53-9c51-2f54f1c7e92f_terseLabel_en-US" xlink:label="lab_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in non-cash working capital:</link:label>
    <link:label id="lab_ifrs-full_AdjustmentsForReconcileProfitLossAbstract_label_en-US" xlink:label="lab_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments to reconcile profit (loss) [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="lab_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProductsAndServicesAxis_b8a64eb4-6535-4baf-8580-c179de896d32_terseLabel_en-US" xlink:label="lab_ifrs-full_ProductsAndServicesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Products and services [axis]</link:label>
    <link:label id="lab_ifrs-full_ProductsAndServicesAxis_label_en-US" xlink:label="lab_ifrs-full_ProductsAndServicesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Products and services [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProductsAndServicesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProductsAndServicesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProductsAndServicesAxis" xlink:to="lab_ifrs-full_ProductsAndServicesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_89fe9238-c61e-4b49-9fe8-1742e9781b01_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of property, plant and equipment [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of property, plant and equipment [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_LandMortgageMember_4ef739f8-5c7f-4b7a-8bc6-06a2aa76536c_terseLabel_en-US" xlink:label="lab_mx_LandMortgageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Land mortgage</link:label>
    <link:label id="lab_mx_LandMortgageMember_label_en-US" xlink:label="lab_mx_LandMortgageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Land Mortgage [Member]</link:label>
    <link:label id="lab_mx_LandMortgageMember_documentation_en-US" xlink:label="lab_mx_LandMortgageMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Land Mortgage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LandMortgageMember" xlink:href="mx-20231231.xsd#mx_LandMortgageMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_LandMortgageMember" xlink:to="lab_mx_LandMortgageMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_TypeofLeasedPropertyDomain_886a47ff-a30a-43fc-82b5-d6f8f7f46827_terseLabel_en-US" xlink:label="lab_mx_TypeofLeasedPropertyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Type of Leased Property [Domain]</link:label>
    <link:label id="lab_mx_TypeofLeasedPropertyDomain_label_en-US" xlink:label="lab_mx_TypeofLeasedPropertyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Type of Leased Property [Domain]</link:label>
    <link:label id="lab_mx_TypeofLeasedPropertyDomain_documentation_en-US" xlink:label="lab_mx_TypeofLeasedPropertyDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Type of Leased Property [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_TypeofLeasedPropertyDomain" xlink:href="mx-20231231.xsd#mx_TypeofLeasedPropertyDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_TypeofLeasedPropertyDomain" xlink:to="lab_mx_TypeofLeasedPropertyDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LiabilitiesFromSharebasedPaymentTransactions2011_9eb926e5-74ca-483b-b2fc-c28ff8461237_terseLabel_en-US" xlink:label="lab_ifrs-full_LiabilitiesFromSharebasedPaymentTransactions2011" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based compensation liability (note 14)</link:label>
    <link:label id="lab_ifrs-full_LiabilitiesFromSharebasedPaymentTransactions2011_29562056-0e7b-4bd8-92cc-5ef65f6eacdc_verboseLabel_en-US" xlink:label="lab_ifrs-full_LiabilitiesFromSharebasedPaymentTransactions2011" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Liabilities from share-based payment transactions</link:label>
    <link:label id="lab_ifrs-full_LiabilitiesFromSharebasedPaymentTransactions2011_label_en-US" xlink:label="lab_ifrs-full_LiabilitiesFromSharebasedPaymentTransactions2011" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities from share-based payment transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LiabilitiesFromSharebasedPaymentTransactions2011" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LiabilitiesFromSharebasedPaymentTransactions2011"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesFromSharebasedPaymentTransactions2011" xlink:to="lab_ifrs-full_LiabilitiesFromSharebasedPaymentTransactions2011" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DisclosureOfDefinedBenefitPlanExpenseRecognizedInProfitOrLossExplanatoryTableTextBlock_4ecf2e6e-b08b-425d-beea-345aeea3d56c_terseLabel_en-US" xlink:label="lab_mx_DisclosureOfDefinedBenefitPlanExpenseRecognizedInProfitOrLossExplanatoryTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expense recognized in the income statement</link:label>
    <link:label id="lab_mx_DisclosureOfDefinedBenefitPlanExpenseRecognizedInProfitOrLossExplanatoryTableTextBlock_label_en-US" xlink:label="lab_mx_DisclosureOfDefinedBenefitPlanExpenseRecognizedInProfitOrLossExplanatoryTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Defined Benefit Plan Expense Recognized In Profit Or Loss Explanatory [Table Text Block]</link:label>
    <link:label id="lab_mx_DisclosureOfDefinedBenefitPlanExpenseRecognizedInProfitOrLossExplanatoryTableTextBlock_documentation_en-US" xlink:label="lab_mx_DisclosureOfDefinedBenefitPlanExpenseRecognizedInProfitOrLossExplanatoryTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Defined Benefit Plan Expense Recognized In Profit Or Loss Explanatory [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DisclosureOfDefinedBenefitPlanExpenseRecognizedInProfitOrLossExplanatoryTableTextBlock" xlink:href="mx-20231231.xsd#mx_DisclosureOfDefinedBenefitPlanExpenseRecognizedInProfitOrLossExplanatoryTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DisclosureOfDefinedBenefitPlanExpenseRecognizedInProfitOrLossExplanatoryTableTextBlock" xlink:to="lab_mx_DisclosureOfDefinedBenefitPlanExpenseRecognizedInProfitOrLossExplanatoryTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DisclosureofPotentialLeaseOptionsTableTextBlock_008948b2-cb1d-4fc5-a079-f51a4d96007e_terseLabel_en-US" xlink:label="lab_mx_DisclosureofPotentialLeaseOptionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of potential lease options</link:label>
    <link:label id="lab_mx_DisclosureofPotentialLeaseOptionsTableTextBlock_label_en-US" xlink:label="lab_mx_DisclosureofPotentialLeaseOptionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of Potential Lease Options [Table Text Block]</link:label>
    <link:label id="lab_mx_DisclosureofPotentialLeaseOptionsTableTextBlock_documentation_en-US" xlink:label="lab_mx_DisclosureofPotentialLeaseOptionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of Potential Lease Options [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DisclosureofPotentialLeaseOptionsTableTextBlock" xlink:href="mx-20231231.xsd#mx_DisclosureofPotentialLeaseOptionsTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DisclosureofPotentialLeaseOptionsTableTextBlock" xlink:to="lab_mx_DisclosureofPotentialLeaseOptionsTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ExpensesByFunction_c8d62568-5335-42ff-be6d-efade749a57d_totalLabel_en-US" xlink:label="lab_mx_ExpensesByFunction" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total expenses by function</link:label>
    <link:label id="lab_mx_ExpensesByFunction_label_en-US" xlink:label="lab_mx_ExpensesByFunction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses, By Function</link:label>
    <link:label id="lab_mx_ExpensesByFunction_documentation_en-US" xlink:label="lab_mx_ExpensesByFunction" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expenses, By Function</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ExpensesByFunction" xlink:href="mx-20231231.xsd#mx_ExpensesByFunction"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ExpensesByFunction" xlink:to="lab_mx_ExpensesByFunction" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ScheduleOfFinanceCostsTableTextBlock_1fd0333a-9a82-48d3-aecb-a40893b5c240_terseLabel_en-US" xlink:label="lab_mx_ScheduleOfFinanceCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of finance costs</link:label>
    <link:label id="lab_mx_ScheduleOfFinanceCostsTableTextBlock_label_en-US" xlink:label="lab_mx_ScheduleOfFinanceCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Finance Costs [Table Text Block]</link:label>
    <link:label id="lab_mx_ScheduleOfFinanceCostsTableTextBlock_documentation_en-US" xlink:label="lab_mx_ScheduleOfFinanceCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Schedule of Finance Costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ScheduleOfFinanceCostsTableTextBlock" xlink:href="mx-20231231.xsd#mx_ScheduleOfFinanceCostsTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ScheduleOfFinanceCostsTableTextBlock" xlink:to="lab_mx_ScheduleOfFinanceCostsTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_FinancialLiabilitiesContractualCashFlowsAbstract_9c3f9b40-5c0f-43d7-8801-a8baa2cf81ff_terseLabel_en-US" xlink:label="lab_mx_FinancialLiabilitiesContractualCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual cash flows</link:label>
    <link:label id="lab_mx_FinancialLiabilitiesContractualCashFlowsAbstract_label_en-US" xlink:label="lab_mx_FinancialLiabilitiesContractualCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Liabilities, Contractual Cash Flows [Abstract]</link:label>
    <link:label id="lab_mx_FinancialLiabilitiesContractualCashFlowsAbstract_documentation_en-US" xlink:label="lab_mx_FinancialLiabilitiesContractualCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial Liabilities, Contractual Cash Flows [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_FinancialLiabilitiesContractualCashFlowsAbstract" xlink:href="mx-20231231.xsd#mx_FinancialLiabilitiesContractualCashFlowsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_FinancialLiabilitiesContractualCashFlowsAbstract" xlink:to="lab_mx_FinancialLiabilitiesContractualCashFlowsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_UndrawnBorrowingFacilities_233f67c4-1c84-47d0-951b-0fae65773528_terseLabel_en-US" xlink:label="lab_ifrs-full_UndrawnBorrowingFacilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Undrawn borrowing facilities</link:label>
    <link:label id="lab_ifrs-full_UndrawnBorrowingFacilities_0cc64dac-ece4-47db-bba6-515397d35576_verboseLabel_en-US" xlink:label="lab_ifrs-full_UndrawnBorrowingFacilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Undrawn credit facility</link:label>
    <link:label id="lab_ifrs-full_UndrawnBorrowingFacilities_label_en-US" xlink:label="lab_ifrs-full_UndrawnBorrowingFacilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Undrawn borrowing facilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_UndrawnBorrowingFacilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_UndrawnBorrowingFacilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_UndrawnBorrowingFacilities" xlink:to="lab_ifrs-full_UndrawnBorrowingFacilities" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_RetirementPlanFundingStatus1Axis_e18d31b5-4d63-434e-a8f1-76bca200e9b1_terseLabel_en-US" xlink:label="lab_mx_RetirementPlanFundingStatus1Axis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retirement Plan Funding Status1 [Axis]</link:label>
    <link:label id="lab_mx_RetirementPlanFundingStatus1Axis_label_en-US" xlink:label="lab_mx_RetirementPlanFundingStatus1Axis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retirement Plan Funding Status1 [Axis]</link:label>
    <link:label id="lab_mx_RetirementPlanFundingStatus1Axis_documentation_en-US" xlink:label="lab_mx_RetirementPlanFundingStatus1Axis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Retirement Plan Funding Status1 [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_RetirementPlanFundingStatus1Axis" xlink:href="mx-20231231.xsd#mx_RetirementPlanFundingStatus1Axis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_RetirementPlanFundingStatus1Axis" xlink:to="lab_mx_RetirementPlanFundingStatus1Axis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory_7b09a51c-9269-4f56-bad8-1d53f4d96d1d_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital disclosures</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of objectives, policies and processes for managing capital [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory" xlink:to="lab_ifrs-full_DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory_4ca58175-092b-41b7-9012-204c6b5f0cf8_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment in associate</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of associates [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AccumulatedOtherComprehensiveIncomeMember_872b0b81-8d22-4df5-b932-9af68c188862_terseLabel_en-US" xlink:label="lab_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated &#8232;other &#8232;comprehensive income (loss)</link:label>
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    <link:label id="lab_mx_MethanexMethanolCompanyLLCMember_79e9c77b-f899-4de9-af2c-2193759f43e8_terseLabel_en-US" xlink:label="lab_mx_MethanexMethanolCompanyLLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanex Methanol Company, LLC</link:label>
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    <link:label id="lab_mx_InterestInOtherEntitiesAbstract_382d0c5a-a23f-4fb1-ae3f-f569d3b6be44_terseLabel_en-US" xlink:label="lab_mx_InterestInOtherEntitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest In Other Entities [Abstract]</link:label>
    <link:label id="lab_mx_InterestInOtherEntitiesAbstract_label_en-US" xlink:label="lab_mx_InterestInOtherEntitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest In Other Entities [Abstract]</link:label>
    <link:label id="lab_mx_InterestInOtherEntitiesAbstract_documentation_en-US" xlink:label="lab_mx_InterestInOtherEntitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest In Other Entities [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_InterestInOtherEntitiesAbstract" xlink:href="mx-20231231.xsd#mx_InterestInOtherEntitiesAbstract"/>
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    <link:label id="lab_mx_DisclosureOfLeasesAbstract_5749141b-d672-4f2e-9560-8303ffbdea83_terseLabel_en-US" xlink:label="lab_mx_DisclosureOfLeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of leases [Abstract]</link:label>
    <link:label id="lab_mx_DisclosureOfLeasesAbstract_label_en-US" xlink:label="lab_mx_DisclosureOfLeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of Leases [Abstract]</link:label>
    <link:label id="lab_mx_DisclosureOfLeasesAbstract_documentation_en-US" xlink:label="lab_mx_DisclosureOfLeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of Leases [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DisclosureOfLeasesAbstract" xlink:href="mx-20231231.xsd#mx_DisclosureOfLeasesAbstract"/>
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    <link:label id="lab_mx_LeaseObligationsMember_54e83763-31ce-4f0d-aa0e-2f446fb1830d_terseLabel_en-US" xlink:label="lab_mx_LeaseObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease obligations</link:label>
    <link:label id="lab_mx_LeaseObligationsMember_label_en-US" xlink:label="lab_mx_LeaseObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease Obligations [Member]</link:label>
    <link:label id="lab_mx_LeaseObligationsMember_documentation_en-US" xlink:label="lab_mx_LeaseObligationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lease Obligations [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LeaseObligationsMember" xlink:href="mx-20231231.xsd#mx_LeaseObligationsMember"/>
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    <link:label id="lab_mx_MethanexGeismarIIILLCMember_de2a7c15-b8fb-4333-8c2f-92f4ae4e9cbb_terseLabel_en-US" xlink:label="lab_mx_MethanexGeismarIIILLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanex Geismar III LLC</link:label>
    <link:label id="lab_mx_MethanexGeismarIIILLCMember_label_en-US" xlink:label="lab_mx_MethanexGeismarIIILLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Methanex Geismar III LLC [Member]</link:label>
    <link:label id="lab_mx_MethanexGeismarIIILLCMember_documentation_en-US" xlink:label="lab_mx_MethanexGeismarIIILLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Methanex Geismar III LLC</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_MethanexGeismarIIILLCMember" xlink:href="mx-20231231.xsd#mx_MethanexGeismarIIILLCMember"/>
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    <link:label id="lab_mx_HedgingInstrumentDailyEnergy_040d7b19-7bc1-427a-8f74-9fdbc814aa86_terseLabel_en-US" xlink:label="lab_mx_HedgingInstrumentDailyEnergy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hedging instrument, daily energy annualized (in mmbtu)</link:label>
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    <link:label id="lab_mx_HedgingInstrumentDailyEnergy_documentation_en-US" xlink:label="lab_mx_HedgingInstrumentDailyEnergy" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hedging Instrument, Daily, Energy</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_HedgingInstrumentDailyEnergy" xlink:href="mx-20231231.xsd#mx_HedgingInstrumentDailyEnergy"/>
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    <link:label id="lab_ifrs-full_EarningsPerShareAbstract_fbfa3fb7-f429-4237-a338-6d8001dac4c6_terseLabel_en-US" xlink:label="lab_ifrs-full_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Earnings per share [abstract]</link:label>
    <link:label id="lab_ifrs-full_EarningsPerShareAbstract_label_en-US" xlink:label="lab_ifrs-full_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings per share [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EarningsPerShareAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EarningsPerShareAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EarningsPerShareAbstract" xlink:to="lab_ifrs-full_EarningsPerShareAbstract" xlink:type="arc" order="1"/>
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    <link:loc xlink:type="locator" xlink:label="loc_mx_IncreaseDecreaseThroughHedgingLossesGainsTransferredToInventoryEquity" xlink:href="mx-20231231.xsd#mx_IncreaseDecreaseThroughHedgingLossesGainsTransferredToInventoryEquity"/>
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    <link:label id="lab_mx_DisclosureOfReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesTableTextBlock_53c0919b-a832-4153-a7d0-9968288334c0_terseLabel_en-US" xlink:label="lab_mx_DisclosureOfReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reconciliation of accounting profit multiplied by applicable tax rates</link:label>
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    <link:label id="lab_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember_2bf9baf9-979f-4438-9353-6e4610a4ce84_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial assets not measured at fair value:</link:label>
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    <link:label id="lab_ifrs-full_AdjustmentsForFinanceCosts_75e78fd2-fe3c-4914-913d-db2cce2e9ac6_terseLabel_en-US" xlink:label="lab_ifrs-full_AdjustmentsForFinanceCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance costs</link:label>
    <link:label id="lab_ifrs-full_AdjustmentsForFinanceCosts_label_en-US" xlink:label="lab_ifrs-full_AdjustmentsForFinanceCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for finance costs</link:label>
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    <link:label id="lab_ifrs-full_LevelsOfFairValueHierarchyAxis_4cdf6f01-bd11-46d7-88db-ca94d8c513f6_terseLabel_en-US" xlink:label="lab_ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Levels of fair value hierarchy [axis]</link:label>
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    <link:label id="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities_f21d44af-899e-48e8-973a-b823a138426d_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Dividend payments to Methanex Corporation shareholders</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_StatementOfChangesInEquityTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_StatementOfChangesInEquityTable"/>
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    <link:label id="lab_ifrs-full_NoncontrollingInterests_15b6213c-2e7f-434b-988a-086d6492916b_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling interests</link:label>
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    <link:label id="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities_c1a7aad2-6dc5-49e7-bb87-a5adf8c174c8_totalLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Cash flows from/(used in) operating activities</link:label>
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    <link:label id="lab_dei_CityAreaCode_fdcf391a-5013-498f-9bc3-2c98729c04f3_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
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    <link:label id="lab_ifrs-full_DeferredTaxLiabilityAsset_e561e07c-34e1-491f-9bee-cb6e218546c0_negatedTotalLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Net</link:label>
    <link:label id="lab_ifrs-full_DeferredTaxLiabilityAsset_00cb7dd3-02dc-498f-840f-80011c13c25e_negatedPeriodStartLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="resource" xml:lang="en-US">Net, beginning of period</link:label>
    <link:label id="lab_ifrs-full_DeferredTaxLiabilityAsset_30abf1d5-25e1-490d-b5f9-003693d55766_negatedPeriodEndLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="resource" xml:lang="en-US">Net, end of period</link:label>
    <link:label id="lab_ifrs-full_DeferredTaxLiabilityAsset_label_en-US" xlink:label="lab_ifrs-full_DeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax liability (asset)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DeferredTaxLiabilityAsset" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DeferredTaxLiabilityAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeferredTaxLiabilityAsset" xlink:to="lab_ifrs-full_DeferredTaxLiabilityAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DeferredTaxExpenseIncomeRelatingToUnitedStatesTaxRateChangesOrImpositionOfNewTaxes_32bb02f4-3d27-44a9-b047-30a351a79ec6_negatedLabel_en-US" xlink:label="lab_mx_DeferredTaxExpenseIncomeRelatingToUnitedStatesTaxRateChangesOrImpositionOfNewTaxes" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Changes in tax rates</link:label>
    <link:label id="lab_mx_DeferredTaxExpenseIncomeRelatingToUnitedStatesTaxRateChangesOrImpositionOfNewTaxes_label_en-US" xlink:label="lab_mx_DeferredTaxExpenseIncomeRelatingToUnitedStatesTaxRateChangesOrImpositionOfNewTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Expense (Income) Relating To United States Tax Rate Changes Or Imposition Of New Taxes</link:label>
    <link:label id="lab_mx_DeferredTaxExpenseIncomeRelatingToUnitedStatesTaxRateChangesOrImpositionOfNewTaxes_documentation_en-US" xlink:label="lab_mx_DeferredTaxExpenseIncomeRelatingToUnitedStatesTaxRateChangesOrImpositionOfNewTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred Tax Expense (Income) Relating To United States Tax Rate Changes Or Imposition Of New Taxes</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DeferredTaxExpenseIncomeRelatingToUnitedStatesTaxRateChangesOrImpositionOfNewTaxes" xlink:href="mx-20231231.xsd#mx_DeferredTaxExpenseIncomeRelatingToUnitedStatesTaxRateChangesOrImpositionOfNewTaxes"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DeferredTaxExpenseIncomeRelatingToUnitedStatesTaxRateChangesOrImpositionOfNewTaxes" xlink:to="lab_mx_DeferredTaxExpenseIncomeRelatingToUnitedStatesTaxRateChangesOrImpositionOfNewTaxes" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_OtherEquityInstrumentsLifeOtherEquityInstrumentsGranted_d99cdc20-2381-4e88-8815-35d256008291_terseLabel_en-US" xlink:label="lab_mx_OtherEquityInstrumentsLifeOtherEquityInstrumentsGranted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expected life of SARs and TSARs (years)</link:label>
    <link:label id="lab_mx_OtherEquityInstrumentsLifeOtherEquityInstrumentsGranted_label_en-US" xlink:label="lab_mx_OtherEquityInstrumentsLifeOtherEquityInstrumentsGranted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Equity Instruments Life, Other Equity Instruments Granted</link:label>
    <link:label id="lab_mx_OtherEquityInstrumentsLifeOtherEquityInstrumentsGranted_documentation_en-US" xlink:label="lab_mx_OtherEquityInstrumentsLifeOtherEquityInstrumentsGranted" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Equity Instruments Life, Other Equity Instruments Granted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherEquityInstrumentsLifeOtherEquityInstrumentsGranted" xlink:href="mx-20231231.xsd#mx_OtherEquityInstrumentsLifeOtherEquityInstrumentsGranted"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OtherEquityInstrumentsLifeOtherEquityInstrumentsGranted" xlink:to="lab_mx_OtherEquityInstrumentsLifeOtherEquityInstrumentsGranted" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentFiscalYearFocus_de015684-48da-4fd7-9a48-8aa32162c762_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:label id="lab_dei_DocumentFiscalYearFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalYearFocus" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrencyRiskMember_6c789035-c4e5-46cd-9d1d-2803caa91b89_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Currency risk</link:label>
    <link:label id="lab_ifrs-full_CurrencyRiskMember_label_en-US" xlink:label="lab_ifrs-full_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency risk [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrencyRiskMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrencyRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrencyRiskMember" xlink:to="lab_ifrs-full_CurrencyRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BorrowingCostsAbstract_331b5610-2eb0-402a-88aa-0ada56ee0c63_terseLabel_en-US" xlink:label="lab_ifrs-full_BorrowingCostsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowing costs [abstract]</link:label>
    <link:label id="lab_ifrs-full_BorrowingCostsAbstract_label_en-US" xlink:label="lab_ifrs-full_BorrowingCostsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowing costs [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BorrowingCostsAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BorrowingCostsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingCostsAbstract" xlink:to="lab_ifrs-full_BorrowingCostsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ShareAppreciationRightsSARAndTandemShareAppreciationRightsTSARMember_403a29ad-f445-4e96-bead-a1715005df97_terseLabel_en-US" xlink:label="lab_mx_ShareAppreciationRightsSARAndTandemShareAppreciationRightsTSARMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">SARs and TSARs</link:label>
    <link:label id="lab_mx_ShareAppreciationRightsSARAndTandemShareAppreciationRightsTSARMember_label_en-US" xlink:label="lab_mx_ShareAppreciationRightsSARAndTandemShareAppreciationRightsTSARMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Appreciation Rights (SAR) And Tandem Share Appreciation Rights (TSAR) [Member]</link:label>
    <link:label id="lab_mx_ShareAppreciationRightsSARAndTandemShareAppreciationRightsTSARMember_documentation_en-US" xlink:label="lab_mx_ShareAppreciationRightsSARAndTandemShareAppreciationRightsTSARMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share Appreciation Rights (SAR) And Tandem Share Appreciation Rights (TSAR) [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ShareAppreciationRightsSARAndTandemShareAppreciationRightsTSARMember" xlink:href="mx-20231231.xsd#mx_ShareAppreciationRightsSARAndTandemShareAppreciationRightsTSARMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ShareAppreciationRightsSARAndTandemShareAppreciationRightsTSARMember" xlink:to="lab_mx_ShareAppreciationRightsSARAndTandemShareAppreciationRightsTSARMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_Statement1LineItems_83ec7f03-bdf1-4adc-a103-dc46417fe7a9_terseLabel_en-US" xlink:label="lab_mx_Statement1LineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement [Line Items]</link:label>
    <link:label id="lab_mx_Statement1LineItems_label_en-US" xlink:label="lab_mx_Statement1LineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement1 [Line Items]</link:label>
    <link:label id="lab_mx_Statement1LineItems_documentation_en-US" xlink:label="lab_mx_Statement1LineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Line Items] for Statement1 [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_Statement1LineItems" xlink:href="mx-20231231.xsd#mx_Statement1LineItems"/>
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    <link:label id="lab_mx_OtherSundryLiabilitiesNoncurrent1_0fa6e280-e00e-4c79-a909-17a2287ce983_terseLabel_en-US" xlink:label="lab_mx_OtherSundryLiabilitiesNoncurrent1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_mx_OtherSundryLiabilitiesNoncurrent1_label_en-US" xlink:label="lab_mx_OtherSundryLiabilitiesNoncurrent1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Sundry Liabilities Noncurrent 1</link:label>
    <link:label id="lab_mx_OtherSundryLiabilitiesNoncurrent1_documentation_en-US" xlink:label="lab_mx_OtherSundryLiabilitiesNoncurrent1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Sundry Liabilities Noncurrent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherSundryLiabilitiesNoncurrent1" xlink:href="mx-20231231.xsd#mx_OtherSundryLiabilitiesNoncurrent1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OtherSundryLiabilitiesNoncurrent1" xlink:to="lab_mx_OtherSundryLiabilitiesNoncurrent1" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_OtherLimitedRecourseDebtFacilities5.58Member_b81508c2-b160-4fbf-b069-2b1fa0abd4b4_terseLabel_en-US" xlink:label="lab_mx_OtherLimitedRecourseDebtFacilities5.58Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">5.58% due June 30, 2031</link:label>
    <link:label id="lab_mx_OtherLimitedRecourseDebtFacilities5.58Member_label_en-US" xlink:label="lab_mx_OtherLimitedRecourseDebtFacilities5.58Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Limited Recourse Debt Facilities, 5.58% [Member]</link:label>
    <link:label id="lab_mx_OtherLimitedRecourseDebtFacilities5.58Member_documentation_en-US" xlink:label="lab_mx_OtherLimitedRecourseDebtFacilities5.58Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Limited Recourse Debt Facilities, 5.58% [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherLimitedRecourseDebtFacilities5.58Member" xlink:href="mx-20231231.xsd#mx_OtherLimitedRecourseDebtFacilities5.58Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OtherLimitedRecourseDebtFacilities5.58Member" xlink:to="lab_mx_OtherLimitedRecourseDebtFacilities5.58Member" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SecurityReportingObligation_23f9d166-49d2-416d-901d-8d6e65c22d50_terseLabel_en-US" xlink:label="lab_dei_SecurityReportingObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Security Reporting Obligation</link:label>
    <link:label id="lab_dei_SecurityReportingObligation_label_en-US" xlink:label="lab_dei_SecurityReportingObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Reporting Obligation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityReportingObligation" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityReportingObligation" xlink:to="lab_dei_SecurityReportingObligation" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_DisclosureOfCompositionOfOtherLiabilitiesExplanatoryTableTextBlock_2b96ba57-3769-45a3-b731-1af303d5d581_terseLabel_en-US" xlink:label="lab_mx_DisclosureOfCompositionOfOtherLiabilitiesExplanatoryTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Composition of other liabilities</link:label>
    <link:label id="lab_mx_DisclosureOfCompositionOfOtherLiabilitiesExplanatoryTableTextBlock_label_en-US" xlink:label="lab_mx_DisclosureOfCompositionOfOtherLiabilitiesExplanatoryTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Composition Of Other Liabilities Explanatory [Table Text Block]</link:label>
    <link:label id="lab_mx_DisclosureOfCompositionOfOtherLiabilitiesExplanatoryTableTextBlock_documentation_en-US" xlink:label="lab_mx_DisclosureOfCompositionOfOtherLiabilitiesExplanatoryTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Composition Of Other Liabilities Explanatory [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DisclosureOfCompositionOfOtherLiabilitiesExplanatoryTableTextBlock" xlink:href="mx-20231231.xsd#mx_DisclosureOfCompositionOfOtherLiabilitiesExplanatoryTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DisclosureOfCompositionOfOtherLiabilitiesExplanatoryTableTextBlock" xlink:to="lab_mx_DisclosureOfCompositionOfOtherLiabilitiesExplanatoryTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ChangesInLiabilitiesArisingFromFinancingActivitiesAbstract_1ccbb0a7-3221-44ed-a65c-a3e7c75af802_terseLabel_en-US" xlink:label="lab_ifrs-full_ChangesInLiabilitiesArisingFromFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes from financing cash flows</link:label>
    <link:label id="lab_ifrs-full_ChangesInLiabilitiesArisingFromFinancingActivitiesAbstract_label_en-US" xlink:label="lab_ifrs-full_ChangesInLiabilitiesArisingFromFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changes in liabilities arising from financing activities [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ChangesInLiabilitiesArisingFromFinancingActivitiesAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ChangesInLiabilitiesArisingFromFinancingActivitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ChangesInLiabilitiesArisingFromFinancingActivitiesAbstract" xlink:to="lab_ifrs-full_ChangesInLiabilitiesArisingFromFinancingActivitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_OtherLimitedRecourseDebtFacilities5.35Member_b6c1a66a-214e-4f89-bc07-0d3aab8c18c3_terseLabel_en-US" xlink:label="lab_mx_OtherLimitedRecourseDebtFacilities5.35Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">5.35% due September 30, 2033</link:label>
    <link:label id="lab_mx_OtherLimitedRecourseDebtFacilities5.35Member_label_en-US" xlink:label="lab_mx_OtherLimitedRecourseDebtFacilities5.35Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Limited Recourse Debt Facilities, 5.35% [Member]</link:label>
    <link:label id="lab_mx_OtherLimitedRecourseDebtFacilities5.35Member_documentation_en-US" xlink:label="lab_mx_OtherLimitedRecourseDebtFacilities5.35Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Limited Recourse Debt Facilities, 5.35% [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_OtherLimitedRecourseDebtFacilities5.35Member" xlink:href="mx-20231231.xsd#mx_OtherLimitedRecourseDebtFacilities5.35Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_OtherLimitedRecourseDebtFacilities5.35Member" xlink:to="lab_mx_OtherLimitedRecourseDebtFacilities5.35Member" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_LeaseLiabilitiesAdditionsNetofDisposals_2513b1e4-d732-4faa-b00f-e76f59394c7b_terseLabel_en-US" xlink:label="lab_mx_LeaseLiabilitiesAdditionsNetofDisposals" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions, net of disposals</link:label>
    <link:label id="lab_mx_LeaseLiabilitiesAdditionsNetofDisposals_label_en-US" xlink:label="lab_mx_LeaseLiabilitiesAdditionsNetofDisposals" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease Liabilities, Additions, Net of Disposals</link:label>
    <link:label id="lab_mx_LeaseLiabilitiesAdditionsNetofDisposals_documentation_en-US" xlink:label="lab_mx_LeaseLiabilitiesAdditionsNetofDisposals" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lease Liabilities, Additions, Net of Disposals</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_LeaseLiabilitiesAdditionsNetofDisposals" xlink:href="mx-20231231.xsd#mx_LeaseLiabilitiesAdditionsNetofDisposals"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_LeaseLiabilitiesAdditionsNetofDisposals" xlink:to="lab_mx_LeaseLiabilitiesAdditionsNetofDisposals" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsPaid_aad02994-9aac-4b46-bb75-9ba8840caa7e_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DividendsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Dividend payments to Methanex Corporation shareholders</link:label>
    <link:label id="lab_ifrs-full_DividendsPaid_label_en-US" xlink:label="lab_ifrs-full_DividendsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends recognised as distributions to owners</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsPaid" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DividendsPaid"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaid" xlink:to="lab_ifrs-full_DividendsPaid" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialAssetsTable_804c5578-18f0-41ec-9830-b8bf1551ee2c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of financial assets [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialAssetsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial assets [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFinancialAssetsTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinancialAssetsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialAssetsTable" xlink:to="lab_ifrs-full_DisclosureOfFinancialAssetsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod_96040912-5acb-43f3-a8bb-1c7e6df4610c_terseLabel_en-US" xlink:label="lab_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost of inventories recognized as expense</link:label>
    <link:label id="lab_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod_label_en-US" xlink:label="lab_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost of inventories recognised as expense during period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod" xlink:to="lab_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DepreciationAndAmortisationExpense_bc28775d-7330-4c3c-9772-9d090952dbd1_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization (note 11)</link:label>
    <link:label id="lab_ifrs-full_DepreciationAndAmortisationExpense_6ba232fa-5e80-4b3b-87b5-1308e90b2ea4_verboseLabel_en-US" xlink:label="lab_ifrs-full_DepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</link:label>
    <link:label id="lab_ifrs-full_DepreciationAndAmortisationExpense_label_en-US" xlink:label="lab_ifrs-full_DepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation and amortisation expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DepreciationAndAmortisationExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DepreciationAndAmortisationExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DepreciationAndAmortisationExpense" xlink:to="lab_ifrs-full_DepreciationAndAmortisationExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_ShareBasedCompensationArrangementByShareBasedPaymentAwardReturnOnCapitalEmployedAveragePeriod_55d9455f-9ae5-4f3b-8e51-5819e5ed6eb0_terseLabel_en-US" xlink:label="lab_mx_ShareBasedCompensationArrangementByShareBasedPaymentAwardReturnOnCapitalEmployedAveragePeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Return on capital employed average period</link:label>
    <link:label id="lab_mx_ShareBasedCompensationArrangementByShareBasedPaymentAwardReturnOnCapitalEmployedAveragePeriod_label_en-US" xlink:label="lab_mx_ShareBasedCompensationArrangementByShareBasedPaymentAwardReturnOnCapitalEmployedAveragePeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Return on Capital Employed Average Period</link:label>
    <link:label id="lab_mx_ShareBasedCompensationArrangementByShareBasedPaymentAwardReturnOnCapitalEmployedAveragePeriod_documentation_en-US" xlink:label="lab_mx_ShareBasedCompensationArrangementByShareBasedPaymentAwardReturnOnCapitalEmployedAveragePeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Return on Capital Employed Average Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_ShareBasedCompensationArrangementByShareBasedPaymentAwardReturnOnCapitalEmployedAveragePeriod" xlink:href="mx-20231231.xsd#mx_ShareBasedCompensationArrangementByShareBasedPaymentAwardReturnOnCapitalEmployedAveragePeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_ShareBasedCompensationArrangementByShareBasedPaymentAwardReturnOnCapitalEmployedAveragePeriod" xlink:to="lab_mx_ShareBasedCompensationArrangementByShareBasedPaymentAwardReturnOnCapitalEmployedAveragePeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesCategoryMember_8e8e5171-0755-4ee7-9475-af779f4a87a0_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities, category [member]</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesCategoryMember_label_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liabilities, category [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialLiabilitiesCategoryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:to="lab_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_664e1fed-9114-42ad-aec0-aad547f858d8_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current maturities on long-term debt (note 8)</link:label>
    <link:label id="lab_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_label_en-US" xlink:label="lab_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current borrowings and current portion of non-current borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="lab_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_CapitalizedInterest_80ffdeea-5a82-4199-94fc-ce7e5895b5dd_negatedTerseLabel_en-US" xlink:label="lab_mx_CapitalizedInterest" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Less capitalized interest related to Geismar plant under construction</link:label>
    <link:label id="lab_mx_CapitalizedInterest_label_en-US" xlink:label="lab_mx_CapitalizedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capitalized Interest</link:label>
    <link:label id="lab_mx_CapitalizedInterest_documentation_en-US" xlink:label="lab_mx_CapitalizedInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capitalized Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_CapitalizedInterest" xlink:href="mx-20231231.xsd#mx_CapitalizedInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_CapitalizedInterest" xlink:to="lab_mx_CapitalizedInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialAssetsExplanatory_36a2b1b3-b15f-4c9d-860e-cce7a0440a19_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value measurement of assets</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialAssetsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial assets [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFinancialAssetsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinancialAssetsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialAssetsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfFinancialAssetsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_EmployeeBenefitsAbstract_c692b183-7d3c-450d-a53f-d2f4dbb579fd_terseLabel_en-US" xlink:label="lab_mx_EmployeeBenefitsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Employee Benefits [Abstract]</link:label>
    <link:label id="lab_mx_EmployeeBenefitsAbstract_label_en-US" xlink:label="lab_mx_EmployeeBenefitsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Employee Benefits [Abstract]</link:label>
    <link:label id="lab_mx_EmployeeBenefitsAbstract_documentation_en-US" xlink:label="lab_mx_EmployeeBenefitsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Employee Benefits [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_EmployeeBenefitsAbstract" xlink:href="mx-20231231.xsd#mx_EmployeeBenefitsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_EmployeeBenefitsAbstract" xlink:to="lab_mx_EmployeeBenefitsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BorrowingsByNameMember_35b49378-3ba9-4645-8b7e-3bc6d61633d6_terseLabel_en-US" xlink:label="lab_ifrs-full_BorrowingsByNameMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings by name [member]</link:label>
    <link:label id="lab_ifrs-full_BorrowingsByNameMember_label_en-US" xlink:label="lab_ifrs-full_BorrowingsByNameMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings by name [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BorrowingsByNameMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BorrowingsByNameMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingsByNameMember" xlink:to="lab_ifrs-full_BorrowingsByNameMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherLiabilities_f3b775ae-bae7-4fb3-a572-9c114fdc0382_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other long-term liabilities</link:label>
    <link:label id="lab_ifrs-full_OtherLiabilities_label_en-US" xlink:label="lab_ifrs-full_OtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherLiabilities" xlink:to="lab_ifrs-full_OtherLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ActuarialAssumptionsAxis_2d0058e5-3290-4fc7-aad8-6cd493fd0f86_terseLabel_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Actuarial assumptions [axis]</link:label>
    <link:label id="lab_ifrs-full_ActuarialAssumptionsAxis_label_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumptions [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ActuarialAssumptionsAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ActuarialAssumptionsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ActuarialAssumptionsAxis" xlink:to="lab_ifrs-full_ActuarialAssumptionsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory_15becd10-4db7-46e6-a09f-cf64a80fae02_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Site restoration costs</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for decommissioning, restoration and rehabilitation provisions [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_MethanexChileS.A.Member_9730b63b-1f38-404f-a6fc-64aedcd68000_terseLabel_en-US" xlink:label="lab_mx_MethanexChileS.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Methanex Chile SpA</link:label>
    <link:label id="lab_mx_MethanexChileS.A.Member_label_en-US" xlink:label="lab_mx_MethanexChileS.A.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Methanex Chile S.A. [Member]</link:label>
    <link:label id="lab_mx_MethanexChileS.A.Member_documentation_en-US" xlink:label="lab_mx_MethanexChileS.A.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Methanex Chile S.A. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_MethanexChileS.A.Member" xlink:href="mx-20231231.xsd#mx_MethanexChileS.A.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_MethanexChileS.A.Member" xlink:to="lab_mx_MethanexChileS.A.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_5e771eb2-986f-4afe-9b46-072890c2ffa3_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Actuarial (gain) loss</link:label>
    <link:label id="lab_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_label_en-US" xlink:label="lab_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease (increase) in net defined benefit liability (asset) resulting from gain (loss) on remeasurement in other comprehensive income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCityOrTown_3340d121-468d-4184-8da1-c143282ee011_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_90615954-1ea2-48b3-a87d-40fc888a9430_terseLabel_en-US" xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade and other receivables</link:label>
    <link:label id="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_label_en-US" xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for decrease (increase) in trade and other receivables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables"/>
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    <link:label id="lab_ifrs-full_AccumulatedOtherComprehensiveIncome_b0358e9b-194f-43f2-a406-3c7f5aaddc44_terseLabel_en-US" xlink:label="lab_ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated other comprehensive income</link:label>
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    <link:label id="lab_mx_AnnualMassOfMethanolProductionOwned_c0457c06-b084-49dc-a6ff-69cc8443c247_terseLabel_en-US" xlink:label="lab_mx_AnnualMassOfMethanolProductionOwned" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual methanol production facility owned (in tonnes)</link:label>
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    <link:label id="lab_mx_RealEstateAndAccumulatedDepreciationDescriptionOfProperty1Axis_documentation_en-US" xlink:label="lab_mx_RealEstateAndAccumulatedDepreciationDescriptionOfProperty1Axis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Real Estate And Accumulated Depreciation Description Of Property1 [Axis]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherCurrentPayables" xlink:to="lab_ifrs-full_TradeAndOtherCurrentPayables" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCentralIndexKey_bff5dd13-cc74-4467-a738-e2238a3b21d7_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
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    <link:label id="lab_ifrs-full_EquityAndLiabilitiesAbstract_42cacfe6-2a9f-4368-9799-f8adb288d62d_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">LIABILITIES AND EQUITY</link:label>
    <link:label id="lab_ifrs-full_EquityAndLiabilitiesAbstract_label_en-US" xlink:label="lab_ifrs-full_EquityAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity and liabilities [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EquityAndLiabilitiesAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EquityAndLiabilitiesAbstract"/>
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    <link:label id="lab_ifrs-full_DisclosureOfContingentLiabilitiesLineItems_4a9c2e1b-937c-46f9-a5fe-d02bdb3c6b9f_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfContingentLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of contingent liabilities [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfContingentLiabilitiesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfContingentLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of contingent liabilities [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfContingentLiabilitiesLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfContingentLiabilitiesLineItems"/>
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    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_017a16c6-99d4-4150-be92-9c48b8803088_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial assets measured at fair value:</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_label_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets at fair value through other comprehensive income, category [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember"/>
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    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_3c8c0c2b-e641-40f7-84e2-8f7972fa2db7_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of property, plant and equipment</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_d93f71a2-1b59-462f-810e-5d0703b8038a_terseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Taxes on above items</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_label_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income tax relating to components of other comprehensive income</link:label>
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    <link:label id="lab_ifrs-full_OtherAdjustmentsForNoncashItems_bf13a125-f785-4ac2-aca0-2baa9abe4490_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherAdjustmentsForNoncashItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_ifrs-full_OtherAdjustmentsForNoncashItems_label_en-US" xlink:label="lab_ifrs-full_OtherAdjustmentsForNoncashItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other adjustments for non-cash items</link:label>
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    <link:label id="lab_ifrs-full_AssociatesMember_f2e82b89-2540-460e-a3fe-5dd20fd7fb54_terseLabel_en-US" xlink:label="lab_ifrs-full_AssociatesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Associates</link:label>
    <link:label id="lab_ifrs-full_AssociatesMember_label_en-US" xlink:label="lab_ifrs-full_AssociatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Associates [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AssociatesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AssociatesMember"/>
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    <link:label id="lab_mx_DisclosureOfLiquidityAndCapitalizationTable_716fd397-0117-42e8-a034-089bf3265555_terseLabel_en-US" xlink:label="lab_mx_DisclosureOfLiquidityAndCapitalizationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of liquidity and capitalization [Table]</link:label>
    <link:label id="lab_mx_DisclosureOfLiquidityAndCapitalizationTable_label_en-US" xlink:label="lab_mx_DisclosureOfLiquidityAndCapitalizationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Liquidity And Capitalization [Table]</link:label>
    <link:label id="lab_mx_DisclosureOfLiquidityAndCapitalizationTable_documentation_en-US" xlink:label="lab_mx_DisclosureOfLiquidityAndCapitalizationTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Liquidity And Capitalization [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DisclosureOfLiquidityAndCapitalizationTable" xlink:href="mx-20231231.xsd#mx_DisclosureOfLiquidityAndCapitalizationTable"/>
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    <link:label id="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory_c66d8650-9d95-45b2-b36e-a3c035b1490e_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Effect of temporary difference, unused tax losses and unused tax credits and analysis of change in deferred income tax liabilities</link:label>
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    <link:label id="lab_ifrs-full_GeographicalAreasMember_7fba14d5-c254-4ebc-a808-273598591596_terseLabel_en-US" xlink:label="lab_ifrs-full_GeographicalAreasMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geographical areas [member]</link:label>
    <link:label id="lab_ifrs-full_GeographicalAreasMember_label_en-US" xlink:label="lab_ifrs-full_GeographicalAreasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical areas [member]</link:label>
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    <link:label id="lab_dei_EntityDomain_label_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity [Domain]</link:label>
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    <link:label id="lab_ifrs-full_CurrentTradeReceivables_8ebd5233-17a3-498a-b4a2-bc6d7f4c4cb0_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade</link:label>
    <link:label id="lab_ifrs-full_CurrentTradeReceivables_label_en-US" xlink:label="lab_ifrs-full_CurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current trade receivables</link:label>
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    <link:label id="lab_mx_LossesGeneratedPeriodYear2020Member_bb62bf9b-3a47-43fc-929a-e0f3082a9a7f_terseLabel_en-US" xlink:label="lab_mx_LossesGeneratedPeriodYear2020Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Losses generated in 2020</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mx_LossesGeneratedPeriodYear2020Member" xlink:href="mx-20231231.xsd#mx_LossesGeneratedPeriodYear2020Member"/>
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    <link:label id="lab_ifrs-full_NumberOfSharesIssued_874835a3-b6a0-49d2-9f24-367af4a6565f_terseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of shares issued (in shares)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NumberOfSharesIssued" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NumberOfSharesIssued"/>
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    <link:label id="lab_ifrs-full_EquityMember_23ab43e3-14eb-432e-946d-d588b1073253_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity [member]</link:label>
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    <link:label id="lab_dei_LegalEntityAxis_287b7972-1b29-4d27-9720-d59c8ee52280_terseLabel_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Legal Entity [Axis]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_1d8589a6-dda2-4f43-ba9e-0bd37277991d_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial instruments</link:label>
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    <link:label id="lab_ifrs-full_CarryingAmountMember_508e5eb6-68b7-416f-a80b-ffdda79716bc_terseLabel_en-US" xlink:label="lab_ifrs-full_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carrying amount [member]</link:label>
    <link:label id="lab_ifrs-full_CarryingAmountMember_label_en-US" xlink:label="lab_ifrs-full_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carrying amount [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CarryingAmountMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CarryingAmountMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CarryingAmountMember" xlink:to="lab_ifrs-full_CarryingAmountMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_IncreaseDecreaselnWorkingCapitalFinancingActivities_2e3b94e7-55d4-48f1-9e3e-40999ee0938b_negatedLabel_en-US" xlink:label="lab_mx_IncreaseDecreaselnWorkingCapitalFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Changes in non-cash working capital related to financing activities (note 17(a))</link:label>
    <link:label id="lab_mx_IncreaseDecreaselnWorkingCapitalFinancingActivities_6f52e723-cba2-4ab1-bed3-2cb8a9b6397d_negatedTerseLabel_en-US" xlink:label="lab_mx_IncreaseDecreaselnWorkingCapitalFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Financing</link:label>
    <link:label id="lab_mx_IncreaseDecreaselnWorkingCapitalFinancingActivities_label_en-US" xlink:label="lab_mx_IncreaseDecreaselnWorkingCapitalFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) ln Working Capital, Financing Activities</link:label>
    <link:label id="lab_mx_IncreaseDecreaselnWorkingCapitalFinancingActivities_documentation_en-US" xlink:label="lab_mx_IncreaseDecreaselnWorkingCapitalFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) ln Working Capital, Financing Activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_IncreaseDecreaselnWorkingCapitalFinancingActivities" xlink:href="mx-20231231.xsd#mx_IncreaseDecreaselnWorkingCapitalFinancingActivities"/>
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    <link:label id="lab_mx_DisclosureofExpensesbyFunctionAndExpensesByNatureTableTextBlock_c832f863-8714-4471-b885-7d00e947a5f2_terseLabel_en-US" xlink:label="lab_mx_DisclosureofExpensesbyFunctionAndExpensesByNatureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of expenses</link:label>
    <link:label id="lab_mx_DisclosureofExpensesbyFunctionAndExpensesByNatureTableTextBlock_label_en-US" xlink:label="lab_mx_DisclosureofExpensesbyFunctionAndExpensesByNatureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of Expenses by Function And Expenses By Nature [Table Text Block]</link:label>
    <link:label id="lab_mx_DisclosureofExpensesbyFunctionAndExpensesByNatureTableTextBlock_documentation_en-US" xlink:label="lab_mx_DisclosureofExpensesbyFunctionAndExpensesByNatureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of Expenses by Function and Expenses by Nature</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DisclosureofExpensesbyFunctionAndExpensesByNatureTableTextBlock" xlink:href="mx-20231231.xsd#mx_DisclosureofExpensesbyFunctionAndExpensesByNatureTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_DisclosureofExpensesbyFunctionAndExpensesByNatureTableTextBlock" xlink:to="lab_mx_DisclosureofExpensesbyFunctionAndExpensesByNatureTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_7ebdb27c-8396-4bc7-9f6d-e72eed6a7e06_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of interest in subsidiary</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of subsidiaries [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_22e4c7b1-ee75-4147-a96e-5c973378ea71_terseLabel_en-US" xlink:label="lab_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Earnings of associate (note 6)</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:to="lab_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:type="arc" order="1"/>
    <link:label id="lab_mx_PlantProcessingCapacityMass_fbbb1fa5-c7fb-4e4e-8755-786f9b248d01_terseLabel_en-US" xlink:label="lab_mx_PlantProcessingCapacityMass" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Owned asset (in tonnes)</link:label>
    <link:label id="lab_mx_PlantProcessingCapacityMass_label_en-US" xlink:label="lab_mx_PlantProcessingCapacityMass" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Plant, Processing Capacity, Mass</link:label>
    <link:label id="lab_mx_PlantProcessingCapacityMass_documentation_en-US" xlink:label="lab_mx_PlantProcessingCapacityMass" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Plant, Processing Capacity, Mass</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_PlantProcessingCapacityMass" xlink:href="mx-20231231.xsd#mx_PlantProcessingCapacityMass"/>
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    <link:label id="lab_mx_IncreaseDecreaseinPrepaidExpense_163fc6dc-c842-496c-a16e-682ccfb077cf_negatedTerseLabel_en-US" xlink:label="lab_mx_IncreaseDecreaseinPrepaidExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Prepaid expenses</link:label>
    <link:label id="lab_mx_IncreaseDecreaseinPrepaidExpense_label_en-US" xlink:label="lab_mx_IncreaseDecreaseinPrepaidExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Prepaid Expense</link:label>
    <link:label id="lab_mx_IncreaseDecreaseinPrepaidExpense_documentation_en-US" xlink:label="lab_mx_IncreaseDecreaseinPrepaidExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Prepaid Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_IncreaseDecreaseinPrepaidExpense" xlink:href="mx-20231231.xsd#mx_IncreaseDecreaseinPrepaidExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mx_IncreaseDecreaseinPrepaidExpense" xlink:to="lab_mx_IncreaseDecreaseinPrepaidExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisposalsPropertyPlantAndEquipment_eb768f29-83f0-4caf-a203-38a66e2d4747_terseLabel_en-US" xlink:label="lab_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disposals and other</link:label>
    <link:label id="lab_ifrs-full_DisposalsPropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposals, property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisposalsPropertyPlantAndEquipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_Borrowings_b942dbe9-8528-4bc4-93df-15026f660b09_totalLabel_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total long-term debt</link:label>
    <link:label id="lab_ifrs-full_Borrowings_12ea0068-5e35-44bf-bcc1-283da66ec423_verboseLabel_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Long-term debt</link:label>
    <link:label id="lab_ifrs-full_Borrowings_b2cfc868-daf7-4480-8090-3ab7ac4e4e56_terseLabel_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total debt</link:label>
    <link:label id="lab_ifrs-full_Borrowings_label_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Borrowings" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Borrowings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Borrowings" xlink:to="lab_ifrs-full_Borrowings" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesTable_84f64427-24ac-41e9-9249-7666383cb6df_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of maturity analysis for derivative financial liabilities [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of maturity analysis for derivative financial liabilities [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesTable"/>
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    <link:label id="lab_mx_DeferredTaxAssetsOtherIncreaseDecrease_02add278-ac91-44c5-a9e4-8c1056ab4a2b_negatedTerseLabel_en-US" xlink:label="lab_mx_DeferredTaxAssetsOtherIncreaseDecrease" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_mx_DeferredTaxAssetsOtherIncreaseDecrease_documentation_en-US" xlink:label="lab_mx_DeferredTaxAssetsOtherIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred Tax Assets, Other Increase (Decrease)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mx_DeferredTaxAssetsOtherIncreaseDecrease" xlink:href="mx-20231231.xsd#mx_DeferredTaxAssetsOtherIncreaseDecrease"/>
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    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019_36b60bb1-4687-4a32-8c57-8d0538848728_periodStartLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Exercise price of outstanding units, beginning of period (in usd per unit)</link:label>
    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019_8028f3b1-4efa-4e99-bfcb-64d1ec4f8844_periodEndLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Exercise price of outstanding units, end of period (in usd per unit)</link:label>
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    <link:label id="lab_mx_DisclosureOfFinancialAssetsAndLiabilitiesLineItems_74bad5ff-b5f6-4b6e-8c94-deb79e09694c_terseLabel_en-US" xlink:label="lab_mx_DisclosureOfFinancialAssetsAndLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure Of Financial Assets And Liabilities [Line Items]</link:label>
    <link:label id="lab_mx_DisclosureOfFinancialAssetsAndLiabilitiesLineItems_label_en-US" xlink:label="lab_mx_DisclosureOfFinancialAssetsAndLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Financial Assets And Liabilities [Line Items]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable_d2f35353-54a4-449c-889c-4b133a3e531b_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [table]</link:label>
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