September 17, 2014
Mexico is sending federal officials to Sonora state to oversee Grupo Mexico SAB (GMEXICOB)’s $150 million cleanup of a copper mine spill that the government says contaminated the water supplies of at least 24,000 people. The special commission of environmental and agriculture ministry officials will monitor the company’s pledge to clean Mexico’s worst mining spill, which occurred Aug. 6 in the northern state that borders Arizona.
September 15, 2014
9/11/14 The New York Times
Mexican federal officials say Grupo Mexico, a mining conglomerate, will set up a $151 million trust to pay for damage caused when one of its mines spilled acid-laced copper sulfate and heavy metals into two rivers in northern Mexico on Aug. 7. The company blamed heavy rains for the overflow of containment ponds on Aug. 7. Officials say lax supervision at the mine appeared to have caused the accident.
August 27, 2014
08/26/14 The Wall Street Journal
Mexican authorities are seeking major cleanup fees from mining giant Grupo Mexico S.A.B. de C.V., after an acid spill at a mine in the northern state of Sonora contaminated two rivers and left thousands more without clean water.
“This is the worst natural disaster provoked by the mining industry in the modern history of Mexico,” said Mexican Environment Minister Juan José Guerra Abud on Tuesday.
August 26, 2014
Spilling chemicals into two rivers near the U.S. border is making Grupo Mexico SAB (GMEXICOB) the country’s worst performing major stock.
The shares have lost 5.3 percent, the most among 35 companies on the benchmark IPC index, since an Aug. 6 copper sulfate solution spill at its Buenavista del Cobre mining operation that the company says contains the world’s largest copper reserves. In the preceding month, it led gains among the index’s materials stock to a 16-month high 49.24 pesos.
August 22, 2014
Grupo Mexico SAB, the world’s fourth-largest copper producer, fell the most since March after congress called for a cancellation of the company’s Cananea mine concession following a chemical spill.
Grupo Mexico, billionaire German Larrea’s holding company, fell 2.9 percent to 45.75 pesos at 1:21 p.m. in Mexico City. Earlier it lost as much as 3.9 percent, the most intraday since March 13. The shares have lost 5.3 percent since a copper sulfate solution spill was detected at the company’s Cananea mine Aug. 6 in the northern Sonora state.
August 21, 2014
08/19/14 New York Times
Environment Secretary Juan Jose Guerra Abud said Tuesday that a mining company lied about a spill of 10 million gallons of acids and heavy metals that contaminated two rivers and a dam downstream. Mr. Guerra Abud said the mine claimed the spill on Aug. 7 in the northern state of Sonora was caused by unusually heavy rain but called that “totally false.” He said the Buenavista del Cobre copper mine, owned by the Grupo Mexico consortium, could face fines of up to $3 million in safety and environmental violations.
August 20, 2014
08/19/14 The Wall Street Journal
Mexican environmental authorities are pressing charges against mining company Grupo Mexico S.A.B. de C.V. over an acid spill in northwestern Sonora state that contaminated two rivers and left thousands of people without drinking water.
The federal environmental protection agency Profepa said Monday it has filed charges with the Federal Attorney General’s Office against Grupo Mexico mining units Buenavista del Cobre and Minera Mexico for alleged violations of environmental laws, including possible negligence in the handling of dangerous substances.