Grupo Mexico to Face Major Cleanup Fees After Spill

August 27, 2014

08/26/14 The Wall Street Journal

MiningMexican 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.

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Grupo Mexico Goes From First to Worst on Chemical Spill

August 26, 2014

08/26/14 Bloomberg

mineSpilling 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.

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Grupo Mexico Shares Fall as Congress Responds to Spill

August 22, 2014

08/21/14 Bloomberg

mineGrupo 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.

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Mexico: Mining Company Lied on Spill, Official Says

August 21, 2014

08/19/14 New York Times

MiningEnvironment 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.

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Grupo Mexico Faces Charges Over Acid Spill

August 20, 2014

08/19/14 The Wall Street Journal

MiningMexican 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.

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Mining in Mexico: The sovereign take

November 4, 2013

The Economist, 11/2/2013

mineThe government needs to raise revenue in a country where tax avoidance is rife. The mining levy—a royalty of up to 7.5% on profits, plus 0.5% on revenue from precious metals—makes sense in principle. But it comes just when metal prices have swooned.

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Mexican airport operator GAP to appeal ruling on Grupo Mexico

January 17, 2013

Reuters, 1/17/2013

Photo by Flikr user anatamanMexico’s Grupo Aeroportuario del Pacifico said on Thursday it will appeal a judge’s decision that overturns an injunction preventing brokers from buying its shares on behalf of copper miner and railroad operator Grupo Mexico. GAP obtained the injunction almost a year ago as it sought to stop Grupo Mexico from accumulating GAP shares. But it said Thursday that brokers had appealed and a judge had lifted the restriction on trading GAP shares. The airport operator sought the injunction to safeguard its internal bylaws, which prohibit noncontrolling shareholders from holding a stake bigger than 10 percent.

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