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Mexican mining sector balks at plan to ban open-pit mines
By Daina Beth Solomon and Divya Rajagopal
Reuters
Friday, February 16, 2024
MEXICO CITY -- Mexican President Andres Manuel Lopez Obrador's proposal to ban open-pit mining will generate uncertainty and curtail investment for the key sector, mining industry representatives said this week.
Lopez Obrador announced the proposal to prohibit new concessions for open-pit projects last week amid a slew of initiatives as he looks to shape political debate ahead of a June presidential election that his protégé is expected to win.
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The proposal is unlikely to pass in the short term, as Lopez Obrador does not have the two-thirds super majority in Congress needed to change the constitution.
But the frontrunner to succeed him, former Mexico City Mayor Claudia Sheinbaum, has said she will adopt his proposals as part of her platform.
The industry says such a move would be disastrous for the sector, which fuels 2.5% of gross domestic product. Mexico is the world's top silver producer and a major gold and copper producer. ...
... For the remainder of the report:
https://finance.yahoo.com/news/mexican-mining-sector-balks-plan-182103849.html
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