THIS WEEK The future of mining in Mexico is defined. Andrés Manuel Lopez Obrador canceled at the last minute the meal that he would have today with his Business Advisory Council, the first of the year. The adjustment could not have been more inopportune because Carlos Slim, German Larrea and Alejandro Bailleresthe three main miners in the country, they lost the opportunity to alert the people of Tabasco to the danger of their new Mining Law. The meeting at the National Palace was the ideal moment for the owners of Frisco, Grupo Minero México and Peñoles to sensitize, in short, the president of the coup that this law will represent for the entire industry.
López Obrador gave a lurch on Monday night, when instructing the leader of Morena in the Chamber of Deputies, Ignacio Mier, take his initiative today Thursday, discarding his analysis until September.
The reconsideration of the Tabasco left the Secretary of the Interior, Adán Augusto López, in a bad light, who had already managed to open a period of analysis in which the entire mining sector would participate.
Just yesterday, deputies and senators from Morena were summoned to be informed that the initiative is going, which will have to be interpreted as a victory for the Secretary of the Environment.
In the end, the radical position of María Luisa Albores prevailed over that of Adán Augusto and that of Raquel Buenrostro, head of Economy, who were more flexible and empathetic with the private sector.
The most aggrieved by this abrupt change were the Canadians, whose ambassador was able to communicate yesterday with Secretary Buenrostro to express his surprise.
According to the initiative that circulated last night, the validity of the concessions is reduced from 50 to 30 years, and the automatic extension for another 50 years drops to 25, with a third extension that will be submitted to a contest.
Concessions already granted will await their expiration and may not be left as collateral to obtain bank credits; the exploration will be decided by the Mexican Ecological Service.
The explanatory statement of this initiative has expressions as out of place for an economy with international trade agreements as the following:
“More than three decades of lost jobs, dispossession, severe environmental damage, social conflicts and practically zero economic benefits for the country have passed since the neoliberal reforms in mining and national waters were enacted.”
Experts believe that what is intended “is to drive, run or expel” foreign investors from the country, and national investors to remove them from the industry to open the door of nationalization and create a parastatal mining industry.
ACCORDING TO THE SECRETARIAT of Finance, headed by Rogelio Ramírez de la O, only 10 clients of Financiera Nacional de Desarrollo (FND), which will be terminated by presidential order, account for almost half of the overdue portfolio of some 4,210 million pesos . The main cases are MF Amiga with 881 million pesos; Alsur, Viñedos 2000 and Emprendedores with 500 million each; Let’s progress with 400 million; Poultry and Livestock with 304 million; Durzac with 250 million; Unión de Crédito Empresarial de Cuauhtémoc with 99 million, and Financial Products of Baja California with 79 million, mainly. Many of these multiple-purpose financial companies saw their debts grow because during the time that Baldemar Hernández occupied the FND there was not the slightest desire to restructure their liabilities.
I ADVANCED YESTERDAY the list of the new directors that the Argentem fund, led by Daniel Chapman, proposed for Altos Hornos de México (AHMSA). The American Eugene Irwin Davis would be the new Chairman of the Board of Directors who would replace Alonso Ancira. This would be voted on in the Assembly scheduled for today, in which Chapman would have to exhibit the first 50 million dollars, capital that would come from China. There is at least one other interested in buying AHMSA, which has even already consulted the government of the 4T to temporarily get on the restructuring with a contribution of fresh capital in exchange for a percentage of shares. However, the response of the Secretary of the Treasury, Rogelio Ramírez de la O, was no.
IT WAS THE LITIGANT HIMSELF Javier Quijano, the one who added Víctor Olea, also a criminal lawyer, to the Santander legal team. He filed complaints for alleged fraud and falsehood in terms of the Amparo Law against Gabriela, Viviana and Carmen Sada Delgado. In a parallel movement, they tell us, Ana Botín herself, who on the eve visited President Andrés Manuel López Obrador for the sixth time, entrusted the PAN deputy Santiago Creel with the rapprochement with the governor of Nuevo León, Samuel García, and the mayor of Monterrey, Luis Donaldo Colosio Riojas. As can be seen, Santander has already thrown all the meat on the grill to avoid paying just over a billion dollars to the heirs of Roberto Garza Sada, founder of Grupo Alfa.
IN OAXACA THE cuatroteros do not act with the principles of honesty of Andrés Manuel López Obrador. Finance Secretary Farid Acevedo catches the spotlight for encouraging activities that evade the tax. In the entity governed by Salomón Jara, it is an open secret that Strategic Business Ideas of Antequera and Face Administrative Source of the Centennial operate as billing companies, with the complacency of the official. But that’s not all: they also work as a placement agency for close people in public positions. Example: Leticia Elsa Reyes who, from being responsible for the Administration of the first outsourcer, jumped to the Ministry of Honesty, Transparency and Public Function. EITHER
Verónica Reyes, who was in charge of Human Resources. Both positions would be key to shield Acevedo.
ÁLVARO VÉRTIZ has just joined as a leading partner of Dentons Global Advisors, multidisciplinary consulting firm, expert in corporate strategies, crisis management, public affairs and government relations. Vértiz has experience in the main capital markets of Latin America. He comes from Black Rock, where he was Director of Operations and Director of Business Strategy and Strategic Partnerships. Before he was legal director for Latin America of Prudential Real Estate Investors Latin America.
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#Slim #Larrea #Bailleres #remain #eager