Correspondent, Mexico
Mica's Feed
Mar 30, 2011

Grupo Mexico: mine units could merge by end-2011

MEXICO CITY (Reuters) – Grupo Mexico said the proposed merger between its U.S. and Latin American mining units could go through by the end of this year, strengthening its hold on the world’s largest copper reserves.

Senior executives from the global copper miner also said demand for the red metal would get a boost when Japan starts rebuilding regions affected by the earthquake and ensuing tsunami and nuclear plant problems.

Mar 29, 2011

Mexico makes major raid on exotic animal traffickers

MEXICO CITY (Reuters) – Hundreds of police raided illicit markets to crack down on the lucrative trade in wild animals and rare flowers, arresting 15 traffickers across Mexico this weekend in one of the biggest swoops of its kind.

Rich in flora and fauna, Mexico is a major hub for animal trafficking where locals buy lizards, macaws and tropical fish in city markets and smugglers move endangered species across the country’s border with the United States.

Mar 18, 2011

Mexico posts 2010 rise in oil replacement rate

MEXICO CITY, March 18 (Reuters) – Mexico’s state oil
monopoly Pemex found more new oil and natural gas deposits than
last year than it did in 2009, Mexican President Felipe
Calderon said on Friday.

The discovery of new fields and revisions to the estimated
size of older finds meant Pemex [PEMX.UL] replaced more than 80
percent of its 2010 production with new proven reserves.

Mar 9, 2011

Mexico oks pilot field of genetically modified corn

MEXICO CITY, March 8 (Reuters) – Mexico on Tuesday approved
the first pilot program to plant genetically modified corn, a
sensitive topic in the country that touts itself as the
birthplace of corn and where small farmers worry the high-tech
grain may contaminate native varieties.

The Agriculture Ministry granted a permit to global biotech
seed maker Monsanto (MON.N: Quote, Profile, Research, Stock Buzz) to plant no more than 2.47 acres (1
hectare) with genetically modified corn in the northern state
of Tamaulipas.

Feb 23, 2011

Mexico’s Fresnillo sees no acquisitions for now

MEXICO CITY, Feb 23 (Reuters) – Mexican miner Fresnillo
downplayed any acquisition plans for now and said it will
invest $800 million this year on expanding projects and
exploration in its quest to become the world’s No. 1 producer
of silver.

“Given current metal prices, we think that all the
companies we could be interested in purchasing carry a price
tag that is out of reach,” Fresnillo’s (FRES.L: Quote, Profile, Research, Stock Buzz) (FRES.MX: Quote, Profile, Research, Stock Buzz) Chief
Executive Jaime Lomeli told reporters on Wednesday.

Feb 22, 2011

Mexico says will not stem capital, mindful of Fed

MEXICO CITY, Feb 22 (Reuters) – Mexico will not discourage
capital inflows even as the country prepares for U.S. interest
rate hikes and a possible exodus of short-term overseas
investment, Finance Minister Ernesto Cordero said on Tuesday.

“We do not believe in putting controls on foreign capital
coming to Mexico,” Cordero told reporters, repeating his pledge
not to curtail the foreign investment that has helped to drive
up the value of the Mexican peso MXN=.

Feb 18, 2011

Mexico’s refugees: a hidden cost of the drugs war

TIERRAS COLORADAS, Mexico (Reuters) – Just after Christmas, drug hitmen rolled into the isolated village of Tierras Coloradas and burned it down, leaving more than 150 people, mostly children, homeless in the raw mountain winter.

The residents, Tepehuan Indians who speak Spanish as a second language and have no electricity or running water, had already fled into the woods, sleeping under trees or hiding in caves after a raid by a feared drug gang on December 26.

Feb 11, 2011

Grupo Mexico expands to meet growing copper demand

MEXICO CITY (Reuters) – Mexican copper giant Grupo Mexico said on Thursday its most aggressive year of investments in mine expansions places the company on a firm footing in coming years for expected copper deficits.

Grupo Mexico, which has the world’s largest copper reserves, is spending $1.9 billion in its mining division to increase output, including revamping its massive Cananea copper mine, reopened for the first time after the end of a three-year strike.

Feb 8, 2011

Grupo Mexico says rail merger depends on regulators

MEXICO CITY, Jul 29 (Reuters) – Mining and transportation
giant Grupo Mexico said on Thursday a proposed merger of two of
its railroad units could come by the first quarter of next year
depending on a green light from Mexico’s competition
commission.

Grupo Mexico (GMEXICOB.MX: Quote, Profile, Research, Stock Buzz) controls Ferromex, the largest
railroad company in Mexico. In 2005, Grupo Mexico bought
another Mexican railroad, Ferrosur, through a subsidiary but
antitrust regulators objected.

Feb 7, 2011

Mexico’s ruling party wins Baja California Sur vote

MEXICO CITY (Reuters) – President Felipe Calderon’s conservative National Action Party (PAN) won the governorship of the sparsely populated Baja California Sur, a state dominated by the left for most of the last decade, election results showed on Monday.

PAN candidate Marcos Covarrubias won 40 percent of the vote with the centrist Institutional Revolutionary Party, PRI, coming in second. The PRI, which ruled Mexico for 71 years before being ousted by an election in 2000, is eyeing a presidential comeback in 2012.

    • About Mica

      "I cover commodities and general news in Mexico and Central America and as part of the team in Latin America reported on the outbreak of swine flu, a coup in Honduras and the earthquakes in Haiti and Chile. Before Mexico, I was based in Guatemala for two years."
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