The Mining Company Autlan ceased from buying the Canadian subsidiary Ecu Silver Mining, owned by Golden Minerals Company.
In a statement, the Mexican corporation informed its investors the transaction would not be done, which included the mining assets known as Velardeña, Rodeo and Santa Maria, located in the states of Durango and Chihuahua. This operation was estimated at US$22 million and was announced in June. In other news, the Ministry of Environment and Natural Resources, led by Victor Manuel Toledo, said the mining sector is exploiting the country’s wealth and this activity should be stopped.
According to Camimex, in 2018 investments in the sector contributed to US$4,870 million, an increase of 13.8% in comparison to 2017.
Also, through the Mining Fund (which President Andrès Manuel Lòpez Obrador said earlier this week he wanted to distribute to people in need), the industry allocates US$230 million to municipalities and US$222 million goes to environmental sanitation actions.
On the international stage, gold pared early gains to Palladium after a Bloomberg report said Trump administration officials have considered offering a limited trade deal to China that would delay or possibly roll back some tariffs, in exchange for assurances on intellectual property and agricultural purchases.
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- Mining Company Autlan retreated buying Ecu Silver Mining
- Minister of Environment and Natural Resources asks mining to STOP operations in Mexico
- AMLO proposes to use the Mining Fund in schools