Nationalize Exportadora de Sal de Guerrero Negro

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Mexico’s government buys shares from Mitsubishi for 1.5 billion pesos

Last Saturday AMLO visited Guerrero Negro, Mulegé, where the world’s largest salt exporter is located, which has been operating for 70 years. It had 51% of Mexico’s shares and 49 of the Japanese company Mitsubishi, as of this date the exporter is owned by the nation.

“It is a benefit for the workers. I greet the union leaders and all the workers of this company and those who in one way or another benefit from this company that will continue to function very well, we have to get it out, keep it away as much as we can forever from bankruptcy and privatization, it is a company of the people of Mexico and especially of Guerrero Negro” said López Obrador.

The Secretary of Economy, Raquel Buenrostro Sánchez, highlighted that, as an example of the transforming spirit of the 21st century, the one of the Constitution of 1917 is resumed, which is to put the public interest, of the Mexicans, first, as well as not allowing corruption or luxuries, while being one of the countries in the world with the least unemployment.

“We must not forget that salt is an important input in industries such as pharmaceutical, textile, chemical, construction and petrochemical, so it is a very important resource in the new industrial policy of Mexico” said Buenrostro Sánchez.

ESSA has the largest salt mine in the world with a production of more than 8 million tons per year and a high quality salt capable of supplying the industry of the Asia Pacific region and East Coast of North America as well as the capacity to receive and load ships of up to 18 thousand tons.

It represents 84% of salt production in Mexico mainly oriented to export. Mexico ranks seventh in the world with salt production of 8.7 metric tons and together with Chile they are the main producing countries in Latin America.

Buenrostro Sánchez highlighted that with the acquisition of Mitsubishi’s shares, the Mexican Government invested 1.5 billion pesos to end up with a 25% stake in the Mexican Geological Service and 75% by the Mining Development Trust, 100% state-owned entity.

Source: El Sudcaliforniano