Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Two Mexican gold, silver and copper mines owned by billionaire Carlos Slim have resumed operations after months long strikes came to an end on Tuesday, Reuters reports.
The country’s main union negotiated with Slim’s mining company Minera Frisco (PINK:MFRVF) to secure a 13% wage increase for workers at the San Francisco del Oro mine in Chihuahua and Minera Maria mine in Sonora. They also negotiated “provisions to replace miners salaries for the time they were on strike and a ‘satisfactory’ profit-sharing payment.”
But workers at Slim’s largest mine – El Coronel in the northern state of Zacatecas – will continue their strike until those negotiations are complete, the union said.
El Coronel is Frisco’s largest mine and has not been operating since May 29.
“We expect to have reached an acceptable solution soon, given the positive atmosphere in which the negotiations have taken place,” Reuters reported the union as saying.
The trio of strikes were sparked by the firing of over 700 workers at the Zacatecas mine, allegations of collective contract violations, lack of safety measures and sexual harassment complaints.
Another Minera Frisco mine suspended exploration work in February in the Las Espejeras region in Tetela de Ocampodue due to protests over environmental concerns.
Minera Frisco owns 9 Mexican mines which produce lead-silver concentrates, zinc concentrates, copper concentrates, copper cathode and doré bars (gold and silver).
Image from Wikimedia Commons
