Mexico Auctions Its Largest Copper Mine: The...
From Times Staff and Wire Reports
Mexico Auctions Its Largest Copper Mine: The apparent winning bidder for the bankrupt, government-owned Cananea mine was Grupo Industrial Minera de Mexico, with an offer of $475 million. The firm produces 57% of Mexico’s copper. The only other bidder, a group headed by construction magnate Bernardo Quintana, complained that awarding the mine to Grupo Industrial Minera de Mexico would create a monopoly. The mine is in Sonora state about 12 miles south of the Arizona border.
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