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At least it’s in Mexican hands

13 July 2010

Grupo Frisco, a wholly owned subsidiary of Grupo Carso, a wholly owned subsidiary of Carlos Slim, plunked down 25 million U.S. dollars to buy the El Porvenir gold mine in Aguascalientes from the Canadian firm, Goldgroup.

Goldgroup is applying the proceeds to “fund development of Goldgroup’s advanced stage properties” in Sinaloa and Veracruz states.

One interesting tidbit from Goldgroup’s press release.  Francisco  Escandon Valle, whose career was in  Mexican government service as a mining regulator, has gone over to the dark side, being appointed to the board of directors of  Goldgroup.

3 Comments leave one →
  1. Jose Garcia permalink
    13 July 2010 8:55 am

    Well how convenient, he leaves a government office and finds a job with the company he probably helped secure a deal to let them mine in Mexico.
    Another thing, Mexico should be nationalizing all natural resources, not just petroleum. Por eso estamos jodidos .

  2. 13 July 2010 11:38 am

    Slim acquires a goldmine … didn’t he do that in 1990 by winning the Telmex auction?

  3. 15 July 2010 5:11 am

    “At least it’s in Mexican hands” whatever let’s see what else is in Mexican hands, try getting decent health care at Seguro Social, I can say it by my personal experience of my mother almost dying of a stroke cause no body would take enough time to diagnose her condition on the ER room. Education? I can also say as a graduate of state institutions that a lot of people got their nice degrees with titles in script fonts but they are far from competitive in the global marketplace. What we need in Mexico for all of us to quit F… whining and have everybody start a business and carry their own weight, if a foreign business buys our oil, our gold, our banks or whatever else is because we were missing enough mexicans with enough entrepreneurial spirit to take them global and actually be patriots like the Zambrano’s that took CEMEX to a place where it not only creates jobs in Mexico but around the world and in the meantime it trains more and more mexicans to be global managers, complain all you want about Slim but for the five years I attended college he EVERY MONTH deposited about 150 dlls in my account through Fundacion Telmex, without his help I wouldn’t have a degree and since he demanded scores above 90 out of a 100 I guess he’s also helped with my GPA! So there to finish the decision is very very simple, when we think about our resources being acquired by whomever be it foreign or domestic, do we want those resources to be in the hands of bureaucrats that have the wonderful track record of getting us nowhere or do we want to start creating our own businesses and providing employment not only for ourselves but for other fellow nationals, think people patriots are not those who whine incessantly about our “soveregny” being lost to foreign business or other mexicans being rich, patriots are the ones that take their own destiny in their hands and make something out of it, they work at any level of our society (from a hot dog stand to a multinational or even those that work to keep a government agency accountable to the people) to compete in the marketplace and create a better future not only for their families but for those of their employees, those are true patriots, those have real impact in Mexico coming closer to its true potential as the 11th largest economy in the world.

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