off-the-wire

UPDATE 1-Miner Grupo Mexico says sees no risk from govt mining reforms

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds background of the reforms) MEXICO CITY, April 27 (Reuters) - Mexican miner Grupo Mexico does not currently view the government's proposed mining reforms as a risk to the operation of its mining portfolio, a top executive at the firm said Thursday during a call to discuss first quarter results.


The Mexican government proposed last month reforms to the sector, which include shortening mining concessions to 15 from 50 years and tightening rules for water permits. The reforms could cost the country some $9 billion in lost investment in coming years, according to


estimates from the mining chamber. Canada's Trade Minister Mary Ng


expressed concern with the proposed reforms this week, arguing it could affect Canadian investment in Mexico's mining sector and impact North America's competitiveness and supply chain resiliency.
(Reporting by Valentine Hilaire and Aida Pelaez-Fernandez; Editing by Isabel Woodford)

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