canada express "concern" by Mining Law; and Economy "Explain" reform

The minister reiterated the “important contribution” of Canadian mining companies to the Mexican economy.

And Economy “accurate and detailed”

On her Twitter account, the Ministry of Economy subsequently published that its owner, Raquel Buenrostro, spoke with the Canadian Minister of International Trade to “specify” and “detail” the changes that are being discussed in the Congress of the Union and that They seek to modernize the industry.

“(The secretary) explained (to the Canadian official) that the change proposals are to modernize the regulations that have not changed since 1992 and in which international treaties are respected,” the agency said.

What does the new mining law look for?

On April 21, the Chamber of Deputies voted in favor of a reform to the mining legislation that includes limitations on concessions and reduces their terms, toughens water extraction permits and sets the return of some benefits, amid criticism from the sector.

Mexico is the world’s leading silver producer and one of the largest copper and gold producers. Since President Andrés Manuel López Obrador took office in 2018, he has refused to offer new mining concessions, arguing that previous governments gave too many.

The reform, which was approved with 251 votes in favor and 209 against, reduces the term of the concessions to 30 years from 50, although it softens the expectations of the original project promoted by the president, which provided for only 15.

The changes in the lower house, approved with the majority of the ruling Morena party and its allies, went to the Senate, where these groups also have superior votes.

With information from Reuters