US company accuses Mexico of expropriating its property on the Caribbean coast

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Mexico News

Mexico Government,Andres Manuel Lopez Obrador,Vulcan Materials Co.

An American quarry company says the Mexican government has carried out a de-facto expropriation of its properties on Mexico's Caribbean coast. The government issued a decree declaring the firm's seaport and quarries to be a natural protected area, in effect prohibiting the company's activities on its own land.

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The decree published in the official gazette shows a strangely patterned nature reserve that follows exactly some of the company’s property lines.US not responsible for surge of violence in Sinaloa, American ambassador tells MexicoWhile the decree states the purpose of the park is to protect local animal and plant species, in fact the seaport and stone quarries are very disturbed areas, do not much resemble a nature reserve and would add little to that effort.

In June the American company rejected the Mexican president’s buy-out offer, saying it “substantially undervalues our assets.” But Vulcan Materials rejected the charge at that time. “Our operations have not adversely affected underground caves, cenotes or archaeological sites. In fact, we have mapped, protected and preserved these valuable resources,” the company said in a statement.

 

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