US company rejects Mexico's criticism, buy-out offer, says president's projects hurt the environment

FILE - Mexican President Andres Manuel Lopez Obrador gives his regularly scheduled morning press conference at the National Palace in Mexico City, April 16, 2024. The American quarry company, Alabama-based Vulcan Materials, rejected on Monday, May 27, 2024 the Mexican president's offer to buy its property on the Caribbean coast, amid a years-long dispute.

In papers filed on the case in an international arbitration panel, Vulcan Materials valued the almost 6,000-acre property, located just south of the resort town of Playa del Carmen, at $1.9 billion. Instead, the company alleged that some other quarries in the area have been operating unlawfully. “Unlike other quarrying sites that have been operating unlawfully to supply the Mayan Train, our operations were duly permitted,” the company said.

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Mexican Peso trades higher on positive market mood, robust Mexican dataThe Mexican Peso (MXN) trades marginally higher on Monday, supported by a rise in risk appetite after lower-than-expected US jobs’ data raised hopes the Federal Reserve (Fed) will move to cut interest rates, reducing borrowing costs for businesses and consumers.
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