Mary Ng, Canada’s Minister of Small Business, Export Promotion and International Trade, expressed concern on Tuesday over mining reform in Mexico, which is still in the process of being approved by the Mexican Congress.

Ng shared his views on the matter during a call with Mexico’s Economy Secretary Raquel Buenrostro.

“Minister Ng expressed concern about mining reforms proposed by Mexico, which could affect Canadian investment in the Mexican mining sector, as well as potential impacts on North American competitiveness and supply chain resilience. “, the Canadian ministry said in a statement.

“The Minister reiterated the importance of conducting broad and transparent consultations with all interested parties regarding the proposed reforms, including Canadian companies, which represent the largest group of foreign investors in the Mexican mining sector”, a- she added.

The Canadian official highlighted the important contributions of Canadian mining companies to the Mexican economy and stressed the need for Canada and Mexico to work even more closely, given the growing importance of mining and critical minerals for the clean economy of the future.

To that end, Mary Ng urged Mexico to ensure that it upholds the spirit of the commitments made by leaders at the North American Leaders Summit and the United States-Mexico-Canada Treaty (USMCA).

Ng also expressed his enthusiasm at the idea of ​​receiving Buenrostro in Canada on June 12 and 13, 2023 for a bilateral visit, which will include a meeting of the Canada-Mexico High Level Economic Dialogue.

An initiative by Morena legislators proposes a 30-year term for mining concessions, renewable twice, each for 25 years (the second with a competition, giving priority to the concession holder). For existing concessions, the extension of 25 + 25 years would apply.

the Lhi mining In force, it establishes that the concessions will have a duration of 50 years and will be extended for another 50 years if their holders do not incur the causes of cancellation provided for.

The proposed reform obliges mining companies to return at least 10% of their profits to communities and to disclose the impacts of their operations.

roberto.morales@eleconomista.mx

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