*Mexico’s President Andrés Manuel López Obrador has ruled out expropriating a deep-water port and limestone quarry owned by US construction firm Vulcan Materials in Quintana Roo state, which was shut down in May 2022 by the ministry for the environment and natural resources (Semarnat), citing environmental damage. However, speaking in his daily press conference on 22 May, President López Obrador said that the site would remain closed as long as he is president. He was responding to comments made by US Secretary of State Antony Blinken before the US Senate Foreign Relations Committee who said that while Vulcan had filed an arbitration case against Mexico and he could not comment on the case, in general “such instances very much negatively impact Mexico’s efforts to attract investment from the US and elsewhere”. Vulcan has initiated proceedings before the World Bank’s International Centre for Settlement of Investment Disputes (ICSID).
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LatinNews Daily - 23 May 2024
In brief: Mexico rules out expropriating US firm’s property
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