2023-07-27 15:54:59 ET
Mexico will offer 6.5B pesos , or ~$390M, to Vulcan Materials ( NYSE: VMC ) for land it holds in the country, in an attempt to resolve a longstanding dispute, President Andres Manuel Lopez Obrador said Thursday.
Last year, Mexican officials closed Vulcan's ( VMC ) facilities alleging environmental damage that the company denies; since then, the company has been unable to export limestone it had produced and is seeking more than $1.5B in compensation from a World Bank arbitration tribunal.
"We did an appraisal... and it has a value of ~6,500 million Mexican pesos," Lopez Obrador said, explaining the government's intention to buy all the company's nearly 6K acres in the country.
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Mexico set to offer $390M to buy land to settle Vulcan Materials dispute