Vulcan rejects Mexico’s criticism, buy-out offer, says president’s projects hurt the environment

Source: SFGate

“An American quarry company on Monday rejected the Mexican president’s campaign of criticisms and closures, as well as his offer to buy its property on the Caribbean coast. In July, President Andrés Manuel López Obrador offered to buy the American company’s Caribbean coast property for about $385 million amid a bitter, years-long dispute. Alabama-based Vulcan Materials said in a statement Monday that offer ‘substantially undervalues our assets’. In papers filed on the case in an international arbitration panel, Vulcan Materials valued the almost 6,000-acre (2,400 hectare) property, located just south of the resort town of Playa del Carmen, at $1.9 billion. The Mexican president has in the past threatened to expropriate the extensive property, claiming the pits it has dug to extract crushed limestone have damaged the fragile system of underground rivers and caves in the area.” (05/27/24)