Mexican president rules out expropriating Vulcan's mine but maintains land closure
Corrects company name from "Vulcan Minerals" in paragraph 5
MEXICO CITY, May 22 (Reuters) -Mexican President Andres Manuel Lopez Obrador on Wednesday ruled out expropriating U.S. construction company Vulcan Materials' mine but said the land where it operates would remain closed until at least the end of his term.
Speaking at his regular press conference, Lopez Obrador accused the company, which extracts limestone in southern part of the country, of environmental damage. The company has denied these accusations.
"As long as I'm president, we're not going to allow the environment to be destroyed," Lopez Obrador said.
Mexican officials ordered a halt to limestone quarrying at Vulcan's mining unit in the coastal state of Quintana Roo in 2022, alleging environmental damages by the company. Quintana Roo is located on the Yucatan Peninsula and includes popular tourist destinations such as Cancun and Cozumel.
Vulcan Materialscalled the shutdown orders "unexpected" and illegal. Since then, it has been unable to export its production and is demanding over $1.5 billion in compensation through the International Centre for Settlement of Investment Disputes (ICSID).
The company did not immediately reply to a request for comment on the president's fresh remarks.
Tensions rose last year, when the company announced Mexican security forces took possession of its port terminal in southern Mexico.
Last year, Lopez Obrador also laid out plans to offer 6.5 billion pesos ($391.20 million) to buy the land where Vulcan Materials operates and solve the dispute.
"The site is closed and they'll not be able to work," Lopez Obrador said on Wednesday.
($1 = 16.6154 Mexican pesos)
Reporting by Valentine Hilaire and Raul Cortes Fernandez; Additional reporting by Kylie Madry
Editing by Stefanie Eschenbacher and Josie Kao
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