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Mexico buys out Mitsubishi shares of Salt Export

Mulegé, Baja California Sur — President Andrés Manuel López Obrador has nationalized Exportadora de Sal (ESSA) after acquiring 100 percent of the company.

The Government of Mexico purchased the 49 percent owned by Japanese company Mitsubishi.

“We are very pleased and very grateful for the work of the Secretary of Economy, Raquel Buenrostro (…) We want to keep this heritage of all Mexicans safe so that there is no risk because privatization has not helped Mexico, privatizing is synonymous with corruption. That is what neoliberal policy meant for a long time,” López Obrador said Saturday.

The process to acquire the 49 percent owned by Mitsubishi began in July 2023 on Isla de Cedros. López Obrador said the goal was not to privatize the company, but deliver it to the people of Mexico.

Mexico’s Secretary of Economy, Raquel Buenrostro

The Secretary of Economy, Raquel Buenrostro Sánchez, said after 70 years, company Exportadora de Sal (Salt Exporter) is nationalized as part of the transformation project. Until today it had a majority state participation of 51 percent and the rest of the shares belonged to the Japanese company Mitsubishi.

The Q4 Government invested 1.5 billion pesos in order to acquire the shares of the foreign company. In this way, a 25 percent participation by the Mexican Geological Service and 75 percent by the Mining Development Trust was maintained so it became a 100 percent parastatal entity.

“With the nationalization of ESSA, the President’s precept is fulfilled that the benefits generated with our natural resources remain in our country and are used for the well-being of the people of Mexico,” she stated.

López Obrador, seen here with Raquel Buenrostro, celebrates after the Japanese buy out. Photo: AMLO February 24, 2024.

López Obrador said that the buy out was not an expropriation but rather an agreement reached with Mitsubishi executives for which he thanked them for their willingness in this purchase.