Interesting development. The ultra rich keep on buying gold and silver mines. The Ocampo mine had 2.3 mln proven ounces of gold in the ground in 2011. Who knows these same ultra rich people put pressure on the prices in the sector.DCFM.

According to AuRico, Carlos Slim's Minera Frisco S A B de C V, will offer $750 million for the Ocampo mine, adjacent exploration projects and an equal stake in the Orion project.

MEXICO CITY(BullionStreet): World's richest man Mexico's Carlos Slim has acquired yet another foreign owned mining asset in his country, buying Ocampo mine from Canada's AuRico.

According to AuRico, Carlos Slim's Minera Frisco S A B de C V, will offer $750 million for the Ocampo mine, adjacent exploration projects and an equal stake in the Orion project.

The properties include the Ocampo gold and silver mine and Venus and Los Jarros projects in northern Chihuahua state and a 50 percent stake in the Orion project in Nayarit state, on Mexico’s Pacific coast.

They said they expect the transaction to close in December. Analysts saidthe world’s richest person is betting on precious metals to show resilience as the global economy struggles to grow.

Toronto, Ontario-based AuRico Gold is a Canadian gold producer with a diversified portfolio of high quality mines and projects in North America that have significant production growth and exploration potential.

Following the sale of Ocampo, the company said that it would focus on its core operations including the producing Young-Davidson gold mine in northern Ontario and the El Chanate mine in Sonora State.

AuRico fell 3.2 percent to $6.42 yesterday in New York before the deal was announced. Frisco was little changed at 54.55 pesos in Mexico City.

Minera Frisco is a leading Mexican mining company that was spun out of Grupo Carso S.A. de C.V. in 2010 and is listed on the Mexican Stock Exchange with a current market capitalisation of approximately $10.7 billion.

http://www.bullionstreet.com/news/carlos-slim-buys-yet-another-foreign-owned-gold-mine-in-mexico/3086