Mexican Mine on the Block Again: Mexico’s...

Mexican Mine on the Block Again: Mexico’s largest copper mine is back on the auction block. In Mexico City a bankruptcy judge rejected the sole bid for the government-owned Cananea mine, marking the third failed attempt in two years to sell the open-pit mine. The main problem with the $468-million bid by a consortium of Mexican, West German and Canadian investors was that it would be paid over a period of more than three years. The judge wanted payment in 45 days. A new auction is scheduled for next month. The open pit operation, located 100 miles southeast of Tucson, is the world’s third-largest copper producer.