October 30, 2019 / 10:28 PM / 16 days ago

Pace of investments in Mexico's mining sector seen slowing

MEXICO CITY (Reuters) - The pace of investments in Mexico’s mining industry is expected to slow this year to its lowest since 2016, Mexican industry group Camimex said on Wednesday, adding that greater policy certainty was needed to attract more investments.

Camimex sees the value of investments rising 7.4% this year to reach $5.26 billion, after the figure grew 13.8% in 2018.

“We need public policies that generate trust for investors,” Camimex said in a statement.

Investor confidence in Mexico, Latin America’s second largest economy, has been shaken by some policy moves under President Andres Manuel Lopez Obrador, a veteran leftist who promotes economic nationalism.

In particular, his decision to cancel a partly built, $13 billion airport for Mexico City and retreat from the prior government’s opening of the oil and gas industry to private capital have raised doubts about how he is managing the economy.

Reporting by Noe Torres; Writing by Anthony Esposito; editing by Diane Craft

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