Word: cananea
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...Mexican investors in 1988. Sales took off after Carlos Salinas de Gortari became President later that year. Mexicana, the other state-owned airline, was sold for $140 million to a consortium including Mexico's Group Xabre conglomerate and the Chase Manhattan Bank. Next to hit the auction block was Cananea, one of the largest copper mines in the western hemisphere, sold last summer for $475 million to Mexican copper baron Jorge Larrea...
Salinas' message on economics has been tough talk backed by tough action. He has restored business enterprises largely to private hands, most notably by selling off the national airline and Cananea, the nation's largest copper mine. The national telephone company and Mexico's 18 banks have also been put up for sale. Since 1989, when he set out to liberalize foreign-investment regulations, $5.2 billion in new capital has flowed into Mexico, along with consumer goods once unavailable. Salinas has also rectified a dangerous reliance on oil, which produced 78% of Mexico's export income in 1982. Today...
...arid Sonora state, just south of the U.S. border, Mexico's Agriculture Minister Gilberto Flores Muñoz stood in the hot sun one day last week, read aloud a decree that expropriated a huge chunk of U.S. -owned property - the 400,000-acre Cananea Ranch. As thousands of peasants, swirling on the dry. sandy earth, shouted "Sonora for the Sonorans!". he raised the Mexican flag over the last of the great Mexican latifundios (big estates) and took it from the family of Texan William C. Greene, which had owned it for 58 years. The Sonora Legislature declared...
...expropriating Cananea, President Ruiz Cortines was only doing what every Mexican has expected of every Mexican president since 1911, when illiterate Revolutionary Emiliano Zapata cried "Land and Liberty!" In the first 18 years of the program six Presidents handed over 17½ million acres to landless peasants. Land Reformer Lazaro Cárdenas (1934-40) parceled out 45 million acres; Avila Camacho (1940-46). 13 million acres; Miguel Alemán (1946-52). 10 million. In all, 93 million acres, nearly 20% of Mexico's total area, were handed over to 2,000,000 landless peons, who organized themselves...
Cactus-grey Cananea Ranch escaped land reform until last week because it is unlit for farming; arid most of the year, it is used for grazing at the ratio of ten acres per head of cattle. Reformer Cárdenas himself said it should never be divided, and even President Ruiz Cortines did not plan to expropriate. He negotiated first to buy the ranch for $2,160,000. But when hassles among the Greene heirs threatened to delay the closing for years, the President dispatched the Agriculture Minister with an expropriation decree and ended the matter with a few legalisms...