Word: cananea
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Dates: during 1990-1999
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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...