Two companies from the UAE have expressed interest in investing in gold mines in Mexico, Emirates Business has learnt.
Abu Dhabi-based Al Diar Capital and Dubai-based Gold Crafterz are in discussions with mining group Durango.
Durango Miners Association (DMA) – a grouping of 150 miners from Mexico – is seeking investment from the UAE in mines located in the South American nation's western province.
DMA plans to provide a 51 per cent stake in the project that will initially involve exploration at a cost of $2 million (Dh7.34m) and construction of a gold foundry for $15m. "People in the UAE are interested in a large integrated project that will involve mining and processing of gold. We have about 20,000 hectares in a very important gold and silver area," said Rosa de la Rocha, a director at DMA. A senior Al Diar executive confirmed its interest in Durango, but refused to give details until the deal is signed.
Vijendra Gupta, Managing Director of Gold Crafterz said his company has "no constraints" on investing "as much as the project demands". Gupta said his firm is looking forward to "owning mines in Mexico".
Jeffrey Rhodes, CEO of DMCC-registered INTL Commodities, said gold refiners in the UAE could benefit from Mexican mines.