Mexico Nationalizes Salt Producer ESSA

The Mexican government has nationalized Exportadora de Sal SA (ESSA) by acquiring a 49% stake from Mitsubishi Corp. for MX$1.5 billion (US$87.6 million). This move is in line with President Lopez Obrador's efforts to nationalize the country's resources and increase state ownership of companies in key sectors.

ESSA, which was already 51% state-owned, is now fully under state control. The Mining Development Trust played a major role in financing the acquisition, contributing 75% of the funds, while the Mexican Geological Survey covered the remaining 25%. 

"Given ESSA's importance in the national and international salt industry, and in order to consolidate a social policy focused on sustainable economic development and fair and properly remunerated employment, the decision was made to acquire 100 percent of its shares," said Minister of Economy Raquel Buenrostro.

ESSA owns the largest salt mine in the world, with an annual production of more than 8Mt. The mine plays a key role in making Mexico the seventh largest salt producer worldwide. Officials emphasized that the recent nationalization aligns with Mexico's industrial vision, recognizing the crucial role of salt in key sectors such as pharmaceuticals, textiles, chemicals, construction, and petrochemicals.

Buenrostro assured that although ESSA will now be managed by the state, employees will continue to have their jobs and rights. "ESSA is not only a company, but a community. Through honest and responsible management, the local economy will be boosted for the well-being of the inhabitants of Guerrero Negro and surrounding municipalities, with sustainable and equitable economic growth."