The Phaserl


“Slimlandia”: Mexico in the Grip of Oligarchs

from Wolf Street:

Despite being Mexico’s second richest man and owning one of the world’s largest mining groups, German Larrea is an enigma. Until this month the only photo that existed of the media-shy recluse was a blurry black and white image.

All that has now changed: his name and a new photo – one taken of him schmoozing with Mexican President Enrique Peña Nieto at a recent meeting of Citibank’s Mexican division, Banamex – are plastered across the front and financial pages of Mexico’s daily newspapers.

This new wave of unwelcome public attention is the result of what many are describing as the worst ecological disaster in Mexican history. On August 6 the Buenavista del Cobre mine belonging to Larrea’s flagship company, Grupo Mexico, the country’s largest mining and infrastructure company, spewed 10 million gallons (40,000 cubic meters) of copper sulfate acid into the Sonora and Bacanuchi rivers, turning the waterways orange and poisoning the water supply of 24,000 people in seven communities along the rivers.

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