Tycoon Slim plans more investment in Mexico

Mexican tycoon Carlos Slim said on Monday he plans to invest more than 44 billion pesos ($3.6 billion) in Mexico this year, with about 40 percent of the new investments going toward his telecommunications businesses.

Slim controls America Movil, Latin America's leading cell phone provider, and Telefonos de Mexico, Mexico's top fixed-line phone company. Each one will get 10 billion pesos during 2011.

Another 10 billion pesos will be used at Slim's mining company Frisco, and 13 billion pesos more at his infrastructure firm Ideal, the billionaire said.

Slim, the world's richest man according to Forbes, did not provide further details on Frisco's metal production but said he was open to new mine acquisitions.

Frisco produced 199,791 ounces of gold and 5.5 million ounces of silver at its Mexican operations in 2010 and has said it will expand output in 2011.

Frisco will continue searching for more exploration land as it starts operations in five of its existing mines across Mexico between 2011 and 2012, Slim told a group of some 90 reporters gathered at one of his offices in the capital.

"We are looking at other places in America (the continent), from here (Mexico) down," Slim said, with Van Gogh and Renoir paintings belonging to the tycoon's private collection on prominent display.

 

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