Tuesday, May 25, 2010

Punta Colonet Construction Contract Eyed by Massive Grupo Mexico

Fresh confirmation of the inevitability of mega-port development in the Mexican town of Punta Colonet came today via a Reuters report that massive Grupo Mexico (GMEXICOB.MX), which owns copper mines in Mexico, Peru and the U.S., “is expanding its construction business by eyeing a bid for a new international airport near Cancun [the Riviera Maya airport] and a major Pacific ocean port” – Punta Colonet.

"We are interested in expanding our infrastructure and construction business in areas of ports, airports and all the types of infrastructure that is linked to our principal businesses: the railroad and the mines," Juan Rebolledo, vice president of international relations, told Reuters.

Pablo Peregrina, an analyst at BBVA Bancomer, said that given Grupo Mexico's relative inexperience with airports, it is unlikely to win the Riviera Maya bid.

But the airport is not the company's only major target. Grupo Mexico is also looking at a large container port project, said Jorge Pulido, head of Grupo Mexico's investor relations. According to Reuters, “The port, planned for Punta Colonet on the Baja California peninsula near the U.S. border, would handle up to 6 million containers per year and is considered one of President Felipe Calderon's top infrastructure proposals, but it has been long postponed as the government decides how to launch the tender.”

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