Slim’s Frisco Acquires AuRico Gold Assets for $750 Million

by Crayton Harrison and Liezel Hill
Business Week

Billionaire Carlos Slim’s Minera Frisco SAB agreed to acquire mining assets in Mexico from AuRico Gold Inc. (AUQ) for $750 million in what would be the largest gold deal involving a Mexican company.

AuRico will sell properties including the Ocampo mine and Venus and Los Jarros projects in northern Chihuahua state and a 50 percent stake in the Orion project in Nayarit state, the companies said yesterday in separate statements.

Slim, the world’s richest person according to the Bloomberg Billionaires Index, is betting precious metals will show resilience as the global economy struggles to grow. The price of gold, which is poised to rise for the 12th straight year, hasn’t dropped below $1,500 an ounce in more than a year.

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