Carlos Slim wants to Increase his Billions by Mining for Gold

The world’s second-richest man, Carlos Slim, is looking to expand his portfolio by further investing in Mexico’s growing gold industry. Mexico’s Ministry for Environment and Natural Resources has given Minera Frisco, controlled by the billionaire, permission to start new mining operations in Las Espejeras.

Five further gold mining projects have been planned for 2013, testament to Slim’s growing confidence in the Mexican gold industry. Investment in 2013 alone is thought to hover between the $600 million and the $700 million mark.

Slim isn’t new to the gold industry in Mexico, having 2,712 employees working for Frisco in their nine mines around the country. However, Slim has taken a stronger interest in recent years and has invested heavily. In 2012, Frisco bought Canadian AuRico Gold’s mine for a staggering $750 million in 2012. It’s clear that confidence in the gold trade is high.

In the last 10 years, Mexico as a whole has rapidly advanced in this market. Since 2011, the country has been one of the world’s top 10 gold producers. Their standing is only expected to increase in the coming years.

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Carlos Slim wants to Increase his Billions by Mining for Gold