“On August 17, we filed a criminal complaint against Grupo México because it has not complied with environmental remediation,” said the Secretary of the Environment, María Luisa Albores, at a press conference.
The mining company’s shares fell around 3.1% to 75.97 pesos, their lowest price since January of this year.
At the end of September, the environmental authority presented a ruling in which it concluded that the company’s remediation efforts had been insufficient and that the river continued to show the presence of contaminants nine years after the incident.
After the ruling, so far this month, the group’s shares have registered a decrease of around 8%, which translates into a drop in its market value from 50.4 billion pesos to 594.7 billion pesos, according to data from investing.com.
So far, the consensus of 17 analysts considers an average price target for the next 12 months of 97.96 pesos, which represents an upside potential of around 29% compared to its current price, according to investing.com.
With information from Reuters.