Mexico miners join hands with UAE-based Diar Capital

UAE-based Diar Capital and Mexico-based gold miners under the banner of Durango Miners Association (DMA) plan to float a new gold mining and refining company in Mexico, a person close to the matter said.

"We are going to be a public company. We are 30 miners with total assets of $47 million (Dh172.6m). We are going to get together with the UAE's Diar Capital and float a new public company.," said Rosa de la Rocha, the Director of Public Relations with the DMA.

The company plans to raise money in tranches and the first tranche is expected to be $20m. "There will be two stakeholders in the company. It will be Diar Capital and us. The company will be listed in Mexico but we plan to raise money form across the world," she said.