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In 1934 the Mining Promotion Commission (COFOMI, for its Spanish acronym) was created as owner of the non-concessioned deposits of iron, sulfur, and carbon, all of them considered strategic minerals for the economic conditions of the country. This organization considered, in addition to the financial support for national mining, to provide technical assistance as it was practically inaccessible for small and medium mining operations.
Later on, on November 1st, 1974, the organization Mexican Non-Metallic Minerals was created. This was a trust of the Federal Government in the National Finance Company (Nacional Financiera, S.A.), whose objective was to strengthen common lands, rural communities, and small owners in mining activities, through technical assistance, administration, promotion, and installation of industrialized plants, technological research, and financing.
Afterwards, from 1988 to 1990, COFOMI and the Trust worked in parallel; by 1990, the Non-Metallic Minerals Trust changed its name to Mining Promotion Trust (FIFOMI, for its Spanish acronym).
In December 1992, a decree was issued stating COFOMI’s liquidation and, in January 1993, the Mining Promotion Trust acquired all responsibilities and assets of COFOMI, keeping itself as the sectorial financing and technical assistance organization for the Secretary of Energy, Mines, and Public Industry (SEMIP). It was then, in 1994, when the Mining Promotion Trust was assigned to the Secretary of Commerce and Industrial Promotion (SECOFI, for its Spanish acronym), while nowadays FIFOMI is a public organization assigned to the Secretary of the Economy (SE, for its Spanish acronym).
The Mining Promotion Trust is a public trust of the Federal Government where the Secretary of Revenue and Public Credit (SHCP, for its Spanish acronym) acts as trustee and National Finance Company (Nacional Financiera, S.A.), which is a national credit society, and an organization for the development banking, as fiduciary. Its aim is to promote and to initiate the development of national mining through providing credits and specialized technical assistance to create, strengthen and consolidate projects and mining operations.
FIFOMI belongs to the public federal administration, assigned to the Secretary of the Economy (SE), meaning that it’s subject to the Organic Law of the Public Federal Administration, the Federal Law of Public Entities, the Mining Law and the Law of Credit Organizations, among others.
POLITICAL CONSTITUTION OF THE MEXICAN UNITED STATES
In compliance with the regulations, FIFOMI presents its Code of Conduct.
Última actualización el Lunes, 06 de Abril de 2015 14:35
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