The Ministry of Patrimony publishes an announcement of the application for 30 days in the General Bureau of Mines Tables of Notices and in the most widely circulated daily newspapers in Mexico City. Any opposition to the application must be presented in writing during this 30-day period. At the close of the publication period, the Ministry calls for competitive bids. If the promoter's offer is not the most satisfactory, he is allowed 15 days in which to present a better offer. Beneficiation Plants Beneficiation plants are separated by law according to whether they are in the private sec-tor or the public service. Plants in the private sector must accept a maximum of 15 per- cent of mineral substances from the public sector. The rates for treating these ores are es-tablished by the Ministries of Finance and Public Credit, Industry and Commerce, and Na-tional Patrimony. As in the case of mining concessions, permits for beneficiation plants are granted for a period of 25 years, subject to request for a perpetual extension. Examples of Mexicanization of Mining Companies The first U.S. mining company to be Mexicanized was Penoles a former subsidiary of American Metal Climax. The Mexicanization occurred in the late 1950s before the law was finally enacted. Following the initial Mexicanization of 50 percent of the capital stock in Penoles, American Metal Climax decided to sell its entire participation. At present, Penoles is reported to be 85 percent Mexicanized. Since 1961, Fresnillo, San Francisco Mines of Mexico, San Luis Mining Company, Asarco, and Pan American Sulphur all have been Mexicanized. Recently, the last major holdout, Anaconda, announced its decision to sell 51 percent of Cananea Copper to the Mexican government. Today, therefore, all the major mining companies are Mexicanized. In the case of Asarco, Mexicanization was originally accomplished by placing part of the Mexican shares in a trust agreement for subsequent sale to Mexican stockholders. By 1967 the process was almost completed. Since the Mexicanization of Penoles (now Industrios Penoles, S.A.) spanned a 10-year period, it is revealing and pertinent to examine the company's financial record over that period as shown in its annual reports. Briefly, the record shows that: For the decade ending in 1970, net profits of the Penoles group increased from US$ 260,000 to US$8 million. Ten-year, after-tax profits amounted to $34 million, or an average of $3.4 million per year. Over the same period, $12.6 million was distributed in dividends; $3.5 mil-lion was distributed to employees (under profit sharing); and $18 million was reinvested in projects or expansions or both. Investments in new mining units, refineries, and chemical plants amounted to $59.2 mil- lion during the 10-year period. For the period 1971-75, investments of $81 million are in the planning stage; and anticipated long-range investments for gold, silver, and fluorspar and for other expansions for 1969 through 1978 amount to $160 million. Penoles group assets increased over threefold from $27 million in 1960 to $88 mil-lion by January 1971. 20