08:08 AM EDT, 05/28/2024 (MT Newswires) -- Vulcan Materials ( VMC ) has rejected what it calls the "illegal expropriation" of its investments in Mexico but remains open to negotiation, Reuters reported Monday, citing a company statement.

The US company has been in conflict with Mexico's government since 2022 when officials halted limestone quarrying in Quintana Roo, alleging environmental damages, according to the report.

Mexican President Lopez Obrador, who had previously offered 6.5 billion Mexican pesos ($390.2 million) to purchase the land where Vulcan Materials ( VMC ) operates, last week said the site was closed, not expropriated, and would remain closed until his term ends in October, according to Reuters.

Vulcan described the suspension as "authoritarian" and claimed it could not operate due to the government's actions aimed at forcing it to give up its investments in the region.

About Obrador's offer, the company said it never received "a 'generous offer' to buy our property," Reuters reported.

Vulcan did not immediately respond to MT Newswires' request for comment.

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