Copper miner Grupo Mexico swings to big profit as metal prices jump
Grupo Mexico registered a net profit of $1.1-billion in this year's first quarter, the Mexican mining and transport company said on Tuesday, helped by a 50% surge in copper prices during the first three months of the year.
The company's-billion dollar profit in the January-to-March period marked a sharp rebound from a nearly $370-million loss during the same period last year.
Grupo Mexico, the country's third largest company by market capitalization, is the world's fifth-biggest copper producer as well as a major rail freight operator in Mexico.
The firm's total revenue during the first three months of this year reached $3.4-billion, up about 40% compared with the first quarter in 2020, the company said in a filing to the Mexican stock exchange.
Sales from Grupo Mexico's mining division during the quarter reached $2.8-billion, up 56% from a year earlier, while sales from the company's transport unit hit $593-million, down about 2%, the filing showed.
Sales for the infrastructure division grew by 8% during the quarter to reach some $147.5-million.
Meanwhile, the company's tax bill during the three-month period reached $476-million.
Copper prices rose by 50.2% during the quarter, while prices for silver, molybdenum and zinc also rose by double-digits, or by 56%, 17% and 29%, respectively.
Production of the red metal was essentially flat for the quarter at slightly more than 271,000 tonnes. Both silver and gold output were up by about 6%, while zinc production slid by nearly 15% to settle around 16,500 tonnes.
The company, controlled by Mexican-billionaire German Larrea, runs mines in Mexico, the United States and Peru, and its overall mining business accounted for around 90% of its first quarter profit.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established on 1 March, 2000, by Barries Barnard, Advanced Fire Suppression Technologies (AFST) and the Advanced Group stands as Sub-Saharan...
VISIT SHOWROOM
Virtual Gas Network supplies compressed natural gas via a virtual gas distribution network.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
