Grupo Mexico posts Q1 profit surge to $1.7bn
MEXICO CITY - Mining and transportation conglomerate Grupo Mexico on Tuesday reported a 57% profit jump in the first quarter from the same period the previous year, helped by an increase in silver and zinc sales.
Net profit for the group was $1.71-billion for the quarter, after revenue increased by 33% year-on-year to $5.57-billion, which was above a $5.53-billion estimate of analysts polled by LSEG.
Core earnings, or earnings before interest, taxes, depreciation and amortization for the three months through end March increased by nearly 50% year-on-year to $3.31-billion.
Grupo Mexico, which is controlled by Mexican billionaire German Larrea, ranks among the world's largest copper producers by volume.
Copper production in the quarter was 258 138 tons, down 2.8% from a year earlier, mainly owing to lower output at Peruvian mines, which was partially offset by higher production at mining units in Mexico and the US.
Silver and zinc production grew by 11.1% and 2%, respectively, in the first quarter of 2026.
The company also maintained its 2026 target to achieve production of 1.03-million tons.
The company reiterated it is still reviewing plans to double mine production and vertically integrate the US Asarco mining unit with a smelter and refinery.
Tia Maria, one of the biggest mines under development in Peru, the world's third-largest copper producer, is being developed by Grupo Mexico-owned Southern Copper. The long-stalled project is expected to begin operations in the third quarter of 2027, the conglomerate said in a statement.
The project is currently 32.5% complete.
The mine, one of Peru's most controversial developments, has faced years of local opposition over water use and environmental concerns.
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