Higher copper prices push Grupo Mexico quarterly profit up 79%
XME•Bond funding to support Peru project
Grupo Mexico also raised $1.25 billion through a 10-year senior unsecured bond issue last month, and plans to use the funds for the Tia Maria copper project in Peru.
The project was 42% complete by the end of the second quarter, with a target to start operating in the second half of the year.
Grupo Mexico, controlled by billionaire German Larrea, ranks among the world's largest copper producers by volume. The conglomerate also runs transportation and infrastructure units.
Copper output slips while prices rise
The firm produced 257,537 metric tons of copper in the second quarter, down 3.7% from the same period in 2025, due to lower output in Peru and at the U.S. Asarco unit. It was partially mitigated by an increase in Mexico's operations.
At the same time, prices for the red metal increased 30.5%, from $4.72 per pound a year ago to $6.16 per pound.
Sales in the key mining division rose 41.3% from the year earlier. The mining unit maintained its 2026 guidance to produce 1.034 million tons of copper.
Quarterly profit and revenue jump on higher copper prices
MEXICO CITY, July 21 (Reuters) - Mining and transportation conglomerate Grupo Mexico on Tuesday said its second-quarter net profit rose nearly 79% compared with the same period a year earlier, bolstered mainly by higher prices.
Net profit for the group, a leading copper producer, came in at $2.20 billion from revenues that climbed 35% to $5.71 billion, according to a filing.
Net profit far surpassed the $1.66 billion estimate of analysts polled by LSEG, while revenues were slightly above the $5.65 forecast.
