Conglomerate Grupo Mexico boosted its earnings in the third quarter, led by increased copper output and strong sales prices.
The company produced 280,900 metric tonnes (t) of copper in the third quarter, up by 10.6pc from the year earlier period. Copper sales in the quarter increased by 8.2pc to 275,070t.
The average copper price of $4.23/lb in the third quarter was 12.2pc higher than the prior-year period, according to Comex figures cited Tuesday by Grupo Mexico.
The group's mining division sales, represented by subsidiary Americas Mining, rose by 17.8pc to $3.2bn in the third quarter from a year prior, the group said. Profit surged by 55pc to $864mn, while cost of sales rose by 5.4pc to $1.4bn.
Total profits for Grupo Mexico, which has operations in mining, rail and infrastructure, rose by 44pc to $1bn in the third quarter on the year, with revenues increasing by 13.4pc to $4.13bn in the same period.
The increase in copper output reflects gains at the Peruvian mines of Toquepala, Buenavista, Cuajone and Mexico's Caridad mine, the company said.
"Grupo Mexico was able to benefit from a favorable copper price environment which, together with excellent production levels and strict cost control, translated into excellent financial results led by the mining division," the company said.
The company nearly doubled its zinc output to reach 31,080t in the third quarter, driven by the Buenavista Zinc concentrator. Zinc sales rose by 50pc to 37,355t.
Molybdenum production in the third quarter rose by 6pc to 7,270t from the prior-year period, while sales increased by 5.6pc to 7,326t.
Average zinc prices of $1.26/lb in the third quarter were up by 14.5pc from the same three-month span in 2023, based on London Metal Exchange numbers.
Grupo Mexico's Americas Mining subsidiary comprises main subsidiaries Southern Copper in México and Peru, and Asarco in the US.
Capital investments rose by 30pc in the quarter, totaling $536mn.
By Carolina Pulice
