Key facts
- Grupo Mexico's second-quarter net profit surged 79% to $2.20 billion.
- Revenues increased 35% to $5.71 billion, exceeding analyst forecasts.
- Higher copper prices, up 30.5% to $6.16 per pound, were the primary driver of profit growth.
- The company produced 257,537 metric tons of copper, a slight decrease from the previous year.
- Grupo Mexico raised $1.25 billion for its Tia Maria copper project in Peru.
Grupo Mexico, a major copper producer, announced a significant increase in its second-quarter net profit, which rose by 79% to $2.20 billion compared to the same period last year. This surge was primarily attributed to a 30.5% rise in copper prices, which reached $6.16 per pound. The conglomerate's revenues also saw a substantial climb of 35%, reaching $5.71 billion, surpassing analyst expectations of $5.65 billion. Net profit also exceeded the LSEG analyst poll estimate of $1.66 billion.
The company produced 257,537 metric tons of copper in the quarter, a slight decrease of 3.7% attributed to lower output from its operations in Peru and the U.S. Asarco unit, though this was partially offset by increased production in Mexico. The mining division's sales grew by 41.3% year-over-year, and the unit maintained its 2026 production guidance of 1.034 million tons of copper.
In addition to its operational results, Grupo Mexico successfully raised $1.25 billion through a 10-year senior unsecured bond issuance last month. These funds are earmarked for the development of the Tia Maria copper project in Peru, which was 42% complete by the end of the second quarter and is scheduled to commence operations in the latter half of the year. Grupo Mexico, controlled by billionaire German Larrea, is recognized as one of the world's largest copper producers by volume and also operates transportation and infrastructure businesses.