Key facts
- Grupo Mexico plans to invest $4 billion to $6 billion in its US mining unit, Asarco.
- The company aims to restart the Hayden smelter and refinery, with capacity to process 1.4 million metric tons of copper concentrate per year.
- Third-quarter copper output fell 2% due to lower production in the US and Peru.
Grupo Mexico announced plans to invest between $4 billion and $6 billion over the next three years in its US mining subsidiary, Asarco. This investment will focus on expanding the Ray and Silver Bell mines in Arizona and restarting the Hayden smelter and refinery. The company's mining head, Leonardo Contreras, stated that the Hayden facility could process 1.4 million metric tons of copper concentrate annually, potentially yielding 500,000 metric tons of copper. This push for US expansion comes after Grupo Mexico reported a 2% decrease in third-quarter copper output, attributed to lower production in both the US and Peru. Despite the US focus, the company's long-term growth strategy remains centered on Peru through Southern Copper, although its flagship Tia Maria project has been delayed.