Mexican miner Grupo Mexico has reported revenue in 2024 of $16.17bn (332.27bn pesos), a 12.6% increase compared with the previous year, led by the mining division.
The mining division achieved record sales, bolstered by increased copper production and the start of operations at the Buenavista Zinc project in Sonora, increasing the company’s zinc sales by more than 45%.
The mining division posted revenue of $12.4bn, a 14.1% increase over the previous year and a 17.4% increase from the fourth quarter of 2024 (Q4 2023), attributed to increased sales volumes in copper, zinc and most by-products and higher prices, except for molybdenum.
The infrastructure division contributed $784m in sales, representing growth of 10.3% from 2023 and 13.8% from Q4 2023. The transportation division generated $3.33bn in revenue, up 4.8% from 2023 but down 3.5% from Q4 2023.
Grupo Mexico's copper production reached 1.086 million tonnes (mt) in 2024, aligning with the company's forecast, mainly due to a 10.7% production rise in southern Peru and a 4.3% rise at Minera Mexico. Production recovered by 5.5% from 2023.
Molybdenum production reached 6,994 tonnes (t), reflecting a 2.6% decline compared with the same quarter last year. This decrease was primarily attributed to reduced production at Caridad and Toquepala, although these losses were partially balanced by gains at Cuajone and Buenavista.
Zinc production for Q4 2024 amounted to 43,148t, an increase of 154.9% from Q4 2023, driven by the commencement of operations at Buenavista Zinc and enhanced output at Santa Barbara.
Silver production in Q4 2024 totalled 2.76 million ounces, representing a 25.2% decrease from Q4 2023, while gold production stood at 8,003 ounces, 4.2% higher than the same period in 2023.
The mining division’s capital investment programme for this decade exceeds $15bn, focusing on key projects in Mexico such as El Pilar in Sonora and El Arco in Baja California.
In Peru, the company is advancing projects including Tía María in Arequipa, Los Chancas in Apurímac and Michiquillay in Cajamarca.
