Grupo Mexico targets US expansion on copper boom

MEXICO CITY, Jan 28 (Reuters) - Mexican mining giant Grupo Mexico GMEXICOB.MX is weighing sizeable investments in the U.S. to cash in on the copper boom, executives said on Wednesday.

• In a long-awaited move, the firm said its Asarco unit was proceeding with plans to reopen and renovate its mothbolled Hayden smelter in Arizona and the Amarillo refinery in Texas.

• The overhaul would cost an expected $230 million, mining head Leonardo Contreras told analysts following Grupo Mexico's fourth-quarter earnings report.

• The move would increase capacity to smelt 600,000 metric tons of copper concentrate and refine up to 450,000 tons of copper content per year, with medium-term increases possible, the firm said.

• Grupo Mexico's transport division (GMXT) is planning $472.7 million in investments this year. No funds were identified as being earmarked for a bid for Argentine rail lines, with a source telling Reuters GMXT planned to invest $3 billion in if it won the bid.

• The conglomerate's infrastructure division was dinged by halted production at oil rigs operated by state-run producer Pemex PEMX.UL, with an executive saying it was in talks with the firm and expected work to restart soon.