Silver, zinc sales help boost Grupo Mexico profit 57% in first quarter

By Natalia Siniawski

MEXICO CITY, April 28 (Reuters) - Mining and transportation conglomerate Grupo Mexico GMEXICOB.MX on Tuesday reported a 57% profit jump in the first quarter from the same period the previous year, helped by an increase in silver and zinc sales.

Net profit for the group came in at $1.71 billion. Revenues climbed 33% to $5.57 billion, above a $5.53 billion estimate of analysts polled by LSEG.

Core earnings, or earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months through end March rose nearly 50% to $3.31 billion.

Grupo Mexico, controlled by Mexican billionaire German Larrea, ranks among the world's largest copper producers by volume.

Copper production in the quarter hit 258,138 metric tons, down 2.8% from a year earlier, mainly due to lower output at Peruvian mines, which was partially offset by higher production at mining units in Mexico and the United States.

Silver and zinc production grew by 11.1% and 2.0%, respectively, in the first quarter of 2026.

The company also maintained its 2026 target to achieve production of 1.03 million tons.

The company reiterated it is still reviewing plans to double mine production and vertically integrate the U.S. Asarco mining unit with a smelter and refinery.

Tia Maria, one of the biggest mines under development in Peru, the world's third-largest copper producer, is being developed by Grupo Mexico-owned Southern Copper. The long-stalled project is expected to begin operations in the third quarter of 2027, the conglomerate said in a statement.

The project is currently 32.5% completed.

The mine, one of Peru's most controversial developments, has faced years of local opposition over water use and environmental concerns.