Grupo México to invest up to US$6 billion in US subsidiary Asarco

Mining conglomerate Grupo México has announced plans to invest between US$4 billion and US$6 billion over the next three years into key projects operated by its United States subsidiary, Asarco. This investment follows a 1.9% year-over-year decline in third-quarter copper production, which totaled 260,322 metric tons due to lower output in Peru and at Asarco.

Key initiatives include the expansion of the Ray Mine in Arizona and feasibility studies for the Silver Bell project. Additionally, the company is working toward restarting operations at the Hayden smelter and refinery in Arizona. If successful, the Hayden facility could process 1.4 million metric tons of copper concentrate annually, potentially contributing up to 350,000 metric tons of copper content to the company’s total output.

Despite production fluctuations, Grupo México reported a 60% annual increase in profits, driven largely by high market prices for copper and gold. The company benefits significantly from copper prices exceeding US$4.40 per pound and gold prices surpassing US$3,100 per ounce.