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Grupo Mexico achieves US$1B profit in March quarter

Grupo Mexico has reported a net profit of US$1 billion on record revenues of US$3.4 billion in the quarter to March 31, compared with a net loss of $137 million in the prior year period, on the back of higher prices for copper, molybdenum, zinc, silver and gold.
Grupo Mexico achieves US$1B profit in March quarter Grupo Mexico achieves US$1B profit in March quarter Grupo Mexico achieves US$1B profit in March quarter Grupo Mexico achieves US$1B profit in March quarter Grupo Mexico achieves US$1B profit in March quarter

Grupo Mexico's Tia Maria project in Arequipa, Peru

Staff reporter

The company produced 271,312 tonnes of copper in the quarter, 7,200t of molybdenum, 16,466t of zinc, and some gold and silver and sulphuric acid.

The company called on the government of Peru to recognise the advances it has made towards obtaining a social licence to develop its permitted Tia Maria copper project in Arequipa, whose development has been halted due to social resistance.

"We expect the Peruvian government to acknowledge the significant progress the project has made in the social environment and the important contributions that Tia Maria will make to the Peruvian economy, and thus, take the necessary steps to begin construction," Grupo Mexico said.

Shares in Grupo Mexico are trading at US$4.85, valuing the company at $37.2 billion.