Mining and transport conglomerate Grupo Mexico boosted its copper production in the second quarter this year, driven by increases in its Peruvian and Mexican operations.
The company produced 270,750 metric tonnes (t) of copper in the second quarter, up by 4.7pc from the year earlier period. The firm produced 538,740t in the first half, a 5.3pc increase from the same period in 2023.
The increase reflects increased copper production in Peru, as well as higher output at its Buenavista zinc concentrator in Mexico.
"Higher [copper] production in Mexico was partially offset by a decrease in [Arizona-based US subsidiary] Asarco's production," Grupo Mexico said.
Total copper sales in the quarter increased by 2.5pc to 260,050t from a year earlier.
The company resumed its Tia Maria copper project in Peru in July this year and said it expects to produce 120,000 t/yr of solvent extraction and electrowinning copper cathodes when it starts operations in 2027.
The company produced 29,420t of zinc in the second quarter, up by nearly 71pc on the year, also driven by the Buenavista Zinc concentrator. Zinc sales rose by 78pc to 39,000t.
Molybdenum production in the second quarter rose by almost 21pc to 7,655t from the prior-year period, while sales increased by 21pc to 7,640t.
The production and sales hikes came with higher average prices for the metals, the company also said.
Average zinc prices of $1.29/lb in the second quarter were up by 12pc from the same three-month span in 2023, based on London Metal Exchange numbers.
The average copper price of $4.55/lb in the second quarter was 18pc higher than the prior-year period, according to Comex figures cited by Grupo Mexico.
Second quarter total profits rose by nearly 60pc to $1.06bn on the year, with revenues increasing by 27.4pc to $4.4bn in the same period.
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