Grupo Mexico, the fifth largest copper producer in the world, reported on the progress of its El Arco project in Mexico.
The project is based on a world-class copper deposit located in the central part of the Baja California peninsula, with ore reserves in excess of 1.23 billion tons at an average ore grade of 0.40 percent.
The project also considers 141 million tons of leaching material with an average ore grade of 0.27 percent.
According to Grupo Mexico, this project includes an open pit mine with concentrator and leaching plant operations.
The company expects annual production to approach 190,000 tons of copper and 105,000 ounces of gold.
Grupo Mexico
The company has completed the baseline environmental study for the mine, concentrator and industrial facilities of the El Arco project and will proceed to submit the Environmental Impact Assessment (MIA) to the Ministry of the Environment and Natural Resources (Semarnat) to request the respective environmental permits.
Grupo México is also conducting studies for the port, power transmission lines, population settlements, and auxiliary facilities.
On a year-over-year basis, the company’s total sales grew 7.8% in the second quarter of 2023, to US$3.454 billion.
Its net earnings were US$668 million, an increase of 37.3%, on a like-for-like basis.
According to Intercam Banco, the company faced some challenges, including weak copper prices and an increase in production costs, which negatively impacted results, especially in the Mining division.
Copper production in this period showed a recovery of 9.2%, reaching a total of 258,679 tons.
Grupo México is a holding company whose main activities are: mining, being one of the largest integrated copper producers worldwide; the most extensive railroad service in Mexico; engineering, procurement, construction and drilling services.
The company’s Mining Division is represented by its subsidiary Americas Mining Corporation (AMC), its main subsidiaries being Southern Copper Corporation (SCC) in Mexico and Peru, and Asarco in the United States. Together they hold the largest copper reserves in the world.
