Grupo México, S.A.B. de C.V.

GMBXF · OTC GMEXICO · BMV

gmexico

$93.0B

USD

Market cap · 2026–07 · week 27

🇲🇽 Mexico, Mexico City

Country

Base Metals

Sector

Producer · Senior · Copper · Molybdenum · Mexico · Peru · USA

Last updated 21 June 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: Grupo Mexico, S.A.B. de C.V. is a senior diversified industrial group headquartered in Mexico City, Mexico, operating through three divisions: Mining, Transportation, and Infrastructure, with more than 30,000 direct employees across four countries. The Mining Division, conducted principally through its subsidiary Southern Copper Corporation and ASARCO, is one of the world's largest integrated copper producers, with operations in Mexico, Peru, the United States, and a development project in Spain. Key assets include the Buenavista del Cobre and La Caridad mines and the Pilares project in Sonora, Mexico, the Toquepala and Cuajone mines in Peru, the ASARCO Mission, Ray, and Silver Bell mines in Arizona, and the Aznalcollar zinc-copper development in Spain. In 2025 the group produced 1,029,854 tonnes of copper, up 2.3%, and sold 1,045,859 tonnes of copper, 171,931 tonnes of zinc, 31,162 tonnes of molybdenum, 25.2 million ounces of silver, and 42,921 ounces of gold, with zinc production rising 36% on the consolidation of the Buenavista Zinc operations. The business model integrates low-cost open-pit copper mining with smelting, refining, and rod production, complemented by a rail-transportation network and an infrastructure portfolio spanning energy, drilling, and construction. The group holds among the largest copper reserves globally with a competitive cash cost, and is exposed to copper-price volatility and the regulatory environments of its operating countries.

Strategy: Strategic direction is anchored in a long-term vision to expand low-cost copper production from a world-class reserve base while diversifying earnings through transportation and infrastructure. A core objective is organic growth in the Mining Division, exemplified by the Pilares project in Sonora reaching its full annual capacity of 30 thousand tonnes of copper in concentrates and the entry into operation of the Buenavista Zinc plant and the Fenicias wind park. The enterprise prioritizes capital investment in exploration and development to increase copper reserves and production, supported by efficiency gains across the Southern Peru (SPCC) operations in Peru and ASARCO in Arizona. The group is advancing the Aznalcollar complex in Spain, which will produce zinc, copper, and other metals from two open pits. Capital allocation balances mining growth with low leverage and shareholder returns, leveraging the most competitive cash cost and the largest copper reserves globally. The transportation and infrastructure divisions provide diversified, cash-generative platforms that complement the cyclical mining business and support the group's long-term resilience.

Management: Executive leadership is headed by German Larrea Mota Velasco, who serves as Chairman of the Board of Directors and Executive President, and who was ratified in both roles during the period. As the controlling shareholder through the Larrea family, he sets the strategic direction across the Mining, Transportation, and Infrastructure divisions. The Board of Directors oversees corporate strategy, the appointment and removal of the Chief Executive Officer (Director General), and executive compensation, supported by its committees in accordance with Mexican securities law. Governance is exercised through the Board and its committees, which oversee financial reporting, risk management, and related-party matters. The framework reflects the group's listing on the Mexican Stock Exchange and the separate listing of its subsidiary Southern Copper Corporation, aligning management accountability with long-term value creation across its diversified businesses.

Sustainability: The organization has obtained The Copper Mark, The Zinc Mark, and The Molybdenum Mark responsible-production certifications, with its open-pit copper, zinc, and molybdenum operations in Mexico now holding these certifications. The group is advancing its energy transition through the Infrastructure Division, where projects including the Fenicias wind park reduce close to 250,000 tonnes of CO2-equivalent per year, equivalent to 7% of its footprint. The Mining Division emphasizes low-cost, efficient operations with integrated metallurgical processing, including ESDE leaching plants, concentrators, smelters, and refineries that recover gold, silver, and sulphuric acid as part of comprehensive resource utilization. The group's reserves are reported under the proven and probable categories and measured, indicated, and inferred resources as defined by applicable regulation. These programs frame Grupo Mexico's approach to responsible mining and the supply of metals essential to electrification and the energy transition.

Structure: The corporate structure is organized into three divisions under Grupo Mexico, S.A.B. de C.V. The Mining Division operates principally through Southern Copper Corporation (SCC), whose shares are separately listed, encompassing Southern Peru Copper (Toquepala and Cuajone in Peru), Minera Mexico (Buenavista del Cobre and La Caridad in Sonora), and ASARCO Incorporated (Mission, Ray, and Silver Bell mines and the Hayden smelter in Arizona). The Transportation Division operates through GMXT (Grupo Mexico Transportes), a major rail-freight network in Mexico that has issued certificates including GMXT 17 and GMXT 19. The Infrastructure Division comprises energy generation entities such as Mexico Generadora de Energia, the Fenicias wind park, and Generadora de Energia Soyopa, alongside drilling, fuel storage, and construction businesses. The group is developing the Aznalcollar complex in Spain, comprising two open pits producing zinc, copper, and other metals. Operations span four countries, and the group maintains a low-leverage balance sheet supporting continued investment across its divisions.

Hedge: Grupo Mexico manages exposure to metal-price, foreign-exchange, and interest-rate risk arising across its mining, transportation, and infrastructure businesses within its treasury and risk-management framework. The mining business of copper, zinc, and other metals is subject to commodity-price volatility, which the group manages through its sales arrangements and, where appropriate, derivative instruments. Foreign-exchange exposures arising from operations in Mexico, Peru, the United States, and Spain, and interest-rate exposures on its peso- and dollar-denominated debt, including the GMXT certificate programs, are monitored and managed by management under Board oversight.

Source: Grupo Mexico, S.A.B. de C.V. - Annual Report - 2025

Portfolio Aggregate · 3 projects

Portfolio mode — asset rows are for context only; tab totals use the company aggregation.

Grupo Mexico — Infrastructure Division

Portfolio · Power Renewables

Mexico

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Project information

Type: Processing Facility

Aggregation level: Company portfolio

Status: Operating

Report standard: Other

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: Mexico

Facility kind: Power Renewables

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

Grupo Mexico's infrastructure business, spanning energy generation (including the Fenicias wind park and Mexico Generadora de Energia), oil-and-gas drilling, fuel storage, and construction. The Fenicias wind park reduces close to 250,000 tonnes of CO2-equivalent per year.

Portfolio Aggregate · Processing facilities

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Grupo Mexico — Mining Division

Portfolio

Mexico

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Mining

Type

Operating

Status

🇲🇽 Mexico

Country

Project information

As at 31 December 2025

Aggregation level: Company portfolio

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Grupo Mexico's consolidated mining business, conducted principally through Southern Copper Corporation and ASARCO, one of the world's largest integrated copper producers with operations in Mexico, Peru, and the United States. The group holds among the largest copper reserves globally with a competitive cash cost. 2025 copper production was 1,029,854 tonnes (up 2.3%), and zinc production rose 36% on the Buenavista Zinc consolidation.

Portfolio Aggregate

Multiple effective dates

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Grupo Mexico — Transportation Division (GMXT)

Portfolio

Mexico

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Project information

Type: Other

Aggregation level: Company portfolio

Status: Operating

Report standard: Other

Ownership %: 100

Operator: Yes

Extraction: -

Country: Mexico

Description

Grupo Mexico's transportation business, operated through GMXT (Grupo Mexico Transportes), one of Mexico's largest rail-freight networks, providing diversified cash flow complementary to the mining business.

Portfolio Aggregate

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Operating · 6 projects

Buenavista del Cobre

Asset

Mexico, Sonora

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Mining

Type

Operating

Status

🇲🇽 Mexico, Sonora

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Grupo Mexico's flagship open-pit copper mine at Buenavista del Cobre in Sonora, one of the world's largest copper deposits, including SX-EW (ESDE) leaching plants and the Buenavista Zinc plant which entered operation and lifted group zinc output 36%. The complex includes concentrators with capacity of approximately 94,500 tonnes of ore per day.

Mining metrics

As at 31 December 2025

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Cuajone

Asset

Peru, Moquegua, Andean Porphyry Belt

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Mining

Type

Operating

Status

🇵🇪 Peru, Moquegua (Andean Porphyry Belt)

Country

Project information

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

Open-pit copper-molybdenum porphyry mine at Cuajone in southern Peru, operated by Southern Peru Copper, feeding the Ilo smelter and refinery complex.

Mining metrics

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La Caridad

Asset

Mexico, Sonora

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Mining

Type

Operating

Status

🇲🇽 Mexico, Sonora

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Open-pit copper mine at La Caridad in Sonora, Mexico, integrated with a copper smelter (annual capacity approximately 1,000,000 tonnes of concentrate), an electrolytic refinery (approximately 300,000 tonnes per year), and a copper rod plant (approximately 150,000 tonnes per year).

Mining metrics

As at 31 December 2025

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Pilares

Asset

Mexico, Sonora

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Mining

Type

Operating

Status

🇲🇽 Mexico, Sonora

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Open-pit copper project at Pilares in Sonora, Mexico, near Buenavista, which reached its full annual capacity of 30 thousand tonnes of copper in concentrates.

Mining metrics

As at 31 December 2025

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Toquepala

Asset

Peru, Tacna, Andean Porphyry Belt

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Mining

Type

Operating

Status

🇵🇪 Peru, Tacna (Andean Porphyry Belt)

Country

Project information

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

Open-pit copper-molybdenum porphyry mine at Toquepala in southern Peru, operated by Southern Peru Copper, with associated concentrator and SX-EW capacity.

Mining metrics

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ASARCO (Arizona Operations)

District

United States, Arizona

Open project page

Mining

Type

Operating

Status

🇺🇸 United States, Arizona

Country

Project information

Aggregation level: District / complex

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

ASARCO's open-pit copper operations in Arizona, comprising the Mission, Ray, and Silver Bell mines, the Hayden smelter, and the Amarillo refinery in Texas, contributing to Grupo Mexico's US copper production.

Mining metrics

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Development · 1 project

Aznalcollar Complex

Asset · Construction

Spain, Seville (Andalusia)

Open project page

Mining

Type

Development

Status

🇪🇸 Spain, Seville (Andalusia)

Country

Project information

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

Zinc-copper development project in the Aznalcollar mining complex in Andalusia, Spain, comprising two open pits that will produce zinc, copper, and other metals.

Mining metrics

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Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

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How to read this tab

The tables below list unit codes most often used in the Base Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Base metals

Cu % / Zn % are the grade norm for base metals; kg/t is for very high-grade deposits. Porphyry copper is typically 0.3–1% Cu; SEDEX zinc 5–15% Zn.
C1 vs C2 vs C3 vs AISC. C1 is direct mining + processing + transport + by-product credits. C2 adds depreciation; C3 adds corporate/indirect costs. Compare like for like.
TC/RCs (treatment & refining charges) are smelter payments per dry metric tonne of concentrate — a non-trivial part of base-metal economics, not shown on the Portfolio tab.
Concentrate vs metal. Miners often sell concentrate (~25–30% Cu) and are paid for contained metal minus TC/RCs. Portfolio books contained metal on a 100% basis.

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.

Gold

Score

Production

Resource base

Grade

1 / 5

0–50 koz Au

0–1 Moz Au

0–1 g/t Au

2 / 5

50–125 koz Au

1–2.5 Moz Au

1–2 g/t Au

3 / 5

125–250 koz Au

2.5–5 Moz Au

2–5 g/t Au

4 / 5

250–500 koz Au

5–10 Moz Au

5–8 g/t Au

5 / 5

≥ 500 koz Au

≥ 10 Moz Au

≥ 8 g/t Au

Silver

Score

Production

Resource base

Grade

1 / 5

0–1 Moz Ag

0–25 Moz Ag

0–50 g/t Ag

2 / 5

1–3 Moz Ag

25–75 Moz Ag

50–100 g/t Ag

3 / 5

3–7 Moz Ag

75–150 Moz Ag

100–200 g/t Ag

4 / 5

7–12 Moz Ag

150–225 Moz Ag

200–300 g/t Ag

5 / 5

≥ 12 Moz Ag

≥ 225 Moz Ag

≥ 300 g/t Ag

Copper

Score

Production

Resource base

Grade

1 / 5

0–50 kt Cu

0–500 kt Cu

0–0.5 % Cu

2 / 5

50–125 kt Cu

500–2000 kt Cu

0.5–1 % Cu

3 / 5

125–250 kt Cu

2000–5000 kt Cu

1–1.5 % Cu

4 / 5

250–500 kt Cu

5000–10000 kt Cu

1.5–2 % Cu

5 / 5

≥ 500 kt Cu

≥ 10000 kt Cu

≥ 2 % Cu

Zinc

Score

Production

Resource base

Grade

1 / 5

0–50 kt Zn

0–1 Mt Zn

0–2.5 % Zn

2 / 5

50–150 kt Zn

1–3 Mt Zn

2.5–5 % Zn

3 / 5

150–300 kt Zn

3–7 Mt Zn

5–8 % Zn

4 / 5

300–500 kt Zn

7–15 Mt Zn

8–12 % Zn

5 / 5

≥ 500 kt Zn

≥ 15 Mt Zn

≥ 12 % Zn

Molybdenum

Score

Production

Resource base

Grade

1 / 5

0–5 Mlb Mo

0–50 Mlb Mo

0–0.03 % Mo

2 / 5

5–15 Mlb Mo

50–200 Mlb Mo

0.03–0.06 % Mo

3 / 5

15–30 Mlb Mo

200–500 Mlb Mo

0.06–0.12 % Mo

4 / 5

30–50 Mlb Mo

500–1000 Mlb Mo

0.12–0.2 % Mo

5 / 5

≥ 50 Mlb Mo

≥ 1000 Mlb Mo

≥ 0.2 % Mo

Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.