The income recorded by the company’s transportation division in the period was 822 million dollars, a year-on-year increase of 17.5%.
Billionaire Germán Larrea’s company reported an increase in net profits of 20.4% year-on-year in the third quarter for its mining unit, up to $558.5 million.
Regarding the red metal, whose sales constitute the majority of the mining division’s operations, these increased by 0.9% compared to the same period in 2022, while production fell a slight 1% to 253,865 tons.
The cash operating cost per pound of copper, a measure also called “cash cost,” was $1.29 in the third quarter, just above the $1.28 reported in the same period a year earlier.
The company also noted that it “expects to maintain strong competitiveness in terms of costs” as it increases copper production capacity to 1.6 million tons over the next 10 years,” the statement said.
Regarding mining projects, Grupo México indicated in its report that it postponed the start of operations of the Buenavista Zinc project, located in the state of Sonora and with an investment of 413 million dollars, until the first quarter of 2024 from the fourth quarter of this year. year, due to technical adjustments.
Additionally, the company stated that it is in negotiations with representatives of the local Tiaparo community in Peru to acquire part of the land it wants for its Las Chancas copper project, located in the Andean Apurímac region.