Grupo Mexico's Q2 Net Income Jumps 90.9% Despite Lower Copper Output

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Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

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Summary

Grupo Mexico reported a mining division EBITDA of US$5.92 billion during the first half of the year, a 61.3% year-on-year increase. Net income in Q2 reached US$2.09 billion, 90.9% more than the same period in 2025. The positive financial results were partly the outcome of higher prices, despite lower copper, molybdenum, and silver production.

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Financial Results

Grupo Mexico reported consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) of US$6.85 billion during the first half of the year, 49.6% more than the same period in 2025. The company's mining division accounted for US$5.92 billion of the total, up 61.3% from 2025.

According to Industrial Info Resources data, there are 72 Grupo Mexico mining projects worldwide amounting to investments of US$19.89 billion.

During Q2, the company's income stood at US$2.09 billion, a 90.9% increase compared to the same period last year.

The better financial results were driven by higher prices of copper (28.6%), molybdenum (34.2%), and silver (137.9%) as well as sales during the first half of the year, even though quarterly output was lower.

First-half mining sales increased 39.5% to US$9.30 billion, accounting for most of Grupo México's US$11.28 billion in consolidated sales. During Q2 alone, mining sales rose 41.3% to US$4.70 billion.

Copper and Byproduct Volumes

During the second quarter, Grupo Mexico's copper production totaled 257,500 tonnes, down 3.7% year on year. Lower volumes from Grupo Mexico's Peruvian operation and the United States mainly caused the drop, although its Mexican mines helped offset some of the losses.

Molybdenum production fell 11% to 7,046 tonnes, while silver output decreased 0.3% to 2.98 million ounces. The company also produced 39,257 tonnes of zinc, 14.5% less than a year earlier.

Future Investments

Grupo Mexico forecasts capital investments exceeding US$27 billion for this decade for its projects in Peru, the United States, Spain and Mexico.

The company's biggest copper projects are currently in development in Peru. The most advanced of them is the Tia Maria project in Peru's Arequipa region, which is set to add 120,000 tonnes of copper cathodes per year to the company's volumes, with startup of operations expected in the second half of 2027. Industrial Info Resources offers more information on the project in its Global Market Intelligence (GMI) Metals & Minerals Project Database, where readers can find details--including construction schedules, investment values and necessary equipment--in detailed project reports.

Additionally, the company is also working to develop the Los Chancas project worth US$2.6 billion set to add 130,000 tonnes of copper and 7,500 tonnes of molybdenum per year starting in 2031. Meanwhile, the Michiquillay project in Cajamarca is the biggest in size, with projected volumes of 225,000 tonnes of copper per year and US$2.5 billion in investments, with first copper projected for 2032. Readers can view more information on the Los Chancas and Michiquillay projects.

Investments into Peruvian projects already under construction and detailed engineering could exceed US$10.3 billion.

At the same time, the company also has other brownfield copper projects in the United States, such as the expansion of the Ray concentrator, and a expansion in Silver Bell, both in Arizona. Meanwhile, in Mexico, the El Arco and El Pilar projects could also come online in the next few years and add significant volumes to the company's production.

Readers can view a full list of Grupo Mexico's active and planned projects worldwide as well as a full list of reports for projects mentioned in this article.

Copper Market

The copper market's long-term outlook remains strong, with the International Energy Agency forecasting a 25% supply deficit for 2035. This reflects increased demand from sectors such as the electric grid, electric vehicles, renewable sources, construction and more, and supply concerns caused by limited project pipelines.

In the short-term, Reuters reported that Chinese refined-copper imports reached a nine-month high in June, partly because smelter maintenance reduced domestic supply.

At the same time, operational disruptions have also impacted supply, contributing to higher prices throughout the year.

A possible reopening of Cobre Panamá could eventually add substantial supply, although no final decision has been made and its potential price impact remains uncertain.

Key Takeaways

• Grupo Mexico recorded EBITDA of US$6.85 billion in 1H and net profits of US$2.09 billion in Q2.
• Copper production totaled 257,500 tonnes in Q2, a 3.7% drop compared to the same period last year.
• Grupo México said its current capital-investment program could exceed US$27 billion during this decade.

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).