Grupo Mexico Reports Net Income of US$1.97 Billion in Q3 Driven By Mining Division

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

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Summary

Grupo Mexico reported net income of US$1.97 billion in Q3, driven by its mining division. Higher commodity prices lifted earnings growth despite lower year-on-year production of several metals.

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High Commodity Prices Drive a 63% Increase in Net Income

Grupo Mexico reported a net income of US$1.97 billion in Q3, up 62.9% compared to the same period last year. The results were driven by the mining division, which generated net income of US$1.8 billion in the last quarter, a 69.1% year-on-year increase.

The increase was mainly driven by higher commodity prices. To put things in perspective, copper prices per pound rose 34.2% year-on-year in Q3, silver prices increased 58.7%, and molybdenum prices were 35.3%, according to Grupo Mexico's report.

35.3% Higher Sales During First Nine Months of 2026 Versus 2025

In the first nine months of 2026, Grupo Mexico's sales reached US$17.6 billion, 35.3% more than in 2025. The mining division contributed US$14.43 billion, a 40% year-on-year increase, followed by the transport division with US$2.85 billion and the infrastructure segment with US$618 million.

Capital expenditure during the quarter was US$694 million. Alongside its Q3 results, the company announced stock dividends of US$529 million.

Grupo Mexico's mining division produces copper, molybdenum, zinc, silver, gold, and sulfuric acid. Quarterly production of copper, molybdenum, zinc, and silver declined year on year, while gold and sulphuric acid output increased.

In Q3, the company produced 260,000 tonnes of copper, a 1.9% year-on-year drop mainly due to lower ore grades in Peruvian operations and Asarco in the United States. Copper production in the first nine months of 2026 totaled 776,000 tonnes, compared with 798,000 in the same period of 2025.

Meanwhile, molybdenum output in Q3 reached 7,700 tonnes, a 2.2% year-on-year drop, bringing accumulated production in 2026 to 22,263 tonnes, down 5.2%. Gold output reached 10,292 ounces in Q3, 2.4% more than in the same period last year.

Groupo Mexico's Mining Investments Could Exceed US$27 Billion

Grupo Mexico said its mining investments could exceed US$27 billion this decade across projects in Peru, the United States, Spain, and Mexico.

Industrial Info Resources is tracking 77 active mining-related projects belonging to Grupo Mexico across the world, representing investments of US$19.8 billion.

The largest project in terms of investment tracked by IIR is El Arco copper project in Mexico, with estimated investments of US$2.9 billion and planned annual production of 190,000 tonnes of copper and 105,000 ounces of gold. The project could begin construction by the end of 2028 and be operational by May 2030.

Among the biggest projects under construction is the Tia María copper project (Umbrella ID 21654) in Peru, designed to produce 120,000 tonnes of copper cathodes per year and representing investments of almost US$2 billion. In its Q3 report, Grupo Mexico said Tia Maria was 49.6% complete as of the end of September.

Based on IIR project mapping, Grupo Mexico currently has 35 active copper projects, and one active project each for zinc, gold, and silver. Additionally, the company has one active railroad project, one electric power transmission or distribution project, and one water supply project.

Key takeaways

• Grupo México reported net income of US$1.97 billion in Q3, up 62.9% year on year.
• Capital expenditure during the quarter totaled US$694 million.
• Copper production in the first nine months of the year totaled 776,000 tonnes, compared to 798,000 in the same period of 2025.

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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 verified plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).