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Mexican mining company

Grupo México is a Mexican conglomerate that operates through the following divisions: Mining (Minera Mexico), Transportation (GMxT), Infrastructure and Fundacion Grupo Mexico.

Founded in 1978, Grupo México became a significant player in the mining industry, responsible for 87.5 percent of Mexico's copper production by 2000. The company has faced ongoing conflict with the Mexican Mine Workers' Union and acquired a controlling interest in Southern Peru Copper Corporation in 2004. A litigation over the equity sale of SPCC is ongoing, with Grupo México's $2.5 billion bid for ASARCO recommended for acceptance in 2009.

The company is the largest mine operator in Mexico and Peru, and the third largest in the United States. It is the fourth largest copper producer worldwide and controls the largest copper reserves globally.

Grupo México operates the second largest transportation division in Mexico and the U.S. states of Texas and Florida, owning several entities that collectively operate over 11,000 kilometers of track, connecting major cities, ports, and border crossings, and manage 40 intermodal freight facilities across Mexico.

ASARCO has been held responsible for environmental pollution at 20 Superfund sites across the U.S. by the Environmental Protection Agency. Grupo México, ASARCO's owner, has also faced environmental issues in Mexico, including a sulfuric acid spill into the Sea of Cortés, the Pasta de Conchos mine disaster, and the Rio Sonora spill. Despite these incidents, Grupo México reported a decrease in total CO2e emissions for the year ending December 2020.

History

The company was founded by Raúl Antonio Escobedo and Larrea Mota Velasco in 1978. After the government of Carlos Salinas declared the state mining company bankrupt, Larrea purchased key Mexican copper mines in Cananea and Nacozari (cities in the state of Sonora). He also purchased numerous other mining sites, including coal mines in the s

Mexican billionaire businessman

Germán Larrea Mota-Velasco (born October 26, 1953) is a Mexican billionaire businessman. He is the CEO of Grupo México, Mexico's largest mining corporation, and the third largest copper producer in the world. As of December 2024, his net worth was estimated at US$27.3 billion.

Career

Larrea Mota-Velasco has been chairman, president and CEO of Grupo Mexico since 1994. He was previously executive vice chairman of Grupo Mexico and has been a director since 1981.

He has served as chairman of the Southern Copper Corporation since December 1999, CEO from December 1999 to October 2004, and as a director since November 1999. He has been chairman and CEO of Grupo Ferroviario Mexicano since 1997. He has been chairman and CEO of Empresarios Industriales de Mexico, Compania Perforadora Mexico, Mexico Compania Constructora, and Fondo Inmobiliario since 1992.

He founded Grupo Impresa, a printing and publishing company in 1978, remaining as the chairman and CEO until 1989, when the company was sold. He is also a director of Banco Nacional de Mexico, which forms part of Grupo Financiero Banamex, Consejo Mexicano de Hombres de Negocios, and Grupo Televisa.

According to Forbes, he was the second richest man in Mexico, after Carlos Slim, in 2015, 2016, and 2021.

In November 2020, Larrea Mota-Velasco sold 100,000 shares in Southern Copper Corporation for a total price of $6 million, meaning he now owns a stake in the company worth almost $121 million.

Personal life

Larrea Mota-Velasco is married, and lives in Mexico City. He owns and breeds Thoroughbreds under the nom de course of St. George Stable. His mare Letruska became the first horse that had raced in Mexico to subsequently win at the Grade I level in the United States