The mining giant, one of the largest copper producers in the world, explained that the investment planned for this year reaches USD 2 billion 596 million, an amount that represents 53.9% more than what was destined in 2018.
Grupo México plans to invest USD 5 billion 746 million by 2020 in potential mining and railroad businesses
The industrial conglomerate Grupo México is planning to invest USD 5 billion 746 million until 2020, to boost its business in the mining and rail sectors.
The company explained, in its financial report sent to the Mexican Stock Exchange (BMV), that they estimate to invest this year USD 2 billion 596 million, an amount that represents 53.9% more than what was destined in 2018.
Of this total amount, USD 1 billion 827 million will be destined for the mining sector, which means 44.4% more than what was invested last year.
This investment planned for 2019, the Mexican firm added, will be directed to projects in mining-metallurgical units with state-of-the-art technology in investment grade countries such as Mexico, Peru, the United States, and Spain.
Within the investment pallet, Grupo México plans to allocate USD 432 million for the transport sector (16.1% more than in 2018) and USD 337 million for infrastructure, pending a better operation and income for its energy assets.
The company also informed that by 2020 they will be injecting another USD 3 billion 150 million, but without detailing the operations.
The mining giant, one of the largest copper producers in the world, reported a profit of USD 74.7 million in the fourth quarter of 2018, compared to USD 110.355 million in the same period of 2017.
In the same period, it had an operating cash flow (EBITDA) of USD 1 billion 160 million, 14% lower than that reported in the same period a year earlier.
Grupo México's revenues totaled USD 2 billion 567 million in the same period, down from US $ 2 billion 737 million in the same period of the previous year.
The company said that this was due to a lower value of copper added to a limited production of this metal, which only rose 3.8% due to lower activity at its Asarco mines.