Grupo Mexico Eyes $6B US Mine Boost

Grupo Mexico announced a substantial investment plan of $4 billion to $6 billion over the next three years for its US mining subsidiary, Asarco. This initiative aims to expand operations at the Ray and Silver Bell mines in Arizona and includes plans to restart the Hayden smelter and refinery. These projects are being prioritized after the company reported a 2% decrease in third-quarter copper output, impacted by reduced production in both the US and Peru.

The planned expansion in Arizona signifies a renewed focus on domestic copper production, aligning with US governmental priorities for securing critical mineral supply chains. Asarco's recent spending has been notably lower, with only $101 million in 2024. The company is also exploring the integration of Mexican concentrates and US copper scrap. Meanwhile, Grupo Mexico's long-term growth strategy continues to be centered on Peru, with its subsidiary Southern Copper developing projects expected to commence operations around 2032.