Grupo Mexico, one of Latin America’s largest miners, is investing about $2bn to develop mining and infrastructure projects.
Of this amount, $1.2bn will be invested in mining projects in Mexico, Peru, the US, and Spain, while $367 is earmarked for developing transportation projects. Additionally, $412 will be spent on developing infrastructure projects, the company said in a statement in its financial results.
The company also forecasted 1.1mn mt of copper production in 2020, which is the same volume it produced last year.
Grupo also projected to produce 2mn mt of copper in 2027, which 79pc above 2019 production.
Copper production increased by 11.7pc in 2019 to 1.1mn mt from 1mn mt in 2018, on higher production at its Buenavista facility in Mexico and Toquepala in Peru.
Grupo reported a net profit of $1.4bn in 2019, up from $915.2mn during the year prior.
The company’s sales increased by 1pc in 2019 to $7.9bn.