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Grupo Mexico to invest $7 billion in three countries

Friday, June 1, 2012

Copper miner Grupo Mexico will spend $7 billion through 2016 to aggressively expand its mines in Mexico, Peru and the United States to meet a goal of doubling current production.

Boasting the world's largest copper reserves, Grupo Mexico's plan is to raise output to 1.4 million tonnes per year by 2016. The group now churns out 840,000 tonnes of copper annually.

The company's U.S. unit Asarco controls mines in Arizona and its Southern Copper arm runs operations in Mexico and South America.

Source: Reuters