Grupo Mexico to Invest $1.9bn for Copper Expansion

14 February 2011 (Last Updated February 14th, 2011 18:30)

Mexico's largest mining corporation, Grupo Mexico, plans to invest $1.9bn expanding its copper mining operations for 2011. The expansion includes an increase in overall output in the mining division and re-establishment of Cananea copper mine, located near the US-Mexico border.

Mexico's largest mining corporation, Grupo Mexico, plans to invest $1.9bn expanding its copper mining operations for 2011.

The expansion includes an increase in overall output in the mining division and re-establishment of Cananea copper mine, located near the US-Mexico border.

Grupo Mexico's chief financial officer Daniel Muniz said the copper demand would increase in countries like China and India, while slow-moving new copper projects would struggle to meet global needs, reports Reuters.

The Cananea copper mine was reopened in June 2010, after a three-year strike.

The company expects the Cananea copper mine to regain its full capacity with production between 150,000t and 180,000t by the end of 2011.

The firm also expects to produce 830,000t of copper in 2011 from its two mining companies Southern Copper Cooperation, which operates in Mexico and Peru, and American Smelting and Refining Company (ASARCO), located in the US.