Grupo México is not expecting significant delays in its mining projects pipeline due to the COVID-19 pandemic, the miner said while reporting its Q2 2020 earnings on Wednesday.
The miner is developing four projects in Mexico and four in Peru. All these projects are expected to start operations between 2022 and 2023, the company said in a statement.
Grupo México copper production decreased by 1pc to 285,759mt in Q2 2020, from 288,561mt in the same quarter last year while its zinc production fell by 11.5pc to 15,706mt from 17,749mt during the same period under comparison. Molybdenum production increased by 16.3pc to 7,825mt in Q2 2020, from 6,729mt in Q2 2019.
The company’s mining sales fell by 6.8pc to $1.88bn in Q2 2020, from $2.02bn in the same period last year due to a decline in copper, zinc, and molybdenum prices Grupo México noted.
The company’s mining division posted a net profit of $472.4mn in Q2 2020, up by 54.9pc from a net profit of $304.9mn in the same quarter last year. However, it’s mining division posted an EBITDA of $814.6mn, down by 15pc from $958.7mn during the same period.