Grupo México, the third-largest copper producer, plans to maintain production at last year’s levels of 1.1mn mt of copper, despite disruptions related to COVID-19.
In Q1 2020, the miner’s copper production increased by 4.3pc to 272,646mt compared to the same period last year, due to higher production at its facilities in Toquepala and Cuajone, Peru.
Grupo México’s molybdenum production rose by 39.7pc to 7,186mt while its zinc production increased by 3.8pc to 19,263mt.
The company’s total revenue decreased by 3.3pc to $2.45bn in Q1 2020 from $2.53bn in Q1 2019 after copper prices fell 9.2pc during the period. It posted a net loss of $237mn during the quarter compared to a profit of $535.7mn in Q1 2019, and an EBITDA that decreased by 12.2pc to $1.07bn in Q1 2020 from $1.21bn in the same quarter last year.