Mining giant Grupo México's first-quarter profit increased by 57%

This leading copper producer group reported a net profit of $1.71 billion in the first quarter, with revenue increasing by 33% to $5.57 billion—higher than the analyst estimate of $5.53 billion from the London Stock Exchange Group (LSEG) survey. First-quarter copper production was 258,138 metric tons, a year-on-year decrease of 2.8%, mainly due to lower output at its Peruvian mines, but this was offset by increased production at its mining units in Mexico and the United States. First-quarter core earnings or EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew nearly 50% to $3.31 billion. Mexico Group, controlled by billionaire German Larrea, is one of the world's largest copper producers by output.