2
2
0
2
-
t
r
o
p
e
R
l
a
u
n
n
A
TENACITY AND
CONFIDENCE
Index
03
Letter to Shareholders
07
Grupo México Results
24
Mining Division
44
Transportation Division
62
Infrastructure Division
80
Fundación Grupo México
98
Board of Directors and Management Team
2 | 3
ANNUAL REPORT 2022 . LETTER TO SHAREHOLDERS
Letter to
Shareholders
The year 2022 was marked by high economic and social volatility, which posed
challenges for governments and companies. Grupo México faced this scenario
with firm decisions and with the conviction that our long-term investments and
a vision of sustained growth support our strength, even in the face of fortuitous
circumstances.
Capital expenditures during 2022 totaled US$1.54 billion, translating into a
10.3% increase over the previous year. In addition, at the Group level, sales
for 2022 totaled US$13.87 billion. Our financial stability has allowed us to
achieve high cash flow to take advantage of growth opportunities and explore
new businesses. Moreover, Grupo México ranked among the most attractive
dividend yields at approximately five percent in the copper industry worldwide
and on the Mexican Stock Exchange.
With this vision, Grupo México’s Mining Division has focused on boosting its
growth through various projects that, by 2030, will allow us to double copper
and by product production with a competitive cost profile. In the face of the
conditions of metal price contractions recorded in 2022, the Mining Division
reported revenues of US$10.96 billion with an outstanding recovery in the last
quarter of the year.
On the other hand, despite a decrease in transported volumes, our
Transportation Division experienced a 7.5 percent increase in total annual
revenues, reaching US$2.71 billion. In this division, it is worth noting the
operating and service efficiency. An example of this was the increase of train
Intermodal Train, Mexicali,
Baja California.
2
INFORME ANUAL 2021 4 | 5
ANNUAL REPORT 2022 . LETTER TO SHAREHOLDERS
speed by 3.3 percent. Excellence in our operations and
the highest standards in providing logistics solutions have
been key to the strength of Grupo México Transportes.
In addition, the
Infrastructure Division stood out for
reporting higher revenues in its six business lines, through
higher energy generation, the continued operation of the
six oil rigs, increases in capacity and fares in the highways
business line, as well as more activities in the Engineering
and Construction firms. The
Infrastructure Division
achieved sales growth of 19 percent over 2021.
These results have been accompanied by equally relevant
achievements in an essential area of our business model:
An employee at underground mine
Charcas, San Luis Potosi.
sustainability. This year, Grupo México improved its
Through Fundación Grupo México, we support health, environmental, social,
performance in the Corporate Sustainability Assessment
and cultural causes. In 2022, we witness the consolidation and outstanding
of rating agency S&P Global and consolidated its position
results of flagship programs: Mexicanos Sembrando donated more than three
among the top nine companies in the mining sector with
million trees this year. By the other hand, this year, TOPS Mexico Magazine
the best rating. In addition, in the Carbon Disclosure
recognized Grupo México as the company most committed to Mexicans’ health,
Project evaluation (Climate), Grupo México maintained a B
thanks to initiatives such as Dr. Vagón and Hearing Without Borders.
rating, which positions us above the average for the mining
and metals industry.
The year 2022 was not an easy one; Grupo México faced important challenges
that it overcame thanks to the experience, stability and solidity acquired over
Aware of the fundamental role of copper in the transition
the years. The diversification of our businesses and a focus on investment and
to sustainable energy, our “La Caridad” mine and the
proximity to our stakeholders remain key to our consolidation.
Metallurgical Complex
located
in Nacozari, Sonora,
received The Copper Mark certification, which guarantees
We work with tenacity, determination and confidence in the countries where
the responsible production of copper.
we operate, driven by the desire to be a decisive factor in the creation of better
opportunities and a sustainable future.
At Grupo México, we know that our achievements are only
possible thanks to the persistence and professionalism
of our almost 30 thousand direct employees, with whom
we maintain our commitment to be a source of well-paid
and highly specialized jobs in the four countries where
we operate.
GERMÁN LARREA MOTA VELASCO
Sincerely yours,
6 |
7
ANNUAL REPORT 2022 . GRUPO MÉXICO RESULTS
Grupo México
Results
Analysis and discussion
of results
2022 represented major global challenges and an adverse macroeconomic
environment that generated strong periods of volatility and uncertainty in the
markets. Grupo México has demonstrated its sound position in the face of the
complex global environment and external risks by continuing with its investment
and growth plans, focusing on the generation of long-term value.
This year, we maintained a solid balance sheet with strong cash flow generation
and low leverage, net debt to EBITDA of 0.4x, and a very convenient debt
maturity schedule.
The recovery we saw in virtually all business units during the fourth quarter of
the year is proof of Grupo México’s resilience, given the diversification of its
businesses and its sustained investment plans over the years.
We reached an
accrued EBITDA
of US$7.13 billion
El Retiro Wind Farm,
Oaxaca.
6
INFORME ANUAL 2021 8 | 9
ANNUAL REPORT 2022 . GRUPO MÉXICO RESULTS
We have a team of 30,086
highly trained employees
Rehabilitation of the Ojinaga
Presidio bridge, Chihuahua.
Consolidated relevant
figures of Grupo México
Grupo México
THOUSANDS OF DOLLARS
In the Mining Division, we obtained revenues of US$10.96 billion in 2022, a
9.3% decrease vs. the previous year, mainly due to a drop in prices during the
year (-5.4%), as well as a decrease in production during 2022. Reversing this
trend, the Mining Division achieved 28.8% higher revenues than in the last
quarter of the year. Copper and Molybdenum prices also showed a recovery of
4.6% and 33.3%, respectively.
Meanwhile, in the Transportation Division, sales totaled US$2.71 billion, 7.5%
higher than in 2021, despite the impact on some of our segments generated
by the decrease in volumes of U.S. railroads, the excess demand of fleet
in U.S. grain export routes, and the congestion of U.S. railroads since the
Covid-19 pandemic.
Lastly, in the Infrastructure Division, we achieved US$664 million in accrued
net revenues, a 19.1% increase vs. the previous year.
Fourth Quarter
Variation
January - December
Variation
2021
2022
Thousands of USD
%
2021
2022
Thousands of USD
%
Revenues
Cost of sales
$ 3,776,282 $ 3,787,672
$ 11,390
0.3
$ 14,776,718
$ 13,870,313
$ (906,404)
(6.1)
$ 1,461,947 $ 1,667,298
$ 205,350
14.0
$ 5,565,003
$ 6,445,020
$ 880,017
15.8
Operating Profit
$ 1,840,201 $ 1,623,929
$ (216,272)
(11.8)
$ 7,466,589
$ 5,650,444 $ (1,816,146)
(24.3)
EBITDA
$ 2,195,748 $ 2,089,024
$ (106,724)
(4.9)
$ 8,932,617
$ 7,138,944
$ (1,793,673)
(20.1)
EBITDA Margin (%)
58.1%
55.2%
60.5%
51.5%
Net Profit
$ 951,124
$ 872,305
$ (78,819)
(8.3)
$ 3,705,873
$ 2,855,530
$ (850,343)
(22.9)
Profit Margin (%)
25.2%
23.0%
25.1%
20.6%
Investments
Employees
$ 343,610
$ 511,024
$ 167,414
48.7
$ 1,361,907
$ 1,542,361
$ 180,453
13.3
29,707
30,086
379
1.3
29,707
30,086
379
1.3
10 | 11
ANNUAL REPORT 2022 . GRUPO MÉXICO RESULTS
Sales by Division
MILLIONS OF DOLLARS
$13,870
Mining
Transportation
Infrastructure
79%
$10,968
19%
$2,647
2%
$255
EBITDA by Division
MILLIONS OF DOLLARS
$7,139
Mining
Transportation
Infrastructure
79%
$5,653
17%
$1,234
4%
$268
Copper anode casting wheel,
Metallurgical Complex, Esqueda, Sonora.
12 |
13
ANNUAL REPORT 2022 . GRUPO MÉXICO RESULTS
In 2022, copper sales
represented 77.2% of
AMC’s total income and
67.5% of Grupo México’s
total income
Sales by Division
THOUSANDS OF DOLLARS
Product
Mining Division
Copper
Silver (thousands of ounces)
Molybdenum
Zinc
Sulfuric acid
Gold (ounces)
Lead
Others
Infrastructure Division
Total Revenues
Volume in Tons
Thousands of USD
2021
2022
Var. %
2021
2022
Var. %
1,058,348
985,438
(7)
(1)
$ 9,979,352
$ 8,469,984
$ 494,982
$ 419,642
19,830
26,266
(13)
$ 1,053,077
$ 1,192,674
101,140
$ 289,522
$ 374,228
20,115
30,319
91,570
1,642,942
1,800,940
42,428
18,014
52,763
17,353
10
10
24
(4)
$ 144,482
$ 374,109
159
$ 76,181
$ 93,348
$ 37,598
$ 36,951
23
(2)
$ 12,661
$ 7,183
(43)
(15)
(15)
13
29
7
23
$ 208,124
$ 255,202
$ 14,776,738
$ 13,870,313
(6)
Transportation Division (cars)
1,908,423
1,890,970
(1)
$ 2,480,759
$ 2,646,993
Didactic nursery, San Luis Potosi,
San Luis Potosi.
*Grupo México’s Divisions carry out transactions with affiliated entities; intercompany billing for the presentation of Grupo
México’s consolidated financial statements is eliminated; therefore, there is a difference between the consolidated figures and
those reported by each Division separately.
14 | 15
ANNUAL REPORT 2022 . GRUPO MÉXICO RESULTS
Share of continents and countries in sales
USA
23.9%
Mexico
34.0%
Latam
11.3%
Europe
18.5%
Asia
12.3%
US$13,870
million
Capital Investments
During 2022, Grupo México continued with its investment and growth
plans, focusing on generating long-term value, even when the environment
was uncertain, with an investment of US$1.54 billion—an increase of 13.3%
versus 2021.
Mining
US$1,085
Transportation
US$376
Infrastructure
US$81
million
million
million
Our investment program for 2023 is approximately US$1.83 billion in different
projects that will be sources of economic growth, job creation, and well-being
for the countries where we operate.
Combined cycle power plants withcon a
capacity of 530 MW, Nacozari, Sonora.
16 |
17
ANNUAL REPORT 2022 . GRUPO MÉXICO RESULTS
Consolidated Debt
80% of the debt contracts are dollar-denominated, and 20% are peso
denominated. 96% of the debt has a fixed rate. Moreover, Grupo México has
an extremely comfortable maturity schedule with payments below US$1 billion
annually until 2035.
Grupo México Maturities
AS AT DECEMBER 31, 2022
Mining Division
Transportation Division
Infrastructure Division
1,500
1,200
1,112
1,018
1,000
1,600
1,400
1,200
1,000
800
600
400
731
744
367
200
139 156
188
42
57 62 66
17 19
19 21 22 22
0
3
2
0
2
4
2
0
2
5
2
0
2
6
2
0
2
7
2
0
2
8
2
0
2
9
2
0
2
0
3
0
2
1
3
0
2
2
3
0
2
3
3
0
2
4
3
0
2
5
3
0
2
6
3
0
2
7
3
0
2
8
3
0
2
9
3
0
2
0
4
0
2
1
4
0
2
2
4
0
2
3
4
0
2
4
4
0
2
5
4
0
2
6
4
0
2
7
4
0
2
8
4
0
2
9
4
0
2
0
5
0
2
Railway Operations Team,
Torreon, Coahuila.
18 |
19
ANNUAL REPORT 2022 . GRUPO MÉXICO RESULTS
Employees at Fencias Wind Farm,
Nuevo Leon.
GMEXICO share price vs.
Average Copper Price - Comex
JANUARY - DECEMBER 2022
Share price
Comex copper price (MXN/lb)*
Grupo México Stock
performance and dividend
payments
Despite the drop in prices and production, and high-cost
inflation faced by the sector worldwide, during 2022,
Grupo México reaffirmed its commitment to return to
shareholders through the payment of dividends. During
this year, the dividend yield remained at an appealing level
for investors.
Grupo México ended the year as the third largest company
on the Mexican Stock Exchange (BMV) in terms of Market
Capitalization, as well as the fourth most traded stock.
As a result of a volatile and uncertain environment with a
complex global macroeconomic outlook, Grupo México’s
stock fell 22% in pesos during the year, largely mirroring
the 14% drop in the price of copper and the 8% drop in the
90.42
88.23
74.47
68.41
2022
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
Oct
Nov
Dic
ANNUAL DIVIDEND YIELD
2019
2020
2021
2022
6.6%
5.2%
7.2%
5.2%
Mexican stock market index.
*Equivalent average price in Mexican pesos
20 |
21
ANNUAL REPORT 2022 . GRUPO MÉXICO RESULTS
Natural hedging in US dollars
Although 2022 was a year of high volatility in the foreign exchange market,
at Grupo México we remain in a privileged position to cope with exchange
rate fluctuations.
Division
Mining
Transportation
Infrastructure
Weighted
Revenues
Cost of sales
Dollars
100%
54%
77%
90%
Pesos
Dollars
47%
23%
10%
56%
23%
75%
50%
Pesos
35%
77%
25%
43%
Soles
9%
7%
Rating agencies Fitch and S&P
confirmed Grupo México’s credit rating
at BBB+, with a stable outlook
Moody’s
Standard & Poors
Fitch
Grupo México
International Rating
Americas Mining Corporation
International Rating
Southern Copper Corporation
International Rating
Issuance Rating
Minera México
International Rating
Secured Bond
México Generadora de Energía
International Rating
Issuance Rating
GMEXICO Transportes
Local Long-Term Rating
International Rating
Ferromex
Local Long-Term Rating
Baa1
Baa1
Baa1
Baa1
Baa2
Baa2
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
mxAAA
AAA(mex)
BBB+
mxAAA
AAA(mex)
Turntable in the locomotive yard,
Guadalajara, Jalisco.
22 |
23
ANNUAL REPORT 2022 . GRUPO MÉXICO RESULTS
Data highlights
2019
2020
2021
2022
Var. %
2022 / 2021
2019
2020
2021
2022
Var. %
2022 / 2021
Volumes Sold *
Copper
Zinc
Silver
Gold
Molybdenum
(tons.)
(tons.)
(thousands of ounces)
(ounces)
(tons.)
1,094,252
1,133,951
1,058,348
103,668
104,752
20,739
49,163
26,849
21,085
47,734
30,259
91,570
20,115
42,428
30,319
985,438
101,140
19,830
52,763
26,266
Average price (dollars)
Copper (COMEX)
(pound)
Zinc (LME)
(pound)
$ 2.72
$ 1.16
$ 2.80
$ 1.03
$ 4.24
$ 1.36
$ 4.01
$ 1.58
Silver (COMEX)
(pound)
$ 16.16
$ 20.62
$ 25.18
$ 21.76
Gold (LF)
(pound)
$ 1,392.17
$ 1,769.59
$ 1,799.58
$ 1,800.80
Molybdenum (MW DEALER OXIDE)
(pound)
$ 11.35
$ 8.69
$ 15.85
$ 18.76
Transportation Division
Net tons-kilometers
(million tons)
65,444
62,823
Carloads
(thousands of units)
1,888
1,753
69,252
1,908
62,811
1,891
Balance sheet (millions of dollars)
Current Assets
Fixed Assets
Total Assets
Bank Liabilities
Total Liabilities
Total Shareholders' Equity
Income Statement (millions of dollars)
Total Revenues
Cost of Sales
Taxes Incurred
EBITDA
Net Profit
$ 5,908
$ 7,375
$ 10,312
$ 17,084
$ 17,100
$ 16,970
$ 27,566
$ 28,608
$ 30,359
$ 9,377
$ 8,952
$ 8,782
$ 13,320
$ 13,364
$ 13,584
$ 14,246
$ 15,244
$ 16,775
$ 10,099
$ 17,342
$ 30,334
$ 8,396
$ 12,547
$ 17,787
$ 10,681
$ 10,909
$ 14,777
$ 13,870
$ 5,514
$ 1,268
$ 5,945
$ 1,766
$ 5,298
$ 5,565
$ 1,370
$ 2,554
$ 5,363
$ 8,933
$ 2,118
$ 3,706
$ 6,445
$ 1,893
$ 7,139
$ 2,856
(7)
10
(1)
24
(13)
(5)
16
(14)
0
18
(9)
(1)
(2)
2
(0)
(4)
(8)
6
(6)
16
(26)
(20)
(23)
Cash Flow (millions of dollars)
Generated by the Operation
Dividends Paid
Taxes Paid
Applied to Financial Activities
Used in Investments
$ 2,714
$ 3,761
$ 5,627
$ 4,136
$ (1,591)
$ (1,328)
$ (2,872)
$ (2,461)
$ 1,843
$ 1,589
$ 2,964
$ 777
$ (476)
$ (228)
$ 3,336
$ (572)
$ (1,125)
$ (1,115)
$ (1,362)
$ (1,542)
(26)
(14)
13
151
13
Cash flow after Investing and Financing Activities
$ 1,011
$ 1,127
$ 1,165
$ (439)
(138)
Financial Ratios
Operating Margin
EBITDA Margin
Current Assets to Current Liabilities (times)
Total Liabilities to Total Assets
Debt /Total Stockholders' Equity + Debt
EBITDA/Interest
(times)
33%
46%
2.6
48%
40%
8.96
37%
49%
3.3
47%
37%
9.75
51%
60%
2.2
45%
34%
41%
51%
2.4
41%
32%
(19)
(15)
8
(8)
(7)
16.24
13.32
(18)
30,263
29,169
29,707
30,086
1
Employees
Annual Inflation
Mexico
United States
Peru
Average Exchange Rate
Mexico
Peru
3%
2%
2%
3%
1%
2%
7%
7%
6%
8%
6%
8%
(pesos/dollar)
(soles/dollar)
19.26
3.34
21.50
3.50
20.28
3.88
20.12
3.84
14
(14)
33
(1)
(1)
Expressed by U.S. Generally Accepted Accounting Principles (US GAAP).
* Throughout the report, tons are metric and ounces are troy.
MININ G
DIVISION
Dr. Vagón, el Tren de la Salud
en Viaducto Ferroviario Manzanillo, Colima, México.
For five
consecutive
years, our copper
production has
exceeded one
million tons
Aerial view of the open pit
of Toquepala, Peru.
26 |
27
ANNUAL REPORT 2022 . MINING DIVISION
Americas Mining Corporation (AMC)
THOUSANDS OF DOLLARS
Revenues
Cost of sales
Operating Profit
EBITDA
January - December
Variation
2021
2022
Thousands of USD
%
$ 12,087,854
$ 10,968,118
$ (1,119,737)
(9.3)
$ 4,456,391
$ 5,304,370
$ 847,978
19.0
$ 6,506,597
$ 4,542,736
$ (1,963,861)
(30.2)
$ 7,587,212
$ 5,652,726
$ (1,934,486)
(25.5)
EBITDA Margin ( %)
62.8%
51.5%
Net Profit
Profit Margin (%)
Investments
$ 3,676,297
$ 2,456,863
$ (1,219,435)
(33.2)
30.4%
22.4%
$ 934,601
$ 1,084,765
$ 150,164
16.1
The Mining Division is represented by its subsidiary AMC, whose main affiliates
are Southern Copper Corporation (SCC) in Mexico and Peru, ASARCO in the
US, and Minera Los Frailes in Spain.
• World’s largest copper ore resources
• Lower production costs worldwide
• Copper producer with the highest organic growth
• Best portfolio of growth projects with diversified assets
We have 14 mines and
three metallurgical
complexes in Mexico,
Peru and the United States
Through Corporate Volunteering, we benefited more than 40
institutions, directly impacting more than 8,000 people.
26
INFORME ANUAL 2021
28 |
29
ANNUAL REPORT 2022 . MINING DIVISION
INFORME ANUAL 2021 30 |
31
ANNUAL REPORT 2022 . MINING DIVISION
INFORME ANUAL 2023 . DIVISIÓN MINERA
Copper is the
third most
widely used
metal in the
world
Products
COPPER
Exceptional
chemical and
physical
properties
High
electrical
conductivity
and corrosion
resistance
Excellent
malleability
and ductility
During 2022, the average price of copper was US$4.01/lb,
5.4% lower than the 2021 average. Production in 2022
decreased by 7.2% compared to the previous year,
reaching 1,006,935 tons, mainly due to lower copper
ore grades. For the next years, our mining plans project
higher ore grades and increased production, in addition
to our organic growth.
Copper is essential for converting
the automotive industry from
combustion to electric
Leadership in operating cost and cash cost
Due to our cost and efficiency policy, despite significant
increases in some of our main consumables, the net
cash-cost was US$1.02. Thus, we reaffirm the world’s
best cost in the copper industry.
Strapped cathodes, Buenavista del Cobre mine,
Cananea, Sonora.
32 |
33
ANNUAL REPORT 2022 . MINING DIVISION
INFORME ANUAL 2023 . DIVISIÓN MINERÍA
Copper is essential for a clean energy transition. Its highly efficient electrical
conductivity makes it ideal for a wide range of technologies directly
and indirectly involved in the decarbonization of the economy. These
technologies also have the potential to reduce approximately two-thirds of
global greenhouse gases (GHG) by 2050.
Thanks to the energy transition, population growth and economic
development, global demand for refined copper is expected to double by
2050 with annual consumption of 50 million tons.
In light of this, the International Copper Association (ICA), of which Grupo
México is a member, developed a roadmap to bring the carbon footprint as
close as possible to net zero by 2050.
COPPER: ESSENTIAL IN THE DECARBONIZATION
OF THE ECONOMY
Open pit mine,
Ray, Arizona.
34 |
35
ANNUAL REPORT 2022 . MINING DIVISION
Tons of copper produced
Mexcobre
BVC
SPCC
ASARCO
IMMSA
Total
Share and var. % vs. 2021
Concentrators
SX/EW
2021
Concentrators
SX/EW
2022
102,689
341,204
372,614
94,208
8,719
919,434
84.8%
25,375
81,845
25,753
32,399
165,372
15.2%
128,064
423,049
398,367
126,607
8,719
1,084,806
88,492
338,633
315,370
79,707
9,134
831,336
82.6%
23,337
93,287
26,450
32,525
175,599
17.4%
111,829
431,920
341,820
112,232
9,134
1,006,935
-7.2%
Production summary
Mine
Product
2019
2020
2021
2022
Copper Content in Concentrates
Leached Copper Content
Total Copper Content
Zinc Content in Concentrates
Lead Content in Concentrates
Gold Content in Concentrates (ounces)
930,156
189,090
1,119,246
73,922
22,567
68,698
947,086
181,841
1,128,927
68,930
20,358
73,186
919,432
165,374
1,084,806
66,958
17,104
60,631
831,335
175,600
1,006,935
60,010
16,590
65,134
Silver Content in Concentrates (ounces)
21,315,505
22,810,470
20,234,222
19,663,241
Molybdenum Content in Concentrates
26,886
30,248
30,262
26,240
Product
Copper Anodes
Refined Electrolytic copper
Refined Copper Cathodes (SX/EWs)
Total high-purity refined copper
Copper Production
Refined Copper Slab
Refined Zinc and Alloys
Refined Gold (ounces)
Refined Silver (ounces)
Sulfuric acid
Cadmium
Lime
Smelter and Refinery
2019
2020
2021
2022
683,698
582,736
189,090
771,826
244,070
6,050
104,977
45,690
633,801
526,674
181,841
708,515
199,427
-
102,440
42,229
598,570
502,836
165,374
668,210
245,003
-
92,672
42,628
637,489
535,394
175,600
710,994
203,787
-
99,893
43,307
12,587,711
13,887,942
13,690,329
14,271,702
2,612,097
2,352,409
2,228,926
2,393,615
609
640
526
671
274,056
279,626
274,403
346,066
* Figures expressed in metric tons except where indicated.
Employee at Buenavista del
Cobre mine, Cananea, Sonora.
Mine truck with a capacity
of 400 tons, La Caridad, Sonora.
36 |
37
ANNUAL REPORT 2022 . MINING DIVISION
We are the 2nd largest producer
of molybdenum in the world
Molybdenum
INDUSTRY
Zinc
INDUSTRY
• Manufacture of stainless and
•
Industrial applications and
special steels. Catalyst in the oil
products, but mainly in
and gas industry.
galvanization.
• Materials for the aeronautical
•
In the manufacture of die
industry, fertilizers, dyes, enamels,
castings as well as in bronzes.
reagents and lubricants.
• Base to obtain zinc oxide used in
the manufacture of tires, paints,
and cattle feed, among others.
Silver
INDUSTRY
Gold
INDUSTRY
• Manufacture of electrical, medical,
•
Jewelry and industrial
electronic, and photographic
applications.
products.
• Manufacture of electronic
• To a lesser extent, in welding
products such as telephones, cell
alloys, jewelry, minting, silverware,
phones, global positioning system
and catalysts.
(GPS) units, televisions and
computers, etc.
AVERAGE PRICE IN 2022
AVERAGE PRICE IN 2022
US$18.76 / lb
US$1.58 / lb
AVERAGE PRICE IN 2022
AVERAGE PRICE IN 2022
US$21.76 / oz
US$1800.80 / oz
PRODUCTION
26,240 tons
PRODUCTION
60,010 tons
PRODUCTION
19,663 thousand ounces
PRODUCTION
65,134 ounces
PROPERTIES
PROPERTIES
PROPERTIES
PROPERTIES
Provides increased alloy hardness
Low melting point, malleability and
Thermal and electrical conductivity
Good conductor of heat,
and corrosion.
high strength.
and malleability.
electricity and malleability.
38 | 39
ANNUAL REPORT 2022 . MINING DIVISION
Projects in Mexico
Project
Investment
Millions of dollars
Progress
Operation
startup date
Jobs
Capacity
Mine years
of life
One of the largest untapped copper
deposits in the world
The environmental baseline study
and the technical information
necessary to present the
environmental impact statements
were completed
190,000
tons of copper
2028
24,300
40
100,000
ounces of gold
Engineering completed
Purchase of equipment 98%
completed
87% progress of construction
Third Quarter
2023
2,330
100,000
tons of zinc
35,000
tons of copper
15
Basic engineering completed
We completed the clearing work
and are in the process of stripping
the land
Tender for the detailed engineering
design underway
Fourth Quarter
2023
2,030
35,000
tons of copper
15
Exploitation of the deposit and ore
benefits began
2022
1,200
38,000
tons of copper
20
•
•
•
•
•
•
•
•
•
El Arco
$9,008
Buenavista Zinc
$413
El Pilar
$310
Pilares
$176
Total
$9,907
Additionally, we have polymetallic underground mine projects in
Chalchihuites, Zacatecas and Angangueo, Michoacan.
Ecological storage of coarse material,
at Buenavista del Cobre mine, Cananea, Sonora.
40 |
41
ANNUAL REPORT 2022 . MINING DIVISION
Grupo México has the largest
portfolio of projects for organic
growth
Projects in Peru
Project
Investment
Millions of dollars
Progress
Operation
startup date
Jobs
Capacity
Mine
years of life
Michiquillay
$3,130
In exploration
2029
6,000
Los Chancas
$2,811
Environmental permits
2027
5,000
Tia Maria
$1,514
Social license
2025
2,800
Total
$7,455
269,000
tons of
copper eq.
170,000
tons of
copper
120,000
tons of
copper
40
20
21
Projects in Spain
ANDALUSIA
Minera Los Frailes
• We continue to manage environmental evaluations and obtain permits to
begin construction.
• Once in operation, it will contribute approximately 125,000 tons per year
of total zinc equivalent for more than 20 years of initial mine life.
Grupo México
plans to invest
US$9.00 billion
in Sonora and
Baja California
42 |
43
ANNUAL REPORT 2022 . MINING DIVISION
Explorations
In addition to exploration and drilling programs at existing mines, we are working
to locate deposits in other locations. Some of our most important exploration
projects are:
MEXICO
Chalchihuites, Zacatecas
• Skarn type deposit.
• Drilling programs conducted between 1980 and 2014 identified 12.6
million tonnes of ore with an average silver content of 110 grams per ton,
2.66% zinc, 0.37% lead, and 0.67% copper.
Bella Union (La Caridad), Sonora
• Breccia-type satellite deposit with copper and molybdenum mineralization
located less than one kilometer from the southern limit of the La Caridad pit.
• A total of 61 million tons of copper sulfides with a copper ore grade
of 0.67% and 69 million tons of leachable ore with 0.20% copper have
been identified.
PERU
Los Chancas, Apurimac
• Porphyry copper and molybdenum deposit. 545 million tons of
mineralized rock with a copper content of 0.59%, 0.04% molybdenum
and 0.039 grams of gold per ton. 181 million tons of leached rock with
0.357% copper content.
Michiquillay, Cajamarca
• Porphyry copper deposit located in the district of La Encañada, in the
province and department of Cajamarca in northern Peru.
•
In 2022, all permits were obtained
• Start of exploration activities
• For 2023, we plan to drill 40 thousand meters.
Pilares mine project,
Nacozari de Garcia, Sonora.
TRANSPOR TATION
DIVISION
1.9
million loads
transported
annually
Aerial view of hoppers and
gondolas on Trainship,
Coatzacoalcos, Veracruz.
46 | 47
ANNUAL REPORT 2022 . TRANSPORTATION DIVISION
Transportation
Division
Grupo México Transportes (GMXT)
THOUSANDS OF DOLLARS
January - December
Variation
2021
2022
Thousands of USD
%
Vol. Transported (Million Tons/Km)
69,252
62,811
Loads transported
1,908,423
1,890,970
(6,440)
(17,453)
Revenues
Cost of Sales
Operating Profit
EBITDA
EBITDA Margin (%)
Net Profit
Profit Margin (%)
Investments
(9.3)
(0.9)
7.5
5.9
$ 2,523,111
$ 2,712,743
$ 189,632
$ 1,310,381
$ 1,387,791
$ 77,410
$ 770,559
$ 857,086
$ 86,527
11.2
$ 1,122,660
$ 1,234,111
$ 111,451
9.9
44.5%
45.5%
$ 369,391
$ 481,671
$ 112,280
30.4
14.6%
17.8%
$ 329,136
$ 376,487
$ 47,351
14.4
At GMXT, we provide logistics solutions for safe, efficient and sustainable
ground cargo transportation, that contribute to strengthening the connectivity
and competitiveness of the markets in which we participate.
GMXT’s main subsidiaries are:
• Ferromex
• Ferrosur
• Florida East Coast
• Texas Pacific
•
Intermodal México
We are the leading ground cargo transportation company in Mexico, with the
widest coverage and connectivity. We have a railroad network of more than
11,137 kilometers of track in 24 states across the Mexican Republic, as well as
in the states of Texas and Florida in the United States.
Employee at IMEX Intermodal Terminal,
Guadalajara, Jalisco.
48 |
49
ANNUAL REPORT 2022 . TRANSPORTATION DIVISION
We have the best
connectivity and
coverage between
Mexico and the U.S.
INFORME ANUAL 2021 50 |
51
ANNUAL REPORT 2022 . TRANSPORTATION DIVISION
Locomotives and cars at Fort
Lauderdale Terminal, Florida.
Our network is supported by
10,676
808
over
28,222
Employees
Locomotives
Railroad cars
Market share in ground
cargo transportation
(TONS / KILOMETERS)
Truck
Train
1999
TRAIN MARKET SHARE
GMXT
Others
35%
65%
2021
TRAIN MARKET SHARE
GMXT
66%
81.2% 18.8% 6.6%
239 MMTKN’S
73.0%
343 MMTKN’S
27.0% 17.9%
Others
34%
Thanks to our aggressive investment plans and strategy, since the beginning
of our operation, we have almost tripled our cargo capacity and ton-kilometers
transported.
We transport 66% of the cargo
moved by rail in Mexico
*Source: Railway Statistical Yearbook 2021.
52 |
53
ANNUAL REPORT 2022 . TRANSPORTATION DIVISION
INFORME ANUAL 2023 . DIVISIÓN TRANSPORTES
Operating metrics
Train speed (km/hr)
2021
2022
Car speed (km/hr)
2021
2022
Cars’ dwell time (hours)
2021
2022
Train length (meters)
2021
2022
Gross tons per train
2021
2022
36.3
37.5
+3%
275.9
281.3
+2%
25.7
24.9
-3%
New containers,
Mexicali Terminal,
Baja California.
1,937
1,913
-1%
6,394
6,290
-2%
Rehabilitation of Q Line,
Ojinaga, Chihuahua
Revenues
US$2,713
EBITDA
US$1,234
We transport
62,811
billion
billion
(45.5% margin)
billion tons
kilometer
Each train carries an average
of 6,290 gross tons
54 |
55
ANNUAL REPORT 2022 . TRANSPORTATION DIVISION
Our business portfolio is divided
into nine segments that are essential
for economic development:
2022 Revenues
US$2,713
Farming
Intermodal
Minerals
Industrial
Energy
27%
14%
12%
8%
8%
Chemicals
Automotive
Metals
Cement
Others
8%
8%
6%
5%
4%
Tank cars, Torreon
Terminal, Coahuila.
56 | 57
ANNUAL REPORT 2022 . TRANSPORTATION DIVISION
Containers in Mexicali,
Baja California.
58 |
59
ANNUAL REPORT 2022 . TRANSPORTATION DIVISION
In 2022, we will invest
US$377 million
In recent years, our investments have focused on:
• Track replacement and rehabilitation
• Construction and rehabilitation of slopes, yards and terminals
• Construction of railroad beltways
• Tractive equipment
•
Introduction of new operating technologies
• Telecommunications equipment
Sustainable vision
We initiated the conversion of locomotives to use cleaner fuel. The new
locomotives are equipped with a state-of-the-art system that optimizes
performance and fuel management while making transit safer. This
measure, together with equipment replacement and traffic optimization,
are key actions to reduce GMXT’s carbon footprint.
Intermodal Terminal
Tepalcates, Manzanillo.
60 |
61
ANNUAL REPORT 2022 . TRANSPORTATION DIVISION
Maki Medina, assistant,
Torreon Terminal, Coahuila.
Occupational health and safety
We follow three guiding principles:
Security
Service
Productivity
Operational safety prevails at all levels of our organization, to operate with
zero accidents.
More than 1,970 employees received training on risk
management and first aid
In 2022, we trained 2,854 employees in occupational
health and safety topics, reaching more than 46,664
man-hours
We operate 37 healthcare units distributed across
the country, staffed by 25 general practitioners and
140 nurses
In the area of railroad safety, investments were made to incorporate technology
for the safe operation of trains. Level crossings were rehabilitated and the
signaling and installation of electronic barriers were maintained to stop
vehicles and pedestrians from crossing when the train passes.
61
INFRASTRU CTURE
DIVISION
We build
infrastructure
for Mexico’s
development
Wind turbine at Fencias Wind
Farm, Nuevo Leon.
64 |
65
ANNUAL REPORT 2022 . INFRASTRUCTURE DIVISION
Infrastructure
Division
México Proyectos y Desarrollos
THOUSANDS OF DOLLARS
Revenues
Cost of Sales
Operating Profit
EBITDA
January - December
Variation
2021
2022
Thousands of USD
%
$ 557,772
$ 664,107
$ 106,334
19.1
$ 315,023
$ 391,744
$ 76,721
24.4
$ 86,743
$ 112,155
$ 226,744
$ 267,823
$ 25,412
$ 41,079
29.3
18.1
EBITDA Margin (%)
40.7%
40.3%
Net Profit
Profit Margin (%)
Investments
$ 17,282
$ 36,322
$ 19,040
110.2
3.1%
5.5%
$ 98,170
$ 81,109
$ (17,061)
(17.4)
Our Infrastructure Division is represented by the subsidiary México Proyectos y
Desarrollos, S. A. de C.V. (MPD) and has six lines of business:
1. Oil and gas
2. Energy
3. Highways
4. Construction
5. Fuels
6. Engineering
Construction of the new tailings deposit master
work, Buenavista del Cobre, Sonora.
66 |
67
ANNUAL REPORT 2022 . INFRASTRUCTURE DIVISION
Revenues by line of business
Toll booth
Salamanca-Leon, Guanajuato.
US$664
In 2022, the Infrastructure Division achieved 19% growth in revenues, driven
by improved results in all its business lines, with accrued revenues of US$664
million and EBITDA of US$268 million.
In 2023, we will invest US$117 million mainly in:
• Renewable energies
• Fuel terminals
• Highways
• Acquisition of construction equipment
To be an efficient and competitive company, our business lines have
international certifications, such as quality (ISO 9001), environment (ISO 14001),
road safety (ISO 39001:2012), and occupational health and safety (ISO 45001).
Likewise, we focus on the well-being and development of our team and work
environments. Thanks to this, for the third consecutive year in the Engineering
subsidiary and the La Caridad Generation Plant, as well as for the first time in the
Oil, Construction and Corporate subsidiaries, we obtained the Great Place to
Work global certification.
Energy
Oil and gas
Construction
53%
23%
11%
Highways
Engineering
Fuels
8%
4%
1%
In 2022, we invested
US$81 million
68 | 69
ANNUAL REPORT 2022 . INFRASTRUCTURE DIVISION
70 | 71
71
ANNUAL REPORT 2022 . INFRASTRUCTURE DIVISION
Oil and gas
Revenues
US$150
EBITDA
US$66
million
million
(+8% vs 2021)
(+13% vs 2021)
Our six rigs have operated
uninterrupted throughout
the year, with an average
accumulated efficiency of
99.4%
Rig
Productivity 2022
Contract term
Campeche
Tabasco
Chihuahua
Zacatecas
Veracruz (Modular)
Tamaulipas (Modular)
99.3%
99.9%
99.7%
99.8%
99.1%
99.6%
December 2024
We reduced the
accident rate by 78%
vs. the previous year
Aerial view of Modular Rig,
Veracruz, Gulf of Mexico.
72 |
73
ANNUAL REPORT 2022 . INFRASTRUCTURE DIVISION
The La Caridad plant has achieved
a record of nine years (+3,300 days)
without lost-time injuries
Energy
Revenues
US$353
EBITDA
US$125
La producción total
de energía eléctrica
fue de 3,278 GWh
en 2022.
million
million
(+15% vs. 2021)
(+8% vs. 2021)
FENCIAS WIND FARM, NUEVO LEON
Operation of this farm is expected to begin during the third quarter of 2023.
Investment
US$252
168MW
This farm will supply
electric energy to
IMMSA’s mining and
metallurgical operations.
million
production
capacity
SOLAR ENERGY
The purpose of this company is to develop clean energy generation projects
located as close as possible to the consumption site. In 2022, we completed
seven photovoltaic panel projects: five for the Toll Roads and two for Minera
Mexico’s Tamosura Park. These projects will replace 80% to 100% of grid
energy consumption with green energy.
Fencias Wind Farm,
Nuevo Leon.
74 |
75
ANNUAL REPORT 2022 . INFRASTRUCTURE DIVISION
Toll booth
Salamanca-Leon, Guanajuato.
Highways
Revenues
US$51
EBITDA
US$34
million
million
(+21% vs 2021)
(+34% vs 2021)
We have two highway concessions in Guanajuato:
1) Salamanca-Leon Highway:
The equivalent daily traffic by type of vehicle was 21,917 units, 16% more than
in 2021.
2) Silao Bypass:
During 2022, the equivalent daily traffic increased 32% vs. the previous year
with 3,528 units.
Silao Bypass,
Guanajuato.
76 |
77
ANNUAL REPORT 2022 . INFRASTRUCTURE DIVISION
Construction
Revenues
US$74
EBITDA
US$13
million
million
(+37% vs 2021)
(+37% vs 2021)
Since 2007, we have maintained the certification of our integrated
management system. In 2022, the system was recertified until 2025 for
Quality (ISO 9001:2015), Environment (ISO 14001:2015) and Occupational
Health and Safety (ISO 45001:2018).
MAIN WORKS
•
In March 2022, we carried out earthmoving and stripping work at the
Pilares mine in the La Caridad mining complex
•
In April 2022, the expansion of the Lime Plant in Agua Prieta, Sonora,
was completed
•
In October 2022, we completed the construction of the Cananea
Airfield
• At the Buenavista del Cobre mine, we continue with the construction
of stage 3 of the New Tailings Deposit Curtain
•
In Altamira, Tamaulipas, the construction of the Fuel Storage Terminal
for OTM and Valero is 75% complete
We achieved better results than in 2021
due to the start-up of new works and the
continuity of projects, with more than
2.5 million hours of work
Construction of airfield,
Cananea, Sonora.
INFORME ANUAL 2021 78 |
79
ANNUAL REPORT 2022 . INFRASTRUCTURE DIVISION
Fuels
BELVEDERE LOGISTICS PROJECT, USA
Railroad logistics services project to transport fuels, which includes
engineering, construction and operation of four terminals, with possible
expansion to three more terminals with capacities of 300,000 to 900,000
barrels. Construction is planned to begin in the third quarter of 2023.
Engineering
Revenues
US$31
1,145
million
(+2% vs 2021)
thousand
hours worked
We remain committed to the development of the country’s energy
infrastructure. An example of this is the construction of the Fuel Storage
Terminal for Valero in Altamira, Tamaulipas, with an investment of more than
US$143 million, as well as the construction of the Puerto Mexico Chemical
Terminal for Braskem in Coatzacoalcos, Veracruz, with an investment of more
than US$400 million.
Construction of Fuel Storage Terminal with a capacity
of 1.1 million barrels, Altamira, Tamaulipas.
FUNDA CIÓN
GRUPO MÉXICO
2 million
free consultations
in more than
300 communities
Dr. Vagón, the Health Train,
Tecoman, Colima
82 | 83
ANNUAL REPORT 2022 . FUNDACIÓN GRUPO MÉXICO
Health
Dr. Vagón, the Health Train
Program focused on prevention, early detection and treatment of diseases,
bringing free medical services to the least favored and hardest-to-reach
communities in Mexico.
54
communities benefited
In 15 States
+100
thousand
patients served
5,870
physical rehabilitation
material
15,504
kilometers
traveled
84,078
medications
314,007
laboratory
tests
42,171
clinical studies
+15,000
eyeglasses
786
hearing
aids
Families enjoying the
Cine Vagón screenings.
Dr. Vagón,
Ojinaga, Chihuahua.
Cine Vagón
During 2022, Cine Vagón brought the magic of cinema to
the 54 communities visited on the 12 routes of the Health
Train, where 172 free movie screenings were offered to
more than 23,000 guests.
84 |
85
ANNUAL REPORT 2022 . FUNDACIÓN GRUPO MÉXICO
We performed 8,133 mammograms,
identifying 272
patients with radiological suspicion of breast cancer, which
is equivalent to three out of every 100 women with such
a diagnosis.
In the area of family planning, we generated 3,305 years of
couple protection, as a result of 130 vasectomies and the
placement of 401 IUDs.
Scan the QR code to watch the
Dr. Wagon Cineminuto program
Three out of every 100 women
More than 15,000 eyeglasses were
were detected with suspected
donated.
breast cancer.
We appreciate and recognize the great work of our allies:
We delivered 116 Health Education Workshops
The 800 DRVAGON hotline mainly dealt with
to 1,881 attendees on topics such as:
the following issues:
• Family planning
• Women’s health
• Breast self-examination
• Respiratory infections
• COVID-19
• Nutrition
• Emotional conditions
• Relationship
• Bullying
• Grieving
• Relationship with family
• COVID-19
Types of medical consultation
22%
20,417
specialty
18%
16,043
general
17%
15,052
optometry
10%
9,403
chiropractic
and physical
rehabilitation
9%
8,133
mammograms
7%
6,265
diabetes
clinic
5%
4,608
hearing
clinic
5%
4,541
nutrition
4%
3,616
dentistry
2%
1,969
psychology
1%
1,042
family
planning
86 |
87
ANNUAL REPORT 2022 . FUNDACIÓN GRUPO MÉXICO
This year, the “Surgical Certification for Bilateral
Implant Technique” was obtained from the Boston
Children’s Hospital and Cochlear LATAM.
Since the end of 2020 to date,
we have implanted and provided
Auditory-Verbal Therapy to
30 children
Hearing Without Borders
A program that diagnoses, treats and enables children
with severe and/or profound hearing loss up to 24 months
of age.
In 2022, we contributed to change the lives of 22 children
by providing them with a bilateral cochlear
implant,
support in the process of Auditory-Verbal Therapy and
the corresponding audiological follow-up, to have them
achieve spoken language and a greater insertion in society.
By 2023, we plan to donate 80 cochlear implants for 40
children, as well as to continue with therapies and audiological
follow-ups for children implanted in previous years.
Scan the QR code to watch
the Hearing Without Borders
Cineminuto program.
88 | 89
ANNUAL REPORT 2022 . FUNDACIÓN GRUPO MÉXICO
Environment
Mexicanos Sembrando
Fundación Grupo México operates seven nurseries in
the country, located in San Luis Potosi (3), Sonora (2),
Coahuila (2), (1) and Zacatecas (1), which are used for
forest restoration, contribute to mitigating the effects of
climate change and maintaining ecosystem stability.
In 2022:
+100
Institutions
benefited
+3,000
hectares reforested, the
equivalent of more than 4,200
soccer fields the size of the
Azteca Stadium in Mexico City
Our nurseries can
produce more than
7.7 million plants
+3
million plants donated
to 22 States and 155
Municipalities through
our allies
Grupo México’s nurseries produce plants of 102
different forestry and ornamental species.
90 | 91
ANNUAL REPORT 2022 . FUNDACIÓN GRUPO MÉXICO
Annual reforestation
On the eleventh annual reforestation day in La Siberia,
State of Mexico, more than 5,000 stone pine trees were
planted on five hectares, thanks to the collaboration of
more than 1,000 volunteers. Over the next three years, the
planted specimens will be monitored to ensure a survival
rate of more than 80%.
Vagón Verde
Since 2015, Fundación Grupo México, in coordination
with Grupo México Transportes, has been transporting
and donating trees to the communities surrounding the
railroads through the exchange of PET bottles for plants.
In 2022, the states of Colima, Jalisco,
Michoacan and Veracruz participated
in this program, receiving 125,468
plants of 48 different species for
reforestation
More than eight thousand PET bottles
and more than two thousand plastic
caps were exchanged for plants
Participation of volunteers in the eleventh
annual reforestation day.
92 | 93
ANNUAL REPORT 2022 . FUNDACIÓN GRUPO MÉXICO
Support to
Institutions
We strengthen, connect, make visible and support the
Mexican and Latin American social sector through our
programs: The Network of Business Associations and
Foundations, Conciencia Cinemex and Social Pitchers.
Red de Asociaciones y
Fundaciones Empresariales
(Network of Business
Associations and
Foundations)
The Network strengthens Civil Society Organizations
(CSOs), because:
•
It is a space for convergence and international
networking among various sectors: social, private,
academic, public and impact, to share invitations,
knowledge and best practices
• The digital professionalization library has more than
700 free cutting-edge training programs
•
It offers, through experts, tools for CSOs to learn how
to raise funds and make their cause visible
We are a community of more
than 6,000 organizations from
17 countries
Guide for CSOs: Success Stories,
The Network of Associations promoted 8 virtual
highlighting organizational
networking spaces among its CSO partners, called
resilience and innovation during
“Jueves de EnREDados” (Networking Thursdays).
the COVID-19 pandemic.
RELEVANT ACTIONS 2022
Our digital empowerment actions reached more than 170,000 people through:
139
trainings
500
165
learning
hours
national and
international speakers
150
700
91
allied institutions,
legal counseling
CSOs that are part of
consultants and
sessions
the Network have been
companies
supported by Fundación
Grupo México
94 | 95
ANNUAL REPORT 2022 . FUNDACIÓN GRUPO MÉXICO
More than 4,000 runners in
the 11th Grupo Cinemex Race.
Social Marketing Campaign for Fundación
Mexicana de Pie Equino Varo A.C.
(Mexican Clubfoot Foundation) benefiting
6,870 individuals.
Conciencia Cinemex 2022
Grupo Cinemex Race
More than 4,000 runners participated in the 11th edition to support the 6,710
children served by the Mexican Clubfoot Foundation, which received a donation
for the Caminando Juntos project.
Social Marketing Campaigns
Thousands of moviegoers donated to two great causes through the purchase
of popcorn at the Cinemex candy bars, achieving the highest collection in
the history of our Social Marketing Campaigns with more than 300 thousand
popcorn boxes sold, benefiting the Fundación Mexicana del Pie Equino Varo
A.C. and Centro de Cuidados Paliativos de México I.A.P.
To visualize the causes, in 2022,
we conducted 10 digital billboard
campaigns impacting more than
280,000 people
Cineminuto Social
Through the donation of advertising in movie theaters, we help different CSOs
to promote their causes and programs, thus gaining visibility and positioning.
12
257
benefited organizations
cinemas
3,775,660
45,151,767
spots screened
viewers
96 | 97
ANNUAL REPORT 2022 . FUNDACIÓN GRUPO MÉXICO
Eficine and Efiartes
Support for Mexican productions
We receive, evaluate and select Mexican film and theater projects from various
production companies to enter them into the Fiscal Stimulus for Film and Theater
and promote their production; and in this way, we make an impact through art on
our society with the support of Grupo México’s companies. More than MXP$85
million in support for Mexican cinema and theater.
• Four film projects and five theater projects supported
• Three film productions: El Rey de la Fiesta, La Nave, and Lecciones para
Canallas
• Two plays completed: La hora de todos and Virginia y La Muerte de la Polilla
Social Pitchers
Edition number 12 of our Xocoyo collection: Amaranto, la Alegría de la Vida
(Amaranth, the Joy of Life), one year’s proceeds from the sale of the book will be
donated to: Niños y Adolescentes en Armonía A.C. (NAEA).
Education and Culture
Educa y Aprende Platform
In 2016, to reinforce the programs provided in primary and secondary schools
We carried out the second edition of Social Pitchers, an innovative strategy
in Mexico, we created the collection of Educational Materials for Health and
to strengthen and finance projects of Civil Society Organizations through a
Life, in which we address topics such as addictions, nutrition, sexuality,
pitching contest.
mental health, and violence, cybersecurity, inclusive education and a culture
300+ applications to the competition for selection to
find the best projects
Three finalist Pitchers: Early Institute A.C., from Mexico
City, Hub Impulsor Social A.C., from Oaxaca, and Pro-
Mujer con Cáncer de Sinaloa IA.P. (Encauza)
of legality.
The digital E-Learning platform Educa y Aprende (Educate and Learn), where
parents and teachers can find materials and courses in which, through case
studies and evaluations, they can learn easily, intuitively and free of charge
about the topics in the Collection.
300 teachers use the Educa y Aprende platform
as a teaching tool in their lessons; 14 new courses
are available
98 | 99
ANNUAL REPORT 2022 . MANAGEMENT TEAM
Grupo México
BOARD OF DIRECTORS
MANAGEMENT TEAM
GERMÁN LARREA MOTA VELASCO
EMILIO CARRILLO GAMBOA
GERMÁN LARREA MOTA VELASCO
FERNANDO LÓPEZ-GUERRA LARREA
CHAIRMAN
Patrimonial Board Member
Independent Board Member
CEO and Chairman of the Board
CEO, Transportation Division and GMXT
XAVIER GARCÍA DE QUEVEDO TOPETE
Independent Board Member
CEO, Mining Division
CEO, Infrastructure Division
FERNANDO RUIZ SAHAGÚN
XAVIER GARCÍA DE QUEVEDO TOPETE
FRANCISCO ZINSER GONZÁLEZ
VICE-PRESIDENT
Patrimonial Board Member
OSCAR GONZÁLEZ ROCHA
Patrimonial Board Member
ALFREDO CASAR PÉREZ
Patrimonial Board Member
LUIS CASTELAZO MORALES
ROLANDO VEGA SAÉNZ
Independent Board Member
ANTONIO DEL VALLE RUIZ
Independent Board Member
CARLOS PRIETO SIERRA
Independent Board Member
Patrimonial Board Member
CARLOS ROJAS MOTA VELASCO
FERNANDO LÓPEZ-GUERRA LARREA
Patrimonial Board Member
LILLIE HERNÁNDEZ MINOR
Independent Board Member
Secretary
CLAUDIO X. GONZÁLEZ LAPORTE
Independent Board Member
ANTONIO MADERO BRACHO
Independent Board Member
OSCAR GONZÁLEZ ROCHA
LOURDES ARANDA BEZAURY
CEO, Southern Copper Corporation
Head of Communications
LEONARDO CONTRERAS LERDO DE
MARLENE FINNY DE LA TORRE
TEJADA
CEO ASARCO and CFO AMC
Head of Administration and Finance
ALFREDO CASAR PÉREZ
Executive President of Transportation Division
gmexico.mx