ANNUAL REPORT 2024
Investment
in expansion
2 |
3
04
10
24
48
60
78
92
Letter to Shareholders
Grupo México Results
Mining Division
Transportation Division
Infrastructure Division
Fundación Grupo México
and Community Development
Board of Directors
and Management Team
Buenavista del Cobre, in Cananea, Sonora, uses
state-of-the-art, environmentally friendly technology
in its concentrator plants, crushing plants,
and flotation circuits.
Annual Report 2024
Index
4 |
Letter to shareholders
4 |
Annual Report 2024
5
As a result of the long-term investments we have made for decades, Grupo
México was able to benefit from a favorable copper price environment in 2024.
With high production levels and strict cost control, we achieved excellent financial
results, led by our Mining Division, and ended the year in a highly competitive
position to sustain long-term value generation and take advantage of future
expansion opportunities.
Our consolidated revenues for the year accrued US$16.16 billion—12.5% higher
than in 2023—and we made capital investments of US$1.76 billion. Thanks to the
soundness of our capital structure, liquidity and low leverage, as well as the start of
operations of Buenavista Zinc and the Fenicias wind farm, and the strengthening
of Grupo México Real Estate, among other success factors, the company closed
2024 with a market cap of close to US$36.91 billion. In addition, Grupo México's
stock appreciated 5.0% in peso terms, considerably outperforming the annual
return in pesos of the Mexican Stock Exchange Index (IPC).
Letter to
shareholders
In 2024, Buenavista Zinc began operations in Cananea,
Sonora, using state-of-the-art technology, which enabled us
to increase sales of this mineral by 45%.
6 |
Annual Report 2024
S&P Global's Corporate Sustainability Assessment
(CSA) ranked Grupo México among the top 15
companies in the Mining & Metals sector.
We once again endorse our commitment to sustainable development. S&P
Global’s Corporate Sustainability Assessment (CSA), which annually evaluates
the sustainability practices of 13,000 companies around the world, ranked
Grupo México among the 15 best rated companies, out of 148 evaluated, in
the Mining & Metals sector. For the third consecutive year, we were included
in this rating agency's Sustainability Yearbook 2024. We are among the 15% of
mining companies in the world with the highest sustainability ratings and we
are currently the only Mexican mining company, and one of only two in Latin
America, within this distinguished group.
This year, the three mining operations in Peru—Cuajone, Toquepala and Ilo—
received The Copper Mark and The Molybdenum Mark international certifications
for their responsible production, after being assessed by an independent third
party on environmental, social and governance topics. Buenavista del Cobre,
in Sonora, has also received the responsible production certifications The
Copper Mark, The Zinc Mark and The Molybdenum Mark, by demonstrating high
environmental, social and governance standards, including human rights. All
of our open-pit copper, zinc and molybdenum operations in Mexico now have
these certifications. In addition, with the supply of renewable energy from our
new Fenicias wind farm, operated by the Infrastructure Division, we reduced
nearly 250,000 tons of CO2e per year, equivalent to 7% of our carbon footprint.
Letter to shareholders
Containers at intermodal terminal,
in Mexicali, Baja California, Mexico.
7
7
Annual Report 2024
8 |
9
Annual Report 2024
Letter to shareholders
Letter to shareholders
8 |
Today, we are proud to say that Grupo México is one of the largest companies on
the Mexican Stock Exchange in terms of market capitalization and marketability,
the second largest tax payer in Mexico, and number one in terms of profit sharing
in Mexico and Peru.
All of this is possible thanks to the sustained efforts of our more than 31,500 highly
specialized direct employees and more than 110,000 indirect employees. We
have consolidated our position as the fifth largest copper producer in the world,
with the most competitive cash cost and the largest copper reserves.
We see a future of new opportunities in the four countries where we operate with
world-class assets and a focus on cost efficiency. We have a strong balance sheet
and sufficient liquidity to take advantage of expanding opportunities generated
by high copper demand, which will bring sustained growth, appealing returns
for our shareholders, and wellness for our employees and the communities
surrounding our operations.
Regards,
Germán Larrea Mota Velasco
The La Caridad combined cycle plant, with a capacity
of 500MW, located in Sonora, supplies 100% of the
electricity used by our mining operations in that state.
9
TOTAL REVENUES
Millions of dollars
GRUPO MÉXICO
Thousands of dollars
Buenavista del Cobre’s concentrator plant
in Cananea, Sonora, has an annual copper
production capacity of 188 thousand tons.
2022
$16,169
$14,367
$13,870
$14,777
2024
2021
2023
Grupo México
Results
With the start of operations of the Fenicias wind farm,
we succeeded in making 24% of Grupo México's
electricity consumption come from renewable sources.
FOURTH QUARTER
VARIATION
JANUARY - DECEMBER
VARIATION
2023
2024
THOUSANDS
OF USD
%
2023
2024
THOUSANDS
OF USD
%
Revenues
$ 3,412,115
$3,846,788
$ 434,673
12.7
$14,366,895
$ 16,169,447
$ 1,802,552
12.5
Cost of sales
$ 1,768,311
$ 1,791,091
$ 22,780
1.3
$ 6,940,866
$ 7,346,873
$ 406,008
5.8
Operating Profit
$ 1,098,534
$ 1,521,999
$ 423,465
38.5
$ 5,433,042
$ 6,780,393
$ 1,347,352
24.8
EBITDA
$ 1,544,134
$ 1,904,852
$ 360,718
23.4
$ 7,059,559
$ 8,376,808
$ 1,317,249
18.7
EBITDA margin
45.3%
49.5%
49.1%
51.8%
Net Profit
$ 638,024
$ 940,169
$ 302,146
47.4
$ 2,935,346
$ 3,875,128
$ 939,783
32.0
Profit Margin
18.7%
24.4%
20.4%
24.0%
Investments
$ 501,538
$ 405,544
$ (95,993)
(19.1)
$ 1,660,832
$ 1,766,001
$
105,170
6.3
Employees
30,702
31,523
821
2.7
30,702
31,523
821
2.7
12 |
13
Annual Report 2024
12 |
Grupo México Results
3%
20%
77%
$12,396,686
$3,267,504
$505,257
Double-deck autorack for the transfer of
cars on freight trains.
SALES BY DIVISION
Thousands of dollars
*The sum is different from the total due to intercompany transactions.
NET PROFIT BY
DIVISION
Thousands of dollars
Infrastructure
Transportation
Mining
3%
13%
84%
13
$3,275,442
$497,120
$101,855
Infrastructure
Transportation
Mining
$3,875,128
Grupo México total
$16,169,447
Grupo México total
14 |
15
Annual Report 2024
Our remediation work at the former tailings deposit in Ite
Bay, Peru, created one of the most important wetlands in
the Americas with more than 45,000 birds in this habitat.
SHARE OF REVENUES BY REGION
14.3%
Asia
38.7%
Mexico
19.1%
Europe
10.5%
LATAM
17.4%
US
Our capital expenditure plan for 2025
amounts to approximately US$2.8 billion
on a consolidated basis.
CAPITAL INVESTMENTS
During 2024, Grupo México continued with its investment and growth plans
focusing on long-term value generation with an investment of US$1.76 billion—a
6.3% increase vs. 2023.
Our capital investment plan for 2025 is approximately US$2.8 billion at a
consolidated level in different projects that will continue to bolster Grupo México's
strength and promote the development of the communities where we operate.
In the Mining Division, we invested US$1.12 billion this year.
•
US$731.4 million in Mexico
•
US$295.9 million in Peru
•
US$101.6 million in the United States
In the Transportation Division, we allocated US$431 million to our capital
expenditures. These investments include projects for the maintenance,
expansion, and efficiency of our current infrastructure, to improve the quality
of our service and to continue to capture additional volume and increase our
market share.
In the Infrastructure Division, we invested a total of US$206 million.
16 |
17
Annual Report 2024
GRUPO MÉXICO MATURITIES
December 31, 2024
Mining Division
Transportation Division
Infrastructure Division
1,600
1,400
1,200
1,000
800
600
400
200
0
2025
2026
2027
2028
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2043
2044
2045
2046
2029
2047
2048
2049
2042
2050
753
291
58
62
65
18
19
20
21
22
23
0
0
0
1,019
1,112
1,200
1,000
1,500
491
812
56
0
0
0
Millions of US$
CONSOLIDATED DEBT
Grupo México maintains a solid balance sheet with a low level of leverage
with a net debt to EBITDA ratio of 0.05x at US$285 million and a gross debt of
US$8.44 billion. 79% of the debt contracts are dollar-denominated, and 21%
are peso-denominated. 95% of the debt has a fixed rate. In addition, Grupo
México has a very comfortable maturities schedule, and strong cash flow
generation as a result of its investment plan and sustained long-term growth.
This year, our Campeche and Tabasco oil rigs obtained the
Clean Industry Certification awarded by the Federal Attorney's
Office for Environmental Protection (Procuraduría Federal de
Protección al Ambiente).
Grupo México Results
Annual Report 2024
18 |
19
Annual Report 2024
GMEXICO SHARE PRICE VS. AVERAGE COPPER
PRICE - LME AND COMEX
JANUARY - DECEMBER 2024
GRUPO MÉXICO STOCK PERFORMANCE AND DIVIDEND
PAYMENTS
This year, Grupo México maintained its average dividend yield around 4.50%.
The stock appreciated 5.0% in peso terms during the year, significantly
outperforming the annual return of the Mexican stock market index (IPC) in peso
terms, which stood at -13.7%. In US dollar terms, the stock depreciated 14.7% due
to the devaluation of the peso against the U.S. currency. As a result, Grupo México
ended the year as one of the largest companies on the Mexican Stock Exchange
(BMV) in terms of market capitalization and marketability.
Water reclamation tanks at La Caridad mine,
in Nacozari de Garcia, Sonora, Mexico.
Our mining operations have achieved high
efficiency in water consumption by recovering,
recirculating, and reusing 80% of this resource.
Feb
Jan
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
GMEXICO Stock MXN
Copper COMEX (USD/Lb)
Copper LME (USD/Lb)
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
3.88
3.85
4.02
4.02
94.18
98.93
20 |
21
Annual Report 2024
CREDIT PROFILE
Credit rating agencies Fitch and S&P confirmed Grupo México's BBB+ credit
rating, with a stable outlook. These ratings reflect the Group's strength and
diversification, which has demonstrated a robust capital structure, liquidity, cash
flow generation, and prudent use of debt, as well as flexibility in terms of capital
investments and dividend payments.
In addition, the rating agencies highlighted that the Mining Division has managed
to maintain its position as one of the largest producers in the world and the
leader in costs, with the largest copper reserves and an excellent track record in
the execution of growth projects.
In addition, they mentioned the good expectation of sustained growth in its three
Divisions.
Grupo México Results
MOODY'S
STANDARD & POOR’S
FITCH
Grupo México
International Rating
BBB+
BBB+
Americas Mining Corporation
International Rating
BBB+
BBB+
Southern Copper Corporation
International Rating
Baa1
BBB+
BBB+
Issuance Rating
Baa1
BBB+
BBB+
Minera México
International Rating
Baa1
BBB+
BBB+
Secured Bond
Baa1
BBB+
BBB+
México Generadora de Energía
International Rating
Baa2
BBB+
Issuance Rating
Baa2
BBB+
GMÉXICO Transportation
Local Long-Term Rating
mxAAA
AAA(mex)
International Rating
BBB+
Ferromex
Local Long-Term Rating
mxAAA
AAA(mex)
The share of women in our Mining
Division has reached approximately 10%.
Annual Report 2024
22 |
23
Annual Report 2024
HIGHLIGHTS
2021
2022
2023
2024
VAR. %
2024/ 2023
Volumes Sold *
Copper
(tons.)
1,058,348
985,438
1,012,623
1,050,272
4
Zinc
(tons.)
91,570
101,140
99,677
144,140
45
Silver
(thousands of ounces)
20,115
19,830
19,078
22,109
16
Gold
(ounces)
42,428
52,763
43,504
40,840
(6)
Molybdenum
(tons.)
30,319
26,266
26,875
29,010
8
Average Price (dollars)
Copper (COMEX)
(pound)
$ 4.24
$ 4.01
$ 3.86
$ 4.22
9
Zinc (LME)
(pound)
$ 1.36
$ 1.58
$ 1.20
$ 1.26
5
Silver (COMEX)
(ounce)
$ 25.18
$ 21.76
$ 23.41
$ 28.25
21
Gold (LF)
(ounce)
$ 1,799.58
$ 1,800.80
$ 1,942.74
$ 2,387.04
23
Molybdenum
(MW DEALER OXIDE)
(pound)
$ 15.85
$ 18.76
$ 24.14
$ 21.30
(12)
Volumes transported
Net tons-km
(million tons)
69,252
63,114
65,400
67,835
4
Carloads
(thousands of units)
1,908.4
1,885.5
1,881.8
2,036.6
8
Balance sheet (millions of dollars)
Current Assets
$ 10,312
$ 10,099
$ 10,634
$ 12,310
16
Fixed Assets
$ 16,970
$ 17,342
$ 18,357
$ 18,233
(1)
Total Assets
$ 30,359
$ 30,334
$ 32,355
$ 33,975
5
Bank Liabilities
$ 8,782
$ 8,396
$ 8,801
$ 8,449
(4)
Total Liabilities
$ 13,584
$ 12,547
$ 13,307
$ 13,070
(2)
Total Stockholders'
Equity
$ 16,775
$ 17,787
$ 19,048
$ 20,905
10
Results (millions of dollars)
Total Revenues
$ 14,777
$ 13,870
$ 14,367
$ 16,169
13
Cost of sales
$ 5,565
$ 6,445
$ 6,941
$ 7,347
6
Taxes incurred
$ 2,453
$ 1,893
$ 1,792
$ 2,101
17
EBITDA
$ 8,933
$ 7,139
$ 7,060
$ 8,377
19
Net Profit
$ 3,706
$ 2,856
$ 2,935
$ 3,875
32
Grupo México Results
2021
2022
2023
2024
VAR. %
2024/ 2023
Cash flow (millions of dollars)
Generated by the Operation
$ 5,627
$ 4,136
$ 5,180
$ 5,986
16
Dividends Paid
-$ 2,872
-$ 2,461
-$ 2,282
-$ 2,224
(3)
Taxes Paid
$ 2,964
$ 3,336
$ 2,542
$ 2,993
18
Applied in Financial Activities
-$ 228
-$ 572
-$ 246
-$ 167
(32)
Used in Investments
-$ 1,362
-$ 1,542
-$ 1,661
-$ 1,766
6
Cash flow after investments and Financing
activities
$ 1,165
-$ 439
$ 991
$ 1,829
85
Financial Ratios
Operating Margin
51%
41%
38%
42%
11
EBITDA margin
60%
51%
49%
52%
5
Current Assets to Current Liabilities (times)
2.2
2.4
2.4
2.6
7
Total Liabilities to Total Assets
45%
41%
41%
38%
(6)
Debt /TotalStockholders'
Equity + Debt
34%
32%
32%
29%
(9)
EBITDA/Interest (times)
16.24
13.32
12.54
14.53
16
Personnel Employed
29,707
30,086
30,702
31,523
3
Annual Inflation
Mexico
7%
8%
5%
4%
(20)
United States
7%
6%
3%
3%
-
Peru
6%
8%
3%
2%
(33)
Average F/X Rate
Mexico (pesos/dollar)
20.28
20.12
17.76
18.30
3
Peru (soles/dollar)
3.88
3.84
3.75
3.74
(0)
Expressed in accordance with U.S. Generally Accepted Accounting Principles.
* Throughout the report, tons are metric and ounces are troy.
Our cash cost remains the most competitive
in the copper industry worldwide, at US$1.14
per pound of copper.
Annual Report 2024
Buenavista del Cobre, in Sonora, is the largest copper
mine in Mexico and the third largest in the world.
At the end of its useful life, the pit will be remediated
through a reforestation program.
MINING DIVISION
Annual Report 2024
1,086,053
tons of copper produced
+5.5% compared to 2023.
Investments
in expansion
24 |
25
Mining Division
26 |
Mining Division
Thousands of dollars
MINING DIVISION
JANUARY - DECEMBER
VARIATION
2023
2024
THOUSANDS OF USD
%
Revenues
$ 10,860,837
$ 12,396,686
$ 1,535,849
14.1
Cost of sales
$ 5,413,164
$ 5,569,400
$ 156,236
2.9
Operating Profit
$ 4,264,960
$ 5,630,246
$ 1,365,286
32.0
EBITDA
$ 5,269,878
$ 6,643,015
$ 1,373,137
26.1
EBITDA margin
48.5%
53.6%
Net Profit
$ 2,372,331
$ 3,275,442
$ 903,111
38.1
Profit Margin (%)
21.8%
26.4%
Investments / (Capex)
$ 1,166,022
$ 1,128,938
$ (37,084)
(3.2)
The Group's Mining Division is represented by the NYSE-listed U.S. subsidiary,
Americas Mining Corporation (AMC). Its subsidiary Southern Copper Corporation
comprises mining and metallurgical operations in Mexico and Peru, while ASARCO
includes those in the United States of America. In addition, the Los Frailes mining
subsidiary is responsible for our operations in Spain.
Americas Mining Corporation
•
Leader in copper mining.
•
Copper producer with the highest organic growth.
•
Largest copper reserves and mineral resources in the world.
•
Best cost efficiencies in the industry worldwide.
•
Excellent growth projects portfolio with diversified assets.
Over the years, we have continuously and consistently invested in the different
projects given our financial strength and significant portfolio of organic growth
projects.
Copper cathodes with 99.99% purity, such as
those produced at the Ilo refinery in Peru, are
used in the production of semi-manufactured
products, such as copper rod.
27
Ecuador
Peru
Argentina
Spain
GULF OF MEXICO
PACIFIC OCEAN
Baja
California
Arizona
Sonora
Chihuahua
Zacatecas
S.L. Potosi
Guerrero
CDMX
Michoacan
Texas
01
03
16
19
17
02
15
28
32
29
23 10
41
30
31
07
08
27
40
21
14
13
12
11
20
39
38
06
05
04
09
24
25
22
18
26
Chile
01
Ray
02
Mission
03
Silver Bell
04 Planta de Cal
05 Buenavista del Cobre
06 La Caridad
07
Tantahuatay
GOLD
08 Cuajone
09 Pilares
10
Toquepala
OPEN PIT MINES
38
Hermosillo
CORPORATE
39
Chihuahua
CORPORATE
40 Mexico
CORPORATE
41
Lima
CORPORATE
OFFICES
16
Hayden
17
Amarillo
18
Complejo Metalurgico
19
Terminal Guaymas
20
Taller Central
21
Refineria Electrolitica de Zinc
22
Buenavista Zinc
23
Ilo
PLANTS
24
El Pilar
COPPER
25
El Arco
COPPER
26
Chalchihuites
POLYMETALLIC UNDERGROUND MINE
27
Angangueo
POLYMETALLIC UNDERGROUND MINE
28
Chaucha
COPPER
29
Los Chancas
COPPER
30
Tia Maria
COPPER
31
Catanave
COPPER
32
Michiquillay
GOLD AND COPPER
33
Los Frailes
POLYMETALLIC
34
Caldera
GOLD AND SILVER
35
Cañadon del Moro
SILVER
36
La Hoyada
COPPER
37
Esperanza
GOLD AND SILVER
PROJECTS
11
Santa Eulalia
12
Santa Barbara
13
San Martin
14
Charcas
15
Taxco
POLYMETALLIC UNDERGROUND MINES
33
34
35
36
37
Mining
30 |
31
Annual Report 2024
30 |
Mining Division
Copper in Artificial Intelligence
The rapid rise and boom of Artificial Intelligence will bring opportunities for the
copper industry.
The development of Artificial Intelligence will require the construction of new
data centers and the modernization of existing infrastructure, which will
demand large amounts of copper.
Seventy-five percent of this new consumption will be for wiring, 22% for installation
and connections, and the remaining 3% will be for plumbing, heating, ventilation,
and air conditioning.
As a result, the annual global demand related to Artificial Intelligence and data
centers is expected to increase six-fold by 2050, from half a million tons to three
million tons.
Data centers for Artificial Intelligence require
between 27 and 33 tons of copper per Megawatt
of applied power—a 150% increase over current
data center capacity.
The copper smelter at Ilo, Peru, processes
concentrates from the Toquepala and Cuajone
mines into refined metal.
31
32 |
33
Annual Report 2024
Grupo México vertical integration of
copper production
The copper value chain is highly sophisticated. It includes the extraction of raw
materials, the refining and smelting processes, and the semi-manufacturing
and manufacturing of final products.
Because of its role in energy generation, distribution, transmission and storage,
the energy transition cannot be achieved without copper.
Our Mining Division is the largest in the world in terms of market value.
All of our mining, smelting, and refining operations are sustainable and make
efficient use of water by prioritizing zero discharge and maximizing water
recovery and recirculation through thickeners and closed circuits.
Our copper refinery at the Metallurgical Complex in
Esqueda, Sonora, can produce up to 300,000 tons per year of
copper cathodes of the highest purity.
At Grupo México, we have achieved a vertical
mining-metallurgical integration throughout
the whole process, which allows us to remain
at the forefront of the mining industry.
Mining Division
With several proven copper deposits, we will achieve a unique organic growth
in the global mining industry by doubling our refined copper production to a
total of two million tons.
In terms of non-organic growth, we are assessing different alternatives that would
position us as the largest and most efficient company in the world throughout
our entire value chain.
34 |
35
Annual Report 2024
Mining Division
MINING EXTRACTION
1
PRODUCT
Copper cathodes
PRODUCT
Copper rod
Pipes
Data Center
Wiring and
fiber optics
Chips
Turbines
Electronics
Automobiles
SEMI-MANUFACTURE / USES
3
PRODUCT
Copper concentrate
CRUSHING
AND MILLING
LEACHING
EXTRACTION
AND ELECTROWINNING
We recover 80% of water,
optimizing its use and
minimizing the
environmental impact.
SMELTING
AND REFINING
2
We generate our own electric
energy, ensuring an efficient
and sustainable operation.
36 |
37
Annual Report 2024
Pollutants and sediments
are filtered
Organic sediment
Habitat for
wild species
Underground
water flow
Water flows
from rivers
Mining Division
Responsible mining from start to
finish
At Grupo México, we develop comprehensive projects so that, at the end of their
useful life, our mining and metals operations leave a positive impact.
We focus on preserving, rehabilitating, and creating spaces that generate value
for communities and the environment.
By the end of 2024, our Mining Division has
reached 75% progress on all its reforestation
obligations in Sonora meant for 2054.
Mission Mining Complex Remediation,
Tucson, Arizona, United States
•
Sustainable closure of three mine waste dumps
and two waste and rock disposal areas spanning
1,214 hectares. A great variety of native plants
were adapted to the arid climate.
La Moctezuma Reserve,
Nacozari de Garcia, Sonora, Mexico
•
Remediation and reforestation of the former
Moctezuma Copper Company tailings deposit.
It consists in the containment of slopes and
covering with topsoil and reforestation. The
urban image was improved and the space was
returned to the surrounding natural landscape.
Remediation of former industrial lands,
San Luis Potosi, Mexico
•
Construction
of
natural
and
artificial
impermeable
structures
that
ensure
the
isolation of residual materials resulting from
various industrial processes. These clean lands
have been reincorporated into the urban
development.
Remediation process Ite Wetlands,
District of Ite, Tacna Region, Peru
•
Spanning 1,600 hectares, this area was used, for almost three decades,
to deposit mining waste. Today, after a long-term remediation process, it
constitutes a new coastal wetland—the largest in Peru. Because of its natural
beauty and great animal and plant diversity, it is a very important tourist and
recreational destination in the region.
Annual Report 2024
38 |
TONS OF COPPER PRODUCED
CONCENTRATORS
SE/XW
2023
CONCENTRATORS
SE/XW
2024
Minera México
426,330
110,546
536,876
452,440
107,260
559,700
SPCC
348,884
25,253
374,136
390,037
24,115
414,152
ASARCO
86,163
32,678
118,841
80,254
31,947
112,201
Total
861,377
168,476
1,029,853
922,731
163,322
1,086,053
Part. % and var.
vs. 2023
83.6%
16.4%
85.0%
15.0%
5.5%
Mining Division
2021
2022
919.4
165.4
Concentrators
SX/EW
Thousands of tons
*Figures expressed in metric tons except where otherwise stated.
2023
831.3
175.6
861.4
168.5
922.7
163.3
2024
Mining Division
+US$1.70
billion.
In 2025, we will invest
MINE
PRODUCT
2021
2022
2023
2024
Copper contained in concentrates
919,432
831,335
861,377
922,731
Copper contained in leachate
165,374
175,600
168,477
163,322
Total Copper Content
1,084,806
1,006,935
1,029,854
1,086,053
Zinc
66,958
60,010
65,509
130,011
Lead
17,104
16,590
18,746
21,087
Gold (ounces)
60,631
65,134
65,372
70,057
Silver (ounces)
20,234,222
19,663,241
19,527,146
22,159,424
Molybdenum
30,262
26,240
26,836
28,998
REFINED METALS AND SEMIMANUFACTURES
PRODUCT
2021
2022
2023
2024
High purity refined copper
668,210
710,994
676,697
668,355
Copper rod
245,003
203,787
154,304
152,763
Refined zinc and alloys
92,672
99,893
101,013
98,763
Refined gold (ounces)
42,628
43,307
37,667
35,386
Refined silver (ounces)
13,690,329
14,271,702
10,926,675
11,998,739
Sulfuric acid
2,228,926
2,393,615
2,415,234
2,368,791
Cadmium
526
671
513
645
Lime
274,403
346,066
240,000
220,778
SUMMARY OF PRODUCTION OF OTHER METALS (tons)
Annual Report 2024
39
39
1084.8
1,006.9
1,029.9
1086.1
40 |
41
Annual Report 2024
Mining Division
Mining Division
MEXICO
El Arco
•
One of the world's largest undeveloped copper deposits.
•
Studies and engineering for the plants, power and water supplies, as well as
various auxiliary facilities, are under development.
Buenavista Zinc
•
Construction of the plant was completed in 2023 and it started operations in
the first quarter of 2024.
UNITED STATES
Ray
•
Feasibility studies are being conducted for the expansion of the concentrator
plant.
•
Work is underway to expand the Elder Gulch tailings dam.
Projects
Energy-saving mining trucks with up to 440 tons
capacity at La Caridad mine in Nacozari de Garcia,
Sonora, Mexico.
Hayden
•
Reinforcement work to optimize the mining operation continues.
Silver Bell
•
Phase 3 of the Mammoth leach pads are being rehabilitated.
Mission
•
Construction work continues on the tailings pumping system for Tailings
Dam 4.
•
Work is underway to modernize the CR-1 crusher, which will increase ore
processing capacity.
PERU
Tia Maria
•
Reactivation of the project through earthworks, as well as the construction of
camps, access roads and service infrastructure.
Toquepala
•
Construction work is underway for the relocation of the Leach Crushing
System to relocate it out of range of the final pit due to the progress on the
existing pit.
SPAIN
Minera Los Frailes
•
We continue to manage the process of environmental assessments and
obtaining licenses to begin construction.
•
Once in operation, it will contribute with approximately 125,000 tons per year
of total zinc equivalent for more than 20 years of initial mine life.
This year, we certified the responsible production of the Buenavista del
Cobre mine and our three mining units in Peru with The Copper Mark,
The Zinc Mark and The Molybdeunm Mark.
42 |
43
Annual Report 2024
Mining Division
Exploration
MEXICO
Chalchihuites, Zacatecas
•
Skarn-type deposit, with copper, silver, lead, zinc and gold compounds.
•
Estimated Measured and Indicated (M&I) Reserves resources total 16.5 million
tons.
•
In 2024, progress was made in the construction of the access infrastructure
to the ore body, to extract a representative sample and carry out a
metallurgical test at pilot plant level. This access will also be used, at a later
date, for exploration work.
Bella Union (La Caridad), Sonora
•
Breccia deposit with copper and molybdenum mineralization.
•
The site is located less than one kilometer from the southern edge of the La
Caridad mine pit in Nacozari de Garcia, Sonora.
•
In 2024, a drilling campaign was carried out to define highly anomalous
copper and molybdenum values. This increased the reliability of the mineral
resources reported in the SK-1300 report, which were also reclassified into a
better category.
The ecological dome at the Buenavista del Cobre
mine in Cananea, Sonora, prevents the dispersion
of dust and particles into the environment.
All Grupo México's mining units have environmental
and occupational health and safety management systems
certified under ISO 14001 and ISO 45001, respectively.
Annual Report 2024
Mining Division
Mining Division
With the use of state-of-the-art technology and the best
environmental practices worldwide, the Toquepala mine in
Tacna, Peru, has managed to double its production without
increasing its water consumption.
PERU
Los Chancas, Apurimac
•
Property located in the department of Apurimac, in southern Peru.
•
In 2024, the implementation of social programs continued in local
communities and will continue throughout 2025. This year, we also plan
to restart and conclude the Environmental Impact Study, as well as carry
out a diamond drilling campaign to gather additional information on the
characteristics of the deposit.
Michiquillay, Cajamarca
•
Porphyry copper deposit located in the district of La Encañada, in the province
and department of Cajamarca in northern Peru.
•
In 2024, the diamond drilling program continued, having completed 140,130
meters for the evaluation of existing mineral resources.
•
In 2025, 10,000 meters of diamond drilling are scheduled to complete the
148,000 meter program, in addition to the respective geometallurgical,
hydrological, hydrogeological, and geotechnical studies for the project.
Worldwide, 70% of water consumption corresponds to
agriculture, 12% to domestic use, and 18% to industry
and energy generation. Of the total, mining uses only 1%.
46 |
47
Annual Report 2024
Mining Division
CHILE
Montonero Project (El Salado)
•
Copper and gold project located in the Atacama region in northern Chile.
•
In 2024, the project was resized, determining a resource of 123 million tons
with 0.54% copper and 0.11 g/ton gold.
•
In 2025, geometallurgical, geotechnical and hydrogeological studies are
planned for the development of the feasibility study.
ARGENTINA
Cañadon del Moro Project
•
Low sulfidation deposit with veins, located in the province of Rio Negro.
•
In 2024, the Conceptual Study was developed with an indicated and inferred
resource estimate of 6.2 million tons @ 6.0 oz/ton gold eq., and prospective
resources of 15.0 million tons.
•
In 2025, 2,000 meters will be drilled with the purpose of reclassifying and
increasing the calculated resources.
Esperanza Project
•
Project located in the province of Rio Negro that considers a long gold vein
system.
•
In 2025, a 4,000-meter drilling campaign is planned to measure the economic
potential at depth.
Caldera Project
•
This project is located in the province of Rio Negro and includes the Cerro La
mina, Tanque Negro, Cerro Abanico and Cristal prospects.
•
In 2025, these target banks will be evaluated to determine their projected
potential to define an operational cluster.
The Charcas mine in San Luis Potosi, Mexico,
employs 1,000 workers from the region.
Annual Report 2024
48 |
49
Annual Report 2024
48 |
Transportation Division
The railroad is the most efficient form of freight transportation, in
terms of energy consumption and carbon emissions. Locomotive
in a rail yard in Irapuato, Guanajuato, Mexico.
67.83
Billion net tons-km
We transport more than 2.0 million carloads per
year from different industries to supply the entire
country, equivalent to six million trailers.
49
TRANSPORTATION DIVISION
Innovation
in expansion
Annual Report 2024
50 |
Thousands of dollars
TRANSPORTATION DIVISION
JANUARY - DECEMBER
VARIATION
2023
2024
THOUSANDS OF USD
%
Vol. Transported (MillionTons/Km)
65,418
67,835
2,416
3.7
Carloads transported
1,881,954
2,036,588
154,634
8.2
Revenues
$ 3,178,482
$ 3,330,395
$ 151,913
4.8
Cost of sales
$ 1,632,969
$ 1,800,485
$ 167,516
10.3
Operating Profit
$ 989,573
$ 933,834
$ (55,739)
(5.6)
EBITDA
$ 1,431,761
$ 1,406,490
$ (25,271)
(1.8)
EBITDA Margin (%)
45.0%
42.2%
Net Profit
$ 481,809
$
497,120
$ 15,311
3.2
Profit Margin (%)
15.2%
14.9%
Investments / (Capex)
$ 426,655
$
431,403
$ 4,748
1.1
In 2024, volumes transported by the Transportation Division grew 3.7%
compared to 2023, totaling 67.83 billion net tons-km. Volume growth was led
by the Intermodal segment, with a 26% increase in net tons-km, followed by the
Agriculture segment, which grew 12% in net tons-km.
Transportation Division
+4.8%
compared to 2023.
Revenues in 2024
Automotive units in rail
yard, Coahuila, Mexico.
51
ANNUAL REPORT 2021
Rights of way
Connections
GMXT
GULF OF MEXICO
PACIFIC OCEAN
Eagle Pass
Jacksonville
El Paso
Coleman
San Angelo
Ft. Stockton
Alpine
Presidio
Orlando
Manzanillo
Salina Cruz
Coatzacoalcos
Medias Aguas
Veracruz
Tampico
Altamira
Guaymas
Topolobampo
Mazatlan
Culiacan
Sufragio
Hermosillo
Benjamin Hill
Nogales
Mexicali
Cd. Juarez
Mobile
Ojinaga
Chihuahua
Piedras Negras
Cd. Frontera
Paredon
Torreon
R. Arizpe
Monterrey
Cd. Victoria
Zacatecas
Aguascalientes
Tepic
Silao
Irapuato
CDMX
Puebla
Sanchez
Ajuno
Penjamo
Colima
Guadalajara
Fort Pierce
West Palm Beach
Fort Lauderdale
Miami
Pascualitos
UP
UP
BNSF / UP
BNSF / FWWR
BNSF / UP
BNSF / CN /
CSX / NS
CSX / NS
Coatzacoalcos-Mobile
Railferry
Celaya
Coatzacoalcos-Miami
Railferry Project
Grupo México Transportes Network
Annual Report 2024
5%
8%
8%
8%
9%
15%
10%
29%
3%
5%
REVENUES
BY SEGMENT
Agricultural
Intermodal
Automotive
Minerals
Energy
Chemicals
Cement
Metals
Others
Industrials
US$3.30 billion
Total
3%
5%
6%
6%
7%
7%
13%
14%
39%
TONS PER
SEGMENT
Agricultural
Intermodal
Minerals
Chemicals
Energy
Industrials
Cement
Automotive
Metals
67.83 billion tons-km
Locomotives connected in backup, in
Cuyutlan, Colima, Mexico.
Annual Report 2024
Annual Report 2024
Total
56 |
56 |
Transportation Division
FINANCIAL INVESTMENT DATA
During 2024, EBITDA reached US$1.40 billion—a slight decrease of 2% compared
to the previous year.
In recent years, our investments have focused on:
•
Track replacement and rehabilitation
•
Construction and rehabilitation of slopes, yards and terminals
•
Construction of railroad beltways
•
Upgrade of telecommunications equipment
•
Acquisition of tractive equipment
•
Introduction of new operating technologies
57
US$431 million
destined mainly to improve railroad infrastructure, to
increase our capacity and operating efficiency, and
to gain access to new high-potential markets.
This year we invested
Transporting hazardous materials and
substances in rail tankers maximizes
safety and environmental protection.
Annual Report 2024
58 |
-7%
2023
2024
Average train speed
38.4
35.6
OPERATING METRICS
(km/hr)
+9%
2023
2024
Car’s dwell times
24.0
26.2
(hours)
-7%
2023
2024
Car speed
280.3
259.5
(km/day)
2023
2024
Average train length
1,780
1,816
(meters)
+2%
+1%
+1%
2023
2024
Gross tons per train
5,767
5,794
(ton)
2023
2024
Crews
7,499
7541
(monthly average)
Intermodal railroad on its
Mexico - Manzanillo route.
Transportation Division
Grupo México Transportes was included this year
in S&P Global's Sustainability Yearbook 2025 for its
environmental, social and governance performance.
59
Annual Report 2024
60 |
61
Annual Report 2024
60 |
Infrastructure Division
In 2024, 100% of the renewable energy produced by the
Fenicias wind farm went to our underground mines in
Mexico, reducing emissions from these operations by 30%.
Annual Report 2024
Historical
results
+10% in net revenues
+21% in EBITDA
61
INFRASTRUCTURE DIVISION
Expanding
growth
62 |
63
Annual Report 2024
Thousands of dollars
INFRASTRUCTURE DIVISION
JANUARY - DECEMBER
VARIATION
2023
2024
THOUSANDS OF USD
%
Revenues
$ 710,338
$ 783,082
$ 72,744
10.2
Cost of sales
$ 342,389
$ 351,804
$ 9,415
2.7
Operating Profit
$ 151,613
$ 219,430
$ 67,817
44.7
EBITDA
$ 350,426
$ 422,719
$ 72,292
20.6
EBITDA Margin (%)
49.3%
54.0%
Net Profit
$ 54,783
$ 101,855
$ 47,072
85.9
Profit Margin (%)
7.7%
13.0%
Investments / (Capex)
$ 68,155
$ 205,660
$ 137,505
201.8
62 |
Infrastructure Division
In 2024, the Salamanca-Leon highway in
Guanajuato, Mexico, reached a daily traffic
of more than 25,000 vehicles.
The Infrastructure Division is represented by México Proyectos y Desarrollos, S.A.
de C.V. (MPD), which in turn comprises seven business lines:
OIL AND GAS - Controladora de Infraestructura Petrolera México, S.A. de C.V.
(CIPM)
•
Chihuahua Jackup, S.A. de C.V.
•
Zacatecas Jackup, S.A. de C.V.
•
Tamaulipas Modular Rig, S.A. de C.V.
•
Veracruz Modular Rig, S.A. de C.V.
•
Compañía Perforadora México, S.A.P.I. de C.V. (Campeche and Tabasco
Jackups).
ENERGY- Controladora de Infraestructura Energética México, S.A. de C.V. (CIEM)
•
La Caridad Combined Cycle Power Plant, Sonora - México Generadora de
Energía, S.A. de C.V. (MGE)
•
El Retiro wind farm, Juchitan, Oaxaca - Eólica el Retiro, S.A. de C.V. (ERSA)
•
Fenicias wind farm, Nuevo Leon - Parque Eólico de Fenicias S. de R.L. de C.V.
•
Promotora de Infraestructura Renovable México S.A. de C.V. (PIRM)
CONSTRUCTION - México Compañía Constructora, S.A. de C.V. (MCC)
HIGHWAYS
•
Salamanca-Leon highway - Concesionaria de Infraestructura del Bajío, S.A.
de C.V. (CIBSA)
•
Silao Bypass - Concesionaria Autopista Silao, S.A. de C.V. (CAS)
ENGINEERING - Grupo México Servicios de Ingeniería, S.A. de C.V. (GMSI)
FUELS - Grupo México Controladora de Combustibles, S.A. de C.V. (GMCC) Fuel
transfer and storage terminal in Cadereyta, Nuevo Leon.
REAL ESTATE - Controladora Inmobiliaria GM Infra, S.A. de C.V. - Planigrupo
LATAM, S.A.B. de C.V.
63
64 |
65
Annual Report 2024
US$271
million.
In 2025, we will invest
a minimum of
64 |
Infrastructure Division
In 2024, the Infrastructure Division achieved record numbers, with net revenues
accruing US$783 million and EBITDA of US$422 million. This outstanding
performance is the result of our commitment to operational excellence, the
integration of the new K8+Puebla portfolio (along with an additional quarter
of operations in our real estate business), increased daily quotas for our six
jackups, and growth in traffic volumes on our highways. In addition, we began
commercial operations at the Fenicias wind farm and increased production at
our construction company.
Our investments totaled US$206 million in 2024, mainly in:
•
Acquisition of a portfolio of K8+Puebla shopping centers: US$138 million
•
Fuel Terminals Projects: US$5 million
•
Highway Projects: US$8 million
•
Energy Projects: US$6 million
•
Drilling (Cementing) Projects: US$7 million
•
OPEX in the different business lines: US$36 million
For 2025, we consider investments of US$271 million, which include:
•
Real Estate Projects (K8+Puebla): US$28 million
•
Acquisition of construction equipment for new projects: US$14 million
•
Energy Projects: US$20 million (US$14 million for renewable projects)
•
Highway Projects (Inland Port, Salamanca - Leon): US$15 million
•
Projects in Jaguar (Well Drilling): US$139 million
•
OPEX for the different business lines: US$53 million
This year, we began the development of solar
photovoltaic projects in 29 Planigrupo shopping
centers, starting with Macroplaza Oaxaca.
65
66 |
67
Annual Report 2024
66 |
Infrastructure Division
We have achieved sustainable operations on our
highways with the installation of 685 solar panels that
provide 65% of their total electricity consumption.
29.1
0.2
71.0
96.8
238.7
260.8
80.1
REVENUES IN 2024
Energy
33%
Perforadora
30%
Constructora
12%
Fuels
1%
Engineering
4%
Real estate
10%
Highways
9%
$783.08
Total
67
Thousands of dollars
+10% growth in Net Revenues
+21% improvement in EBITDA
compared to 2023.
million dollars
*The sum is different from the total due to intercompany transactions.
68 |
01
Combined Cycle Plants
02
Cadereyta Fuel Terminal
03
Fenicias Wind Farm
04 El Retiro Wind Farm
05 Salamanca-Leon Highway
06 Silao Bypass
07
Land drilling rig
08 “Tamaulipas” rig
09 “Veracruz” rig
10
“Tabasco” rig
11
“Zacatecas” rig
12
Offshore drilling rig
13
“Campeche” rig
14
“Chihuahua”rig
GULF OF MEXICO
PACIFIC OCEAN
Sonora
Nuevo Leon
Tamaulipas
Guanajuato
Oaxaca
Veracruz
Michoacan
Jalisco
Nayarit
Hidalgo
State
of Mexico
Baja California Sur
Baja California
San Luis Potosi
Coahuila
Chihuahua
Puebla
Campeche
Quintana Roo
Tabasco
Energy
Highways
Oil and gas
Engineering
Construction
Real estate
Fuel storage terminal
02
07
12
13
14
08
09
10
11
05
06
01
04
03
Infrastructure
70 |
71
Annual Report 2024
Infrastructure Division
OIL AND GAS
Perforadora México continued to show remarkable operating efficiency, reaching
a rate of 99.0% in 2024 with rates up 14%.
70 |
Infrastructure Division
70 |
Infrastructure Division
RIG
PRODUCTIVITY 2024
Campeche
94.6%
Tabasco
99.6%
Chihuahua
100%
Zacatecas
99.9%
Veracruz
99.7%
Veracruz (modular)
99.7%
Tamaulipas
100%
REVENUES:
US$238.7 million
(+16% vs. 2023)
EBITDA:
US$123.8 million
(+25% vs. 2023)
ENERGY
La Caridad combined cycle plant (Sonora)
The La Caridad plant reached 98.8% availability, which translates into a 19%
increase compared to 2023. This performance resulted in a total generation of
3,577 GWh—11% higher than the previous year's production.
71
In 2024, the La Caridad combined cycle power
plant achieved 11 years without lost-time injuries.
REVENUES:
US$260.8 million
Includes La Caridad combined cycle plant,
and El Retiro and Fenicias wind farms
EBITDA:
US$150.6 million
(+14% compared to 2023)
All the companies in the Infrastructure Division
have received the Great Place to Work distinction,
thanks to their commitment to the well-being of
our employees.
72 |
73
Annual Report 2024
El Retiro wind farm (Oaxaca)
Since 2019, we have the Clean Industry certification, issued by PROFEPA,
making us the first wind farm in the Isthmus of Tehuantepec to receive this
certification, which reflects effective compliance with environmental legislation,
improved efficiency in operating processes, environmental performance and
competitiveness.
Fenicias wind farm (Nuevo Leon)
In June 2024, the Fenicias wind farm began operations and, as of August 1, 2024,
it supplies electricity to Minera México’s mining and metallurgical operations.
Its start of operations contributes significantly to the growth of our clean and
renewable energy generation capacity, as well as to our sustainability goals and
our commitment to the Net Zero 2050 initiative to reduce carbon emissions.
Fenicias achieved a total generation of 326 GWh, contributing 15% of the revenues
and 22% of the EBITDA of the Energy business unit.
Infrastructure Division
With its 42 generators, the Fenicias
wind farm in General Bravo, Nuevo
Leon, has a capacity of 168 MW.
Annual Report 2024
Promotora de Infraestructura Renovable
Our power generation business line will incorporate new sources of renewable energy generation
through our subsidiary PIRM (Promotora de Infraestructura Renovable).
PIRM currently operates 12 photovoltaic panel projects in collaboration with Highways, Minera México,
Perforadora México, and Cinemex. In addition, we implemented energy diagnostics to identify savings
opportunities and maximize operating efficiency.
By the first quarter of 2025, we plan to add 16 new photovoltaic systems with a capacity of 1,985 kWp,
which will bring our total installed capacity to 2,818 kWp, equivalent to an approximate solar panel
area of 16,344 m².
These projects replace between 80% and 100% of energy consumption with renewable energy,
mitigating approximately 1,666 tons of CO2e per year.
74 |
75
Annual Report 2024
CONSTRUCTION
Main works
•
At the Buenavista del Cobre mine, in Cananea, Sonora, Mexico, we continue
with the construction of stage 3 of the curtain for the new tailings deposit,
with 84.4% progress. The contract period ends in March 2026.
•
Work was completed on the Fuel Storage Terminal for OTM and Valero.
•
In Nacozari de Garcia, Sonora, Mexico, earthmoving and stripping work
continued in the Pilares area.
•
Construction of the Inland Port Branch began and is scheduled for completion
in May 2025.
ENGINEERING
In our Engineering business line, we won an important contract with SPCC for the
expansion of the Cuajone Concentrator, bolstering our capacity and leadership
in the sector. In March 2024, we reached a new milestone with the opening of
our offices in Arequipa and Moquegua, strengthening our presence in the region.
Chemical Terminal Puerto México dock for
the import of ethane gas barrels in Allende,
Veracruz, Mexico.
REVENUES:
US$96.8 million (+26%
vs. 2023)
EBITDA:
US$21 million
(+1% vs. 2023)
REVENUES:
US$29.1 million
EBITDA:
US$5.7 million
76 |
77
Annual Report 2024
76 |
Infrastructure Division
HIGHWAYS
Our highway operations include two highway concessions in the state of
Guanajuato:
1) Salamanca-Leon Highway.
2) Silao Bypass.
Along our highways, we have more than 800 solar panels that supply 85% of the
energy consumed in the toll booths of Mendoza and the Inland Port. This has
resulted in energy savings of 13% at both locations.
REVENUES:
US$71 million
(+6% vs. 2023)
EBITDA:
US$48 million
(+8% vs. 2023)
REAL ESTATE
During 2024, Grupo México Inmobiliaria consolidated its growth with the
acquisition of the K8 + Puebla portfolio, comprised of nine shopping centers
strategically located in different regions of the country. With this expansion, to
date, we operate a total of 36 shopping centers in different states across Mexico.
Planigrupo has a total Gross Leasable Area of 717,688 m2, 672,073 m2 of which are
leased.
We seek to consolidate our position as the leading integrated owner, developer
and manager of shopping centers in Mexico.
77
Our real estate business has positioned
itself as a key contributor to our growth,
representing US$80.1 million in revenues
and US$51 million in EBITDA with an
occupancy rate of 94.4%.
Urban Village Garza Sada shopping mall in
Monterrey, Nuevo Leon, with more than 27
thousand m2 of leasable space.
REVENUES:
US$80.1 million
(+57% vs. 2023)
EBITDA:
US$51 million
(-1% vs. 2023)
78 |
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Annual Report 2024
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Fundación and Community Development
Annual Report 2024
US$43.2
million invested
Infrastructure projects in communities
where we are present.
Members of the Naranjeros-Grupo México baseball
academies, made up of 450 boys and girls from three
communities in Mexico.
79
FUNDACIÓN GRUPO MÉXICO
AND COMMUNITY DEVELOPMENT
Growing
community
Annual Report 2024
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Fundación and Community Development
On each of its routes, the Health Train
serves more than 10,000 patients in the
communities it visits.
HEALTH
Dr. Vagón.
In 2024, Dr. Vagón, the Health Train, celebrated 10 years as an integral health
program in Mexico, focused on the timely detection and early treatment of
diseases.
Dr. Vagón is a top-level mobile clinic that travels across 23 states of the Mexican
Republic using Grupo México Transportes' railway infrastructure to provide free
healthcare services and medicines to hundreds of thousands of Mexicans each
year. With 18 cars, 30 consulting rooms and a multidisciplinary team of highly
qualified professionals, the train travels along ten routes per year throughout
the country.
Its services include general and specialty consultations, such as dentistry,
chiropractic care, physical rehabilitation, nutrition, and family planning, in addition
to lab tests and clinical studies. It also has clinics specializing in comprehensive
women's health and diabetes care. Its operating room car—the only one of its
kind in the world—is equipped to perform outpatient surgical procedures.
+2,600,000
medical care services, over the
course of a decade.
Dr. Vagón has provided
Annual Report 2024
81
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Annual Report 2024
We performed 500 cataract surgeries during 2024.
82 |
Fundación and Community Development
500
cataract surgeries
in 2024.
Coverage until 2024
Dr. Vagón provides comprehensive eye care
through ophthalmology consultations, optometry,
and free eyeglasses.
83
860,000
lab tests
27,340
clinical studies
800,100
dental care services
824,253
free medicines delivered
91,000
free eyeglasses delivered
4,000
free hearing aids delivered
39,000
mammograms
400
Vasectomies in the first year
1,450
IUDs—services since 2019
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Annual Report 2024
120 implants
have been placed in 60 children, allowing
them to hear for the first time.
Since the beginning of the program,
Cochlear implant activation,
Hearing Without Borders, Mexico City.
Escuchar Sin Fronteras (Hearing Without Borders)
Hearing Without Borders is a program that assists children between 0 and 24
months of age who have total hearing loss (severe and/or profound hearing
loss) in obtaining a Bilateral Cochlear Implant. For comprehensive care, the
program includes hearing and speech therapy and the corresponding follow-up
care. Our objective is that, through the development of listening skills and the use
of spoken language, children can achieve a better insertion into society.
In 2024, we achieved:
34
cochlear implants
$15 million
pesos in donations
2,500+
hearing and speech therapies
250+
hearing follow-up studies
650+
emotional support sessions
for families
240+
people directly and indirectly
impacted, including family
members and beneficiaries
80+
applications for the program
17
bilaterally
implanted children
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Annual Report 2024
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Fundación and Community Development
More than two million trees and plants are produced
in the San Luis Potosi nurseries each year.
ENVIRONMENT
We are committed to contribute to the preservation and restoration of watersheds,
Natural Protected Areas, parks, and areas of environmental value in the country,
to mitigate the effects of climate change. At Grupo México, we operate seven
nurseries, whose production is donated through Fundación Grupo México to civil
society organizations, communal lands, and municipal and state governments
for the recovery of Mexico's biodiversity.
Beneficiaries:
•
Rural communities and communal lands: 156
•
Municipalities: 71
•
Indigenous groups: 2 (Tarahumaras and Mazahuas)
DONATIONS
STATE
TREES
Restoration of the Upper Rio Fuerte Watershed
Chihuahua
265,000
Reforestation and restoration of the Cutzamala Basin
State of Mexico
336,000
Michoacan
258,000
Conservation of Carbon Credits Forest
Durango
47,000
Reforestation in Sonora
Sonora
64,000
Total
970,000
19 million
trees in 24 states across the country.
Since 2011,
we have donated more than
GULF OF MEXICO
PACIFIC OCEAN
Sonora
San Luis Potosi
Zacatecas
Chihuahua
Grupo México nurseries
87
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Annual Report 2024
COMMUNITY DEVELOPMENT
The Community Development model of our Mining and Infrastructure divisions
aims to improve the quality of life in the communities where we operate.
This year, we made significant achievements in community development.
•
In 2024, in Mexico, we allocated US$6.6 million to infrastructure projects, such
as the continuation of the renewal and rehabilitation of the public water and
sewage networks in the municipalities of Cananea and Nacozari de Garcia,
in Sonora. These projects will benefit 54 thousand people.
•
To strengthen our value chains, we trained 1,326 people in our neighboring
communities, including 654 individuals in employability skills, 776 people in
regional vocational and productive competencies, and 27 local businesses.
•
In the Tambo Valley, in Arequipa, Peru, we began agricultural technification
projects with 32 organizations for the benefit of 1,600 families, and the
installation of Internet in all schools, police stations and healthcare centers
in the region.
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Fundación and Community Development
Tamosura Park, in Cananea, Sonora, has public
spaces, recreational, sports, and commercial areas
and facilities for the use of the entire population.
Promote a
responsible
coexistence
Generate shared
economic
development
Boost human
development
Annual Report 2024
89
90 |
91
Annual Report 2024
Fundación and Community Development
90 |
Fundación and Community Development
•
Collaborating with Peruvian government authorities, we completed the High
Performance Schools projects (COAR, for its Spanish acronym) in Tacna and
Moquegua, and began construction of a third COAR in Apurimac.
•
450 boys and girls from three communities across Mexico participated in our
baseball academies.
•
Our Youth Orchestras and Choirs program received 1,907 students between
the ages of five and 22 years old, who devote 15 hours a week to music lessons.
This year, we started two new projects in the communities of Charcas, in San
Luis Potosi, and Juchitan, in Oaxaca.
•
We inaugurated the Mining Baseball League, which brings together more than
620 players from 31 teams, 53% of whom are employees of the company's
mines and metallurgical plants in various states of Mexico.
•
17 students from our swim academies and teams participated in national
competitions, with the guidance and training of Olympic swimmer Jorge Iga.
This year we started two new youth orchestra and
choir projects, to have a presence in 14 communities in
Mexico and Peru.
The more than 1,900 members of our orchestra
and choir program performed in 65 local,
regional and national artistic recitals this year.
91
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Annual Report 2024
Germán Larrea
Chairman
Patrimonial Board Member
Oscar González Rocha
Patrimonial Board Member
Alfredo Casar Pérez
Patrimonial Board Member
Luis Castelazo Morales
Patrimonial Board Member
Fernando López-Guerra Larrea
Patrimonial Board Member
Leonardo Contreras Lerdo de Tejada
Patrimonial Board Member
Francisco Zinser González
Patrimonial Board Member
Claudio X. González Laporte
Independent Board Member
Emilio Carrillo Gamboa
Independent Board Member
Fernando Ruiz Sahagún
Independent Board Member
Rolando Vega Saénz
Independent Board Member
Antonio del Valle Ruiz
Independent Board Member
Carlos Prieto Sierra
Independent Board Member
Carlos Rojas Mota Velasco
Independent Board Member
Lillie Hernández Minor
Secretary
Grupo México
Annual Report 2023
Mining Division
Mining Division
92 |
Directory
BOARD OF DIRECTORS
Buenavista del Cobre, Cananea,
Sonora, Mexico.
93
Germán Larrea
CEO and Chairman of the Board
Oscar González Rocha
Executive President of Mining Division
Leonardo Contreras Lerdo de Tejada
CEO, Mining Division
Alfredo Casar Pérez
Executive President of Transportation Division
Fernando López-Guerra Larrea
CEO, Transportation Division
Francisco Zinser González
CEO, Infrastructure Division
Lourdes Aranda Bezaury
Chief Communications Officer, Grupo México
Marlene Finny De La Torre
Chief Financial Officer, Grupo México
Annual Report 2024
MANAGEMENT TEAM
gmexico.mx