Company Overview

Grupo México, S.A.B. de C.V. is a Mexico-based conglomerate with core operations in mining, transportation, and infrastructure, and is one of the largest diversified industrial groups in Latin America. The company is best known as a leading global copper producer through its mining subsidiary Southern Copper Corporation, and as Mexico’s dominant rail freight operator through Grupo México Transportes. Its operations serve industrial, construction, automotive, energy, and agricultural customers, with revenue primarily driven by copper production, rail freight services, and infrastructure concessions.

Founded in the mid-20th century as a mining-focused enterprise, Grupo México expanded significantly through vertical integration and strategic acquisitions. A pivotal transformation occurred in the late 1990s with the acquisition of mining assets that later formed Southern Copper Corporation, followed by the consolidation of rail concessions that established Ferromex as Mexico’s largest rail operator. Over time, the company evolved into a multi-sector group with strong positions in commodities and logistics, leveraging scale, asset ownership, and long-life concessions as strategic advantages.

Business Operations

Grupo México operates through three principal business segments: Mining, Transportation, and Infrastructure. The Mining segment, conducted primarily through Southern Copper Corporation, focuses on the extraction, processing, and refining of copper, along with by-products such as molybdenum, silver, zinc, and gold. This segment represents the majority of consolidated revenues and earnings, supported by large-scale, low-cost reserves in Mexico and Peru.

The Transportation segment operates under Grupo México Transportes, which controls Ferromex and Ferrosur, providing rail freight services across key industrial corridors in Mexico and connections to the United States border. The Infrastructure segment, operated through Grupo México Infraestructura, develops and manages energy, water, road, and port projects, often under long-term concessions. The company generates revenue through commodity sales, freight tariffs, and concession-based service fees, supported by extensive physical assets, rail networks, mining reserves, and port infrastructure.

Strategic Position & Investments

Grupo México’s strategy emphasizes disciplined capital investment in long-life assets, operational efficiency, and vertical integration across its core sectors. In mining, the company prioritizes brownfield expansions, concentrator upgrades, and reserve development to sustain copper production amid global electrification and energy transition trends. Significant capital expenditures have been directed toward expanding capacity at existing mining complexes and enhancing environmental and safety systems.

In transportation and infrastructure, the company continues to invest in rail capacity, intermodal terminals, and port facilities to support trade flows and nearshoring activity in North America. Grupo México Infraestructura has expanded its portfolio of energy and water projects, positioning the group in essential services with stable, concession-based cash flows. Notable subsidiaries include Southern Copper Corporation, Grupo México Transportes, Ferromex, and Grupo México Infraestructura, each operating as a strategic pillar within the broader corporate structure.

Geographic Footprint

Grupo México maintains a substantial operational presence across Mexico, Peru, and the United States, with additional commercial reach into global commodity markets. Mining operations are concentrated in Mexico and Peru, where the company controls some of the world’s largest copper reserves. Rail operations span most of Mexico, connecting major industrial regions, ports, and border crossings with the United States, enabling cross-border freight movement.

The company’s infrastructure investments are primarily located in Mexico, including ports on both the Pacific and Gulf coasts, energy generation assets, and water management projects. Through exports of copper and other metals, Grupo México maintains indirect exposure to Asia, Europe, and North America, reinforcing its role as a globally relevant supplier of industrial raw materials.

Leadership & Governance

Grupo México is controlled by its founding family and maintains a centralized governance structure with strategic oversight across its subsidiaries. The company’s leadership emphasizes long-term value creation, capital discipline, and operational control of critical assets, particularly in regulated and capital-intensive industries such as mining and rail transportation.

Key executives include:

• Germán Larrea Mota-Velasco – Chairman of the Board and Chief Executive Officer
• Ximena Escobedo Juárez – Director of Corporate Affairs
• Raúl Jacob Cerón – Chief Financial Officer
• Óscar González Rocha – President and Chief Operating Officer, Southern Copper Corporation

The leadership team’s strategic vision focuses on maintaining cost leadership in copper production, expanding logistics infrastructure aligned with regional trade growth, and investing in infrastructure assets that provide stable, long-duration returns.