Grupo México
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| Grupo México | |
| Type | Private (NYSE: PCU) |
|---|---|
| Founded | 1988 |
| Headquarters | México |
| Key people | Jorge Larrea |
| Industry | Mining, Logistics |
| Products | Iron Ore, Copper, Railway Transport |
| Revenue |  $5.19 billion USD (2005) |
| Website | www.gmexico.com |
Grupo México (Grupo México S.A. de C.V.), is the largest mining corporation in Mexico and the third largest copper producer in the world.
Ferrocarril Mexicano (Ferromex), the company's rail transport division, operates the nation's largest rail fleet.
The company was founded by Jorge Larrea in 1988. After the government of Carlos Salinas declared the state mining company bankrupt, Larrea purchased key Mexican copper mines in Cananea and Nacozari (cities in the state of Sonora). He also purchased numerous other mining sites, including coal mines in the state of Coahuila. By 2000, Grupo México was responsible for 87.5 percent of Mexico's copper production and was the world's third-largest copper producer.
Grupo México has been in continual conflict with Local 65, the traditionally militant Cananea branch of the Mexican Mine Workers' Union (SNTMMSRM). During miners' strikes in January 2003 and October 2004, Grupo México responded with threats to close the Cananea mines.
In 2004, Grupo México has also purchased a controlling interest in the Southern Peru Copper Corporation.
On February 19, 2006, an explosion occurred in a coal mine in San Juan de Sabinas, Coahuila, that is owned by Grupo México. Although the mining operations of a coal deposit is always a risky business, due to the possibility of huge gas concentrations, there are certain theories that indicate the mine has an important lack of safety rules, very similar to the problem presented in the Sago Mine disaster in West Virginia with the accident that caused death of 12 miners in January 2, 2006.
[edit] Notes
- ↑ US Geological Survey; Gillian O'Connor, "LatAm copper giants want place on global stage," Financial Times, 24 August 2000.
- ↑ "Grupo Mexico Threatens to Shut Down Cananea if Strike Continues," Engineering and Mining Journal, Vol. 204, No. 4, February 2003, pages 14-15; "Workers Strike at Mexican Copper Mine," Associated Press, 15 October 2004.
- ↑ Sara Silver, "Approval expected for Grupo Mexico/ S Peru Copper," Financial Times, 23 October 2004.
- ↑ "Mexican mine blast traps workers," BBC News, 20 February 2006. Link to article
[edit] See also
[edit] External links
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