MEXICO CITY Feb 6 Mexican metals miner and
railroad operator Grupo Mexico's profit fell 42
percent to $453.9 million in the fourth quarter, the company
said on Thursday, as precious metals' output and prices sank.
In a filing with the Mexican stock exchange, the company
said revenues for the quarter totaled $2.33 billion, down 6.5
percent from the year-earlier period.
Grupo Mexico said gold production fell 24 percent to 10,265
ounces for the quarter, while silver production dropped 1.2
percent to 3.8 million ounces.
Copper output for the quarter rose 1.2 percent at 206,712
The company also pointed to weaker metals prices during the
The price of silver fell 36 percent, gold dropped 26 percent
and copper 8.9 percent, compared to average prices during the
same quarter a year earlier.
The company said that the Mexican government's recently
passed fiscal overhaul, which includes a new 7.5 percent mining
royalty, "will not have a significant impact" on the company's
At a price of $3.50 per pound of copper, the new royalty
would represent a $53 million net impact, the company said in
Grupo Mexico's stock closed 1.5 percent higher at 43.43
pesos per share on Thursday before the company reported its