By Gabriel Stargardter
MEXICO CITY Jan 24 Mexican mining and
infrastructure giant Grupo Mexico plans to boost
investment by 65 percent in 2013 to $3.5 billion, the company
said in a release on Thursday.
Grupo Mexico will spend $2 billion on its mining division,
$1 billion on its infrastructure division and $500 million on
its transport division this year, it said.
Grupo Mexico said it would continue to invest in the
Buenavista mine in northern Mexico, which has the world's
largest copper reserves. It hopes that investment, alongside
others in the United States and Peru, will allow it to produce
1.4 million tonnes of copper a year by 2015.
The transport division will continue to focus on railway
expansion. Investment in the infrastructure division, which the
company sees as a hot growth prospect, will pay for the
construction of two power stations and a wind farm, the company
Analysts said the investment, although not a surprise,
showed a bullish attitude toward growth, particularly when other
mining companies are slowing down or freezing investment.
"It's clearly something very aggressive," said Juan Baptista
Bruny, an analyst at BBVA Bancomer in Mexico City. "It sends a
very clear signal of optimism on the evolution of the market,
their projects and their expectations."
The company's share price was up 0.59 percent at 49.85 pesos
on the news, driving gains in Mexico's IPC stock index.
Grupo Mexico runs copper mines in Mexico, Peru and the
United States as well as cargo train lines across Mexico.