Grupo Mexico, a mining and transportation conglomerate, reported a 10% increase in net profit for the second quarter, reaching $1.23 billion. Despite a 4% decline in revenues to $4.24 billion, EBITDA rose 1.4% to $2.36 billion, exceeding analyst expectations. The company, controlled by billionaire German Larrea, remains one of the world’s largest copper producers. Grupo Mexico maintained its annual copper output forecast at 1.08 million metric tons, with copper production falling 1.3% in the quarter due to lower output at its Buenavista mine. The company’s cash cost for copper dropped 10% to $0.93 per pound.

In response to U.S. President Trump’s 50% tariff on copper shipments, Grupo Mexico sees an opportunity to invest up to $6.2 billion in reopening and expanding projects in line with the new mining policies. The company is considering expanding production at its Ray and Silver Bell mines in Arizona and reopening its Hayden smelter. Construction on the Tia Maria project in Peru is progressing as planned. Sales at the transport division declined due to foreign exchange effects, while infrastructure projects were impacted by the suspension of Pemex projects.

Read more at Yahoo Finance: Mining giant Grupo Mexico reports profit bump as copper costs shrink