Gatos Silver posts solid 2024, preps takeover by First Majestic
The deal will merge Gatos’ main Cerro Los Gatos mine with First Majestic’s San Dimas mine in Durango, and its Santa Elena operation in Sonora.
Mexican mining and transport firm Grupo Mexico reported on Tuesday a 28% drop in quarterly earnings, citing lower demand and supply chain issues caused by the covid-19 pandemic.
The company, Mexico’s top copper miner, reported annual revenues of $14.78 billion and a net profit of $3.87 billion.
In its quarterly report, Grupo Mexico said the company planned to spend $2.27 billion in 2022, a 67% rise from 2021.
After the results, Grupo Mexico’s shares closed at 89.93 pesos, a 1.4% rise from the previous day.
(By Kylie Madry, Noe Torres and Valentine Hilare; Editing by Cassandra Garrison and Sandra Maler)
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