This Thursday, January 11th, it was made public that Mexican businessman Germán Larrea, who is also the second richest man in the country, intends to purchase a copper mine located in Spain. This news has generated impact and made his name a trending topic, as it is uncommon to see a Mexican interested in acquiring such a place, especially in the European continent.
It is important to mention that the entrepreneur mentioned earlier is not the direct interested party in the purchase, but rather Grupo México, the company of which he is the leader and which is also part of the group of companies seeking to carry out the transaction of the mine located in the south of the country, commonly known as the Motherland.
Grupo México currently intends to purchase a mine that is currently owned by the Canadian company First Quantum Minerals. Since December 2023, it has been decided that the mine called Las Cruces could be acquired as a result of the closure of another mine in Panama.
Although the mine located in Panama was one of the most important for the Canadian company, the mine located in Spain has also attracted attention, even though it is one of the smallest. According to reports, this copper mine has been valued at $10 billion, which is equivalent to approximately 168,917 million Mexican pesos. Currently, it is not known if this will be the price that Grupo Mexico will have to pay.
Grupo México and Sempra Energy, the owner of IEnova, have reached a preliminary agreement for the acquisition of a majority stake in the renewable energy company. This transaction would be carried out through a public offer to purchase shares. The purchase would strengthen Grupo México’s portfolio in the energy sector and allow them to take advantage of growth opportunities in renewable energy.
It is known that the company led by Germán Larrea Mota is one of the interested parties in buying the mine. However, financial experts have reported that after the possibility of the transaction becoming a reality was known, the Mexican company’s shares fell by 1.23 percent. Despite this loss, the company did not retract as there is the possibility of an expansion in the Old Continent in 2024.
This is not the first time that Larrea Mota’s company considers expanding, because last year it stood out for its interest in buying part of the Aguas Tenidas Mines, located in the province of Huelva, also in Spain, which represent the main copper reserve; however, the Mexican lost the acquisition to Sandfire Resources, an Australian company that paid the considerable sum of 1.9 billion dollars.
What is the identity of Germán Larrea Mota Velasco?
The Mexican businessman, known as The Copper King, expressed interest in acquiring this mine in southern Spain. Prior to that, he was also interested in buying Banamex after Citi confirmed it had no intention of continuing to be its owner. However, this transaction did not take place.
Despite his interest, the individual mentioned above, who is originally from Mexico City, has always stood out as one of the most recognized figures in the field of mining. Despite having a low profile, he has always been involved in the financial industry because he is the son of businessman Jorge Larrea Ortega, who founded Construcciones Jorge Larrea during the government of Miguel Alemán Valdez.
Regarding his academic background, the president of Grupo Mexico graduated from Anahuac University, where he studied Business Administration. He started his work in the company, previously known as Cananea, in 1994, and since then he has become one of the most recognized at national and international level.
