This Thursday, January 11, it was made public that the Mexican businessman, Germán Larrea, who is also the second richest man in the country, intends to buy a copper mine located in Spain, which has generated an impact and has made his name be a trending topic, since it is rare to see a Mexican interested in acquiring a place like this, especially on the European continent.
It is important to mention that the entrepreneur mentioned above is not the direct interested party in the purchase, but Grupo México, the company of which he is the leader and which is also part of the group of companies that seeks to carry out the transaction of the mine located south of the country, commonly known as the Motherland.
Currently, Grupo México has plans to purchase a mine that is currently owned by the Canadian company First Quantum Minerals. As of December 2023, it was 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 despite being one of the smallest. According to reports, this copper mine has been valued at 10 billion dollars, which is equivalent to approximately 168,917 million Mexican pesos. It is currently unknown if this will be the price that Grupo México will have to pay.
of 50% of the renewable energy company IEnova, which would strengthen its position in the energy sector. Grupo México and Sempra Energy, owner of IEnova, have reached a preliminary agreement for the acquisition of this majority stake. This transaction would be carried out through a public offer for the acquisition of shares. The purchase would strengthen Grupo México’s portfolio in the energy sector and allow it to take advantage of growth opportunities in renewable energy.
It is known that the company led by Germán Larrea Mota is one of those interested in buying the mine. However, financial experts reported that after learning of the possibility of completing the transaction, the shares of the Mexican company fell 1.23 percent. Despite this loss, the company did not back down since it has the possibility of boasting 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 purchasing part of the Aguas Tenidas Mines, located in the province of Huelva, also in Spain, which represent the main reserve copper; However, the Mexican lost the acquisition to Sandfire Resources, an Australian company that spent 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, showed interest in acquiring this mine in southern Spain. Before that, it was also interested in buying Banamex after Citi confirmed it had no intention of continuing to own it. However, this transaction did not take place.
Despite his interest, the individual mentioned above, who is originally from Mexico City, has always stood out for being one of the most recognized in the field of mining. Despite having a discreet profile, he has always been involved in the financial field because he is the son of businessman Jorge Larrea Ortega, who founded Construcciones Jorge Larrea during the government of Miguel Alemán Valdez.
In relation to his academic training, the president of Grupo México graduated from the Anáhuac University, where he studied Business Administration. He began his work at the company, formerly known as Cananea, in 1994, and since then it has become one of the most recognized nationally and internationally.
