German Larrea
Mexico
Net Worth
$22B
Source of Wealth
Grupo Mexico
Global Rank
#54 of 100
About German Larrea
German Larrea Mota Velasco is the chairman and CEO of Grupo Mexico, the largest mining company in Mexico and one of the top copper producers in the world. Born in 1953 in Mexico City, Larrea built upon his family's mining interests to create a diversified industrial conglomerate that spans mining, transportation, and infrastructure. Under his leadership, Grupo Mexico has become the world's third-largest copper producer, operating major mines across Mexico, Peru, and the United States.
Larrea's strategic brilliance has been in recognizing the long-term importance of copper to the global economy. As the world transitions to electric vehicles, renewable energy, and advanced electronics, copper demand has surged — and Grupo Mexico's massive reserves position the company to benefit enormously from this megatrend. His disciplined approach to capital allocation, cost management, and reserve development has made Grupo Mexico one of the most efficient mining operations on the planet.
Beyond mining, Larrea diversified Grupo Mexico into transportation through its subsidiary Grupo Mexico Transportes (GMXT), which operates the largest railroad network in Mexico. This vertical integration of mining and rail logistics has created significant competitive advantages and operational efficiencies. His quiet, methodical approach to business has made him one of the most successful industrialists in Latin American history.
Key Achievements
World's Third-Largest Copper Producer
Built Grupo Mexico into the world's third-largest copper mining company, with operations spanning three countries and massive reserves positioned to benefit from the global energy transition.
Successful Acquisition of Southern Copper
Acquired and integrated Southern Peru Copper Corporation (now Southern Copper), dramatically expanding Grupo Mexico's production capacity and reserve base in Peru and Mexico.
Built Mexico's Largest Rail Network
Diversified into transportation by acquiring and developing Mexico's largest railroad network through Grupo Mexico Transportes, creating powerful synergies with mining operations.
Achieved Industry-Leading Cost Efficiency
Maintained some of the lowest production costs in the global copper mining industry through disciplined operational management and continuous improvement in mining processes.
Notable Quotes
“Mining requires patience, discipline, and a very long-term view. The resources are there — you have to have the vision and the persistence to extract them responsibly.”
— German Larrea
“Copper is the metal of the future. Every electric vehicle, every wind turbine, every solar panel needs copper, and the world will need much more of it.”
— German Larrea
Key Decisions
Led the acquisition of Mexicana de Cananea, one of Mexico's oldest and largest copper mines, significantly expanding Grupo Mexico's domestic production capacity.
Acquired Asarco, the American Smelting and Refining Company, gaining major mining operations in the United States and establishing Grupo Mexico as a truly international mining company.
Merged Southern Peru Copper with Minera Mexico, creating the world's largest publicly traded copper producer by reserves and establishing a dominant position in the Americas.
Expanded into Mexico's railroad infrastructure by acquiring Ferromex and Ferrosur, building the country's largest rail transportation network to complement mining logistics.
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