Mexican Mining Companies Achieve Record Market Caps

In 2024, Mexico's leading mining companies listed on the Mexican Stock Exchange (BMV) achieved a historic milestone, surpassing the MX$1 trillion (US$48.02 million)  mark in market capitalization. This achievement underscores the strength of the sector, driven by a significant rise in the prices of key minerals, particularly gold and silver.

According to stock market data, the combined market capitalization of Grupo México, Peñoles, Fresnillo, Frisco, and Autlán reached MX$1.018 trbillion, reflecting a 11% growth from the MX$920.570  billion recorded at the close of 2023.

Grupo México led the pack, continuing its dominance in copper extraction. With a market capitalization of MX$770.604 billion in 2024, the company saw an increase of MX$37.414 billion from the previous year’s value of MX$733.060 billion. Grupo México remains the world’s fourth-largest copper producer, controlling some of the world’s most significant copper reserves.

Following Grupo México, Peñoles recorded a strong performance with a market capitalization of MX$119.744 billion, reflecting a 70% increase. Fresnillo’s market cap stood at MX$105.809 billion, up by 7%, while Frisco reached MX$20.691 billion (+42%). Autlán, however, saw a decline, with a market capitalization of MX$2.059 billion, down by 33%.

A key driver behind this growth was the rise in gold and silver prices. Gold soared by 26.12%, marking its highest annual growth since 2010, driven by its appeal as a safe-haven investment amid global economic uncertainty and interest rate cuts. Silver also saw a notable increase of 21.46%, supported by growing demand and its expanding role as a secure investment asset.