Reuters reported that copper miner Grupo Mexico earned MXN 4.48 billion in net profit for the Q1 a huge jump from last year on the incorporation of Arizona based company Asarco and better metals prices.

Grupo Mexico said that its Q1 profit in 2009 was MXN 222 million pesos. The tendency of rising prices which started at the beginning of 2009 continued strongly in the Q1 of 2010.

The company said that for copper, molybdenum and zinc, prices were up 8.8%, 39.8% and 3.4% on average compared to the Q1 of 2009. Also boosting results was US miner Asarco, of which Grupo Mexico won control in December last year.

Asarco had fallen into bankruptcy, bogged down by environmental claims and Grupo Mexico had lost control of the board of directors of its former subsidiary.

Grupo Mexico beat out a bid by India's Sterlite Industries Limited in a drawn out court battle and sees positive results for the company next year. The Mexico Company will invest USD 10 million in 2010 in an exploration program at Asarco to boost reserves.

(Sourced from Reuters)