Base metal producer Asarco (NYSE) recently completed its transaction with Grupo Industrial Minera Mexico (Gimmex), combining Mexico Desarrollo Industrial Minero (Medimsa) into a new public company known as Grupo Mexico.
The shares of Grupo Mexico trade on the Bolsa. Mexico City-based Gimmex is the largest publicly held mining company in Mexico and it now owns 74% of Grupo Mexico, which owns 100% of Medimsa. Asarco owns 23.6% of Grupo Mexico, with Chase Manhattan Corp. owning the balance.
Medimsa’s operating subsidiaries include Mexicana de Cobre, operator of La Caridad mine and the Nacozari smelter; Mexicana de Cananea, operator of the Cananea mine and smelter; and Industrial Minera Mexico, operator of 11 zinc, silver and lead mines and seven metallurgical plants.
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