Mexican plastic pipe and chemicals company Orbia on Tuesday reported a net profit of $10.2 million for the second quarter, an 88% drop from the $84.0 million it posted during the same period a year earlier.
“We have come through a very challenging fourth quarter managing COVID-19 concerns with our operations and, at the same time, paying off $4.5million in debt and interest over the last 4 months from cash flow” reported Robert Eadie, C.E.O. and President of the Company.
José F. Serrano, Chairman and Chief Executive Officer of Grupo TMM, said, “The prolonged suspension of operations in the public, private and social sectors due to the COVID-19 pandemic, as well as the delayed recovery from the economic slowdown and the drop in global oil prices since 2019, have significantly affected the entire industry and the financial markets, with a significant impact on the Company’s operations this quarter. Nevertheless, we have implemented alternative strategies to reduce the impact on results as much as possible, while trying to maintain productivity levels in the Maritime, Ports and Terminals divisions, as well as Warehousing Services.”
“La Yaqui Grande represents our next low-cost, high-return project in the Mulatos District. This follows the success of the La Yaqui Phase I and Cerro Pelon projects which were both developed on budget and ahead of schedule. Given its bigger scale and low-cost profile, La Yaqui Grande is expected to drive strong free cash flow growth from the Mulatos District in 2022 and beyond,” said John A. McCluskey, President and Chief Executive Officer.
The Company expects to use the proceeds from the offering to accelerate development of the Los Juarez Gold and Silver Project and general corporate purposes.
Mining and ore processing operations officially resumed at the Caylloma Mine on July 27, 2020 at nameplate capacity of 1,430 tonnes per day.
Proceeds from the financing will be used to fund drilling at the Tabasquena project near Ojocaliente, Mexico and for general corporate purposes.
Mexican mining and transport company Grupo Mexico on Tuesday reported a net profit of $615 million for the second quarter, up 25% from the year-earlier period.
The Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes.
The Company has entered into a definitive agreement with Electrum Global Holdings L.P. to acquire Electrum’s 60% ownership interest in Southern Silver Holdings Limited for current and future cash and share payments totaling US$15.0 million. SSHL is a holding company that wholly owns Minera Plata del Sur S.A. de C.V.
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