Introduction to Key Players and Their Businesses
The global surge in metal prices has significantly boosted the wealth of Mexico’s two leading mining magnates: Germán Larrea Mota Velasco and Alejandro Baillères Gual. In 2025, Larrea’s company value stood at $28,600 million, which soared to $59,500 million by January 22, 2026. Meanwhile, Baillères’ fortune increased from $9,000 million in 2025 to $19,000 million by the third week of January 2026.
Rise in Wealth Linked to Metal Price Fluctuations
According to Forbes, which pioneered the concept of billionaire lists, both magnates have climbed in the global ranking. In a year, Germán Larrea moved from position 63 to 30. Alejandro Baillères (and family) ascended from 329 to 132. While these business groups extend beyond mining, the recent surge in their wealth is directly tied to metal market performance.
- Gold price rose by 64% in 2025; an additional 14% increase has been observed so far in 2026.
- Silver value increased by 147% in 2025, followed by a further 35% rise in 2026.
- Copper gained 42% in 2025 and has added another 2.5% in the first part of 2026.
Profiles of Key Magnates and Their Companies
Germán Larrea: As CEO of Grupo México, Larrea is a leading figure in the copper industry. Grupo México ranks as the world’s fourth-largest copper producer, with Buenavista del Cobre being its largest mine in Cananea. The company operates in the US, Peru, Argentina, Chile, Ecuador, and Spain. Besides mining, Larrea oversees Mexico’s largest railway network with over 10,000 kilometers of tracks connecting Mexico to the US. He also owns Cinemex, a major cinema chain.
Alejandro Baillères: As CEO of Grupo BAL, Baillères manages operations in Mexico, the US, and South America. The group comprises Peñoles and Fresnillo in mining, Palacio de Hierro and TANE in retail, and Grupo Nacional Provincial, Profuturo, and Valmex in finance. Grupo BAL owns Fresnillo, the world’s largest silver mine in Zacatecas, and other mines like Sabinas and Tizapa.
Stock Market Performance
In the Mexican Stock Exchange, Peñoles shares appreciated by 255% in 2025. Meanwhile, Fresnillo PLC’s stocks rose by 436% on the London Stock Exchange.
Decline in Mineral-Metallic Production
Despite the rising fortunes, Mexico’s mineral-metallic production has experienced a 4.2% annual decrease by December 2025, measured in tonnage. Gold production fell by 4.6%, silver by 2.9%, and copper by 6.9%.
Mexico, a nation with a rich mining history, lacks a public policy aligned with its subsoil wealth and mining tradition. During the previous administration, the presidential stance towards mining was hostile and ignorant, resulting in the halting of numerous projects and missed investment opportunities to capitalize on the metal price boom.
Geopolitical Value of Rare Minerals
Beyond gold, silver, and copper, Mexico holds potential in 10 out of 17 rare minerals with geopolitical value. To remain competitive in the future, Mexico must recover lost time from the previous administration.
Unresolved Regulatory Issues and Investment Opportunities
Key Questions and Answers:
- Q: How many investment projects in mining are pending due to regulatory issues? A: There were 176 stalled projects due to regulatory concerns.
- Q: How many of these projects have been activated, and what potential investments could they generate? A: Authorities report that 110 projects have been activated, potentially generating $11,000 million in investments. However, 66 projects remain unresolved.
- Q: How do the billionaires and mining regions in Mexico feel about the absence of a mining policy? A: The Forbes list and INEGI data show that poor decision-making negatively impacts billionaires, mining regions, and sectors dependent on mining across Mexico.
