FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Act of 1934
For the month of March 2003
Mexico Mining Group, S.A. de C.V.
(Translation of Registrant's name into English)
Grupo Minero Mexico, S.A. DE C.V.
Baja California 200 Col. Roma Sur
06760 Mexico, D.F.
(Address of principal executive offices)
Indicate by check mark whether the registrant files of will file annual reports
under cover of Form 20-F of Form 40-F
Form 20-F X FORM 40-F
Indicate by check mark whether the registrant by furnish the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g-32(b) under the Securities Exchange Act
of 1934
Yes: No X
If "yes" is marked, indicate the file number assigned to the registrant in
connection with Rule 12g3-2(b):
SIGNATURE PAGE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GRUPO MINERO MEXICO, S.A. DE C.V.
Date: Mayo 9, 2003
By:
Name: Daniel Tellechea Salido
Title: Managing Director, Finance
GRUPO MINERO MEXICO, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2003 AND 2002
EXPRESSED IN THOUSANDS OF CONSTANT MEXICAN PESOS AS OF MARCH 31, 2003
A S S E T S
2003 2002
CURRENT:
Cash and marketable securities $ 896,263 $ 578,919
Notes and accounts receivable
Trade, 653,977 899,202
Affiliated companies 3,039,535 3,199,299
Recoverable taxes 451,990 330,489
Other 297,485 134,377
---------- ----------
4,442,987 4,563,367
Inventories of primary and secondary
Metals and byproducts 1,093,668 836,981
Materials and supplies, 1,047,980 1,097,368
Prepaid expenses and other 59,596 46,843
---------- ----------
Total current assets 7,540,494 7,123,478
AFFILIATED COMPANIES LONG TERM $ 9,445,015 $ 7,596,982
OTHER ASSETS:
Deferred charges 2,399,550 2,196,080
Share in trust and others 458,803 518,898
---------- ----------
2,858,353 2,714,978
PROPERTY AND EQUIPMENT, 28,642,450 30,374,415
INVESTMENTS IN SHARES OF ASSOCIATED AND
OTHER UNCONSOLIDATED COMPANIES 5,920 6,166
GOODWILL 105,356 127,420
---------- ----------
$ 48,597,588 $ 47,943,439
========== ==========
LIABILITIES AND STOCKHOLDERS'EQUITY
2003 2002
CURRENT:
Notes and interest payable $ 2,088,928 $ 1,749,237
Accounts payable and accrued liabilities 15,942,827 2,259,598
Affiliated companies 1,184,314 528,312
Income tax, asset tax and
employee profit sharing 209,583 90,252
---------- ----------
Total current liabilities 19,425,652 4,627,399
LONG-TERM DEBT 12,202,066 10,988,097
LIABILITY FOR VOLUNTARY RETIREMENT, PENSIONS,
SENIORITY PREMIUMS AND MEDICAL SERVICES 371,577 287,858
AFFILIATED COMPANIES LONG TERM 617,064 546,353
DEFERRED INCOME TAXES 7,023,282 7,526,999
---------- ----------
Total liabilities 39,639,641 23,976,706
STOCKHOLDERS' EQUITY:
Capital stock 11,895,565 11,895,565
Additional paid-in capital 22,712 22,712
Retained earnings 24,696,075 39,700,400
Initial effect of deferred income taxes (8,719,336) (8,719,336)
Cumulative effect of restatement (19,824,243) (19,802,554)
---------- ----------
Total majority stockeholders' equity 8,070,773 23,096,787
Minority interest 887,174 869,946
---------- ----------
8,957,947 23,996,733
Total stockholders' equity $48,597,588 $ 47,943,439
========== ==========
GRUPO MINERO MEXICO, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS 1st. QUARTER 2002 AND 1st. QUARTER 2003
EXPRESSED IN THOUSANDS OF CONSTANT MEXICAN PESOS AS OF MARCH 31, 2003
2002 2003
-------------- -------------
QRT.1 % QRT.1 %
NET SALES 1,973,150 100 1,626,534 100
COST OF SALES 1,542,142 78 1,109,870 68
---------- ---------
431,008 22 516,664 32
OPERATING EXPENSES:
Administrative expenses 91,680 5 81,175 5
Depreciation and amortization 428,115 22 467,582 29
---------- ---------
OPERATING INCOME (88,787) (4) (32,093) (2)
INTEGRAL RESULT OF FINANCING:
Interest expense, net 60,246 3 140,777 9
Exchange (gain) loss, net (95,764) (5) 129,238 8
Gain on monetary position (137,301) (6) (294,908) (18)
---------- --------
(172,819) (9) (24,893) (2)
OTHER (EXPENSES) INCOME, net (4,126) 0 587 0
---------- --------
Income (loss)Loss before provisions 79,906 4 (6,613) 0
PROVISIONS FOR:
Income taxes 5,807 0 5,325 0
Deferred tax (3,397) 0 45,289 3
Asset taxes 34,270 2 62,624 4
Employee profit sharing 1,672 0 1,637 0
---------- ----------
383,352 2 114,875 7
---------- ----------
Consolidated net income
(loss) for the period 41,554 2 (121,488) (7)
========== =========
DISTRIBUTION OF THE CONSOLIDATED NET
INCOME (LOSS) FOR THE PERIOD:
Minority interest (892) 0 7,709 0
Majority interest 42,446 2 (129,197) (8)
---------- ----------
41,554 2 (121,488 (7)
========== =========
Average realized copper price (cts. Pound) 75.00 78.00
Average realized zinc price (cts. Pound) 39.00 39.00
Exports 54.76% 25.83%
*LTM Ratio of EBITDA to interest expense 1.13 1.47
LTM inflation rate 4.66% 5.64%
LTM devaluation rate (5.97%) 18.46%
Earnings per share 0.07 (0.20)
Number of shares 650,161,917 650,161,917
*Last twelve months
GRUPO MINERO MEXICO, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE PERIOD ENDED MARCH 31, 2003 and 2002
EXPRESSED IN THOUSANDS OF CONSTANT MEXICAN PESOS AS OF MARCH 31, 2003
2003 % 2002 %
NET SALES 1,626,534 100 1,973,150 100
COST OF SALES 1,109,870 68 1,542,142 78
---------- --------
516,664 32 431,008 22
OPERATING EXPENSES:
Administrative expenses 81,175 5 91,680 5
Depreciation and amortization 467,582 29 428,115 22
---------- --------
OPERATING LOSS (32,093) (2) (88,787) (4)
---------- --------
INTEGRAS COST OF FINANCING:
Interest expense, net 140,777 9 60,246 3
Exchange loss (gain), net 129,238 8 (95,764) (5)
Gain on monetary position (294,908) (18) (137,301) (7)
---------- --------
(24,893) (2) (172,819) (9)
OTHER INCOME (EXPENSES), net 587 0 (4,126) (1)
(Loss) Income before provisions (6,613) (1) 79,906 4
PROVISIONS FOR:
Income taxes 5,325 0 5,807 0
Deferred income taxes 45,289 3 (3,397) 0
Asset taxes 62,624 4 34,270 2
Employee profit sharing 1,637 0 1,672 0
---------- --------
114,875 7 38,352 2
Consolidated net (loss) income
for the periods (121,488) (7) 41,554 2
========== ========
ALLOCATION OF CONSOLIDATED NET (LOSS) INCOME:
Majority interest 7,709 0 (892) 0
Minority interest (129,197) (8) 42,446 2
---------- --------
(121,488) (7) 41,554 2
========== ========
Average realized copper price(cts. Pound) 78.00 75.00
Average realized zinc price (cts. Pound) 39.00 39.00
Exports 25.83% 54.76%
Ratio of EBITDA to interest expense 1.47 1.13
Inflation rate 5.64% 4.66%
Devaluation rate (average) 18.46% (5.97%)
Earnings per share (0.20%) 0.07
Number of shares 650,161,917 650,161,917
GRUPO MINERO MEXICO, S.A. DE C.V.
S A L E S
ACUMULATED AS OF MARCH 31st, 2003 AND 2002
C O N C E P T REAL REAL VARIATION %
2003 2002
V O L U M E
GOLD (Kg) 200 178 22 12
SILVER (Kg) 111,017 105,831 5,186 5
LEAD (TONS) 5,801 7,242 (1,441) (20)
COPER (TONS) 53,792 84,219 (30,427) (36)
ZINC (TONS) 22,638 25,899 (3,261) (13)
ZINC CONTAINED IN CONCENTRATES (TONS) 4,024 7,704 (3,680) (48)
COPPER CONTAINED IN CONCENTRATES (TONS) (29) (2,180) 2,151 (99)
THOUSAND OF MEXICAN PESOS
EXPRESSED IN TERM OF THE PURCHASING POWER OF THE MEXICAN CURRENCY AS OF
MARCH 31st, 2003
GOLD 1% 24,957 16,330 8,627 53
SILVER 11% 182,456 148,599 33,857 23
LEAD 2% 28,589 34,531 (5,942) (17)
COPPER 62% 1,005,621 1,350,211 (344,590) (26)
ZINC 13% 205,222 217,061 (11,839) (5)
ZINC CONTAINED IN CONCENTRATES 3% 49,039 62,973 (13,934) (22)
COPPER CONAINED IN CONCENTRATES (0%) (512) (31,489) 30,977 (98)
OTHERS 8% 131,162 174,934 (43,772) (25)
--------- --------- -------- ---
T O T A L 100% 1,626,534 1,973,150 (346,616) (18)
TOTAL THOUSAND DOLLARS 100% 147,293 201,577 (54,284) (27)
% OF CONTRIBUTION PER COMPANY
VARIATION IN % OF PARTICIPATION
SALES 2003/2002 TOTAL SALES 2003
PESOS DOLLARS PESOS
----- ------- -----
MEXCOBRE (29%) (32%) 55%
I.M.M.S.A. (12%) (19%) 28%
MEXCANANEA 9% 2% 17%
GRUPO MINERO MEXICO (18%) (27%) 100%
GRUPO MINERO MEXICO, S.A. DE C.V.
SALES
ACUMULATED AS OF MARCH 31st, 2003 AND 2002
EXPRESSED IN TERM OF THE PURCHASING POWER OF THE MEXICAN CURRENCY
AS OF MARCH 31st, 2003
(THOUSAND OF MEXICAN PESOS)
C O N C E P T REAL REAL VARIATION %
2003 2002
GRUPO MINERO MEXICO
GOLD 24,957 16,330 8,627 53
SILVER 182,456 148,599 33,857 23
LEAD 28,589 34,531 (5,942) (17)
COPPER 1,005,621 1,350,211 (344,590) (26)
ZINC 205,222 217,061 (11,839) (5)
ZINC CONTAINED IN CONCENTRATES 49,039 62,973 (13,934) (22)
COPPER CONTAINED IN CONCENTRATES (215) (31,489) 30,977 (98)
OTHERS 131,162 174,934 (43,772) (25)
--------- --------- --------- ---
T O T A L 1,626,534 1,973,150 (346,616) (18)
MEXCOBRE
GOLD 18,444 18,680 (236) (1)
SILVER 72,233 97,242 (25,009) (26)
COPPER 1,174 2,573 (1,399) (54)
ELECTROLYTIC CATHODIC COPPER 473,826 712,273 (238,447) (33)
ELECTROWON CATHODIC COPPER 100,637 40,242 60,395 150
COPPER RODS 237,226 489,324 (252,098) (52)
COPPER CONTAINED IN CONCENTRATES 0 (30,987) 30,987 (100)
MOLYBDENUM 68,650 49,366 19,284 39
OTHERS 22,884 26,293 (3,409) (13)
--------- --------- ------- ---
SUBTOTAL 995.076 1,405,005 (409,929) (29)
INTERCOMPANY SALES 93,368 73,322 20,046 27
--------- --------- --------- ---
TOTAL 901,708 1,331,683 (429,975) (32)
========= ========= ========= ===
IMMSA/MIMENOSA(underground mines)
GOLD 19,414 17,833 1,581 9
SILVER 154,646 156,540 (1,894) (1)
LEAD 28,589 34,532 (5,943) (17)
COPPER 72,861 68,604 4,257 6
ZINC 216,390 196,879 19,511 10
ZINC CONTAINED IN CONCENTRATES 49,039 62,973 (13,934) (22)
COPPER CONTAINED IN CONCENTRATES 12,407 32,175 (19,768) (61)
OTHERS 48,225 111,831 (63,606) (57)
--------- --------- ------- ---
SUBTOTAL 601,572 681,366 (79,794) (12)
INTERCOMPANY SALES 154,262 233,609 (79,347) (34)
--------- --------- ------- ---
TOTAL 447,310 447,758 (448) (0)
========= ========= ======= ===
MEXCANANEA
SILVER 5,231 0 5,231 100
COPPER (1,094) 4,511 (5,605) (124)
COPPER CATHODES 280,396 218,885 61,511 28
COPPER CONTAINED IN CONCENTRATES 287,856 302,335 (14,479) (5)
--------- --------- --------- ---
SUBTOTAL 572,389 525,731 46,658 9
INTERCOMPANY SALES 294,873 332,022 (37,149) (11)
--------- --------- --------- ---
TOTAL 277,516 193,709 83,807 43
========= ========= ========= ===
GRUPO MINERO MEXICO, S.A. DE C.V.
SALES VOLUME
ACUMULATED AS OF MARCH 31st 2003 AND 2002
(METRIC TONS)
C O N C E P T REAL REAL
2003 2002 VARIATION %
GRUPO MINERO MEXICO
GOLD (Kg) 200 178 22 12
SILVER (Kg) 111,017 105,831 5,186 5
LEAD 5,801 7,242 (1,441) (20)
COPPER 53,792 84,219 (30,427) (36)
ZINC 22,638 25,899 (3,261) (13)
ZINC CONTAINED IN CONCENTRATES 4,024 7,704 (3,680) (48)
COPPER CONTAINED IN CONCENTRATES (29) (2,180) 2,151 (99)
MEXCOBRE
GOLD (Kg) 150 207 (57) (28)
SILVER (Kg) 44,089 69,872 (25,783) (37)
COPPER 66 215 (149) (69)
ELECTROLYTIC CATHODIC COPPER 22,147 33,409 (11,262) (34)
ELECTROWON CATHODIC COPPER 5,362 2,675 2,687 100
COPPER RODS 12,265 30,416 (18,151) (60)
COPPER CONTAINED IN CONCENTRATES 0 (2,096) 2,096 (100)
MOLYBDENUM 687 848 (161) (19)
IMMSA/MIMENOSA
GOLD (Kg) 151 197 (46) (23)
SILVER (Kg) 93,426 104,798 (11,372) (11)
LEAD 5,801 7,242 (1,441) (20)
COPPER 4,006 4,256 (250) (6)
ZINC 24,086 24,130 (44) (0)
ZINC CONTAINED IN CONCENTRATES 4,024 7,704 (3,680) (48)
COPPER CONTAINED IN CONCENTRATES 635 2,144 (1,509) (70)
MEXCANANEA
SILVER (Kg) 3,044 3,249 (205) (6)
COPPER CATHODES 15,574 14,894 680 5
COPPER CONTAINED IN CONCENTRATES 13,973 19,603 (5,630) (29)
MEXICANA DE COBRE, S.A. DE C.V.
COMPARATIVE SUMMARY OF PRODUCTION MINES AND PLANTS
ACUMULATED OF MARCH 31st. 2003 AND 2002
C O N C E P T REAL REAL VARIATION %
2003 2002
M I N E
PERFORATION (METERS) 72,743 69,428 3,315 5%
ORE (000MT) 5,231 5,535 (304) (5%)
ORE GRADE % 0.529 0.518 0.011 2%
LEACH ORE (000 MT) 7,486 5,277 2,209 42%
ORE GRADE % 0.287 0.247 0.040 16%
WASTE (000 MT) 3,562 3,497 65 2%
STRIPPING RATIO W/(O+L) 0.28 0.32 (0.04) (13%)
STRIPPING RATIO (L+W)/O 2.11 1.59 0.52 33%
MATERIAL MOVED (000 MT) 16,278 14,309 1,969 14%
CONCENTRATOR RECOVERY 77.55 80.38 (2.83) (4%)
CONCENTRADOR
CONCENTRATES PRODUCED 81,876 85,072 (3,196) (4%)
COPPER CONTAINED RECOVERED 21,503 23,468 (1,965) (8%)
GRADES
COPPER IN CONCENTRATES
PRODUCED % 26.26 27.59 (1.33) (5%)
POUNDS OF COPPER PRODUCED 47,406,230 51,738,149 (4,331,919) (8%)
SILVER CONTAINED IN
CONCENTRATES KGS. 11,531 11,241 290 3%
GOLD CONTAINED IN
CONCENTRATES KGS. 38 31 7 23%
MOLLY CONTAINED PRODUCED 713 827 (114) (14%)
SX-EW PLANTS
COPPER CATHODES PRODUCED 5,473 3,623 1,850 51%
POUNDS OF COPPER
PRODUCED LBS 12,066,531 7,988,299 4,078,232 51%
SMELTER
CONCENTRATES PURCHASED 54,472 97,056 (42,584) (44%)
CONCENTRATES SMELTED 137,070 193,664 (56,594) (29%)
TOTAL SMELTED 181,412 281,249 (99,837) (35%)
COPPER CONTAINED 56,629 85,954 (29,325) (34%)
COPPER RECOVERED % 97.49 97.21 0.28 0%
PRODUCTION IN MT
COPPER ANODES 43,200 66,884 (23,684) (35%)
POUNDS OF COPPER PRODUCED 944,534,950 146,207,389 798,327,561 546%
SULFURIC ACID PRODUCED 132,700 197,350 (64,650) (33%)
SILVER CONTAINED
IN ANODES PRODUCED KGS. 42,162 83,499 (41,337) (50%)
GOLD CONTAINED
IN ANODES PRODUCED GRS. 173,714 270,514 (96,800) (36%)
R E F I N E R Y
COPPER CATHODES PRODUCED 34,185 60,805 (26,620) (44%)
POUNDS OF COPPER PRODUCED LBS. 75,365,580 134,051,818 (58,686,238) (44%)
ROD PLANT
COPPER ROD PRODUCED 11,848 29,220 (17,372) (59%)
POUNDS OF COPPER PRODUCED LBS. 26,118,887 64,416,309 (38,297,422) (59%)
PRECIOUS METALS PLANT
GOLD REFINED Oz. 4,836 7,979 (3,143) (39%)
SILVER REFINED Oz. 1,413,446 2,194,471 (781,025) (36%)
TOTAL CONTAINED COPPER
PRODUCT T.M.S TMS 43,230 51,478 (8,248) (16%)
INDUSTRIAL MINERA MEXICO/MINERALES METALICOS DEL NORTE
SUMMARY OF PRODUCTION OF MINES AND PLANTS
ACUMULATED AS OF MARCH 31st, 2003 AND 2002
(METRIC TONS)
C O N C E P T REAL REAL VARIATION %
2003 2002
M I N E S
M I N E S
MILLED TONS 1,062,978 1,149,235 (86,257) (8)
C O N C E N T R A T E S
ZINC 59,594 61,775 (2,181) (4)
LEAD 9,927 10,418 (491) (5)
COPPER 19,129 20,008 (879) (4)
CONTENS
ZINC 32,324 33,738 (1,414) (4)
LEAD 5,389 5,957 (568) (10)
COPPER 4,403 4,538 (135) (3)
SILVER (KGS) 82,781 92,617 (9,836) (11)
GOLD (KGS) 66,408 64,390 2,018 3
P L A N T S
SAN LUIS COPPER SMELTER
GOLD (KGS) 200 249 (49) (20)
SILVER (KGS) 74,177 75,738 (1,561) (2)
COPPER BLISTER 6,006 5,683 323 6
ARSENIC 452 461 (9) (2)
SAN LUIS ZINC REFINERY
GOLD (KGS) 2 0 2 1
SILVER (KGS) 3,954 3,078 876 28
ZINC REFINED 24,194 22,116 2,078 9
SULFURIC ACID 43,692 37,927 5,765 15
CADMIUM 170 156 14 9
TOLLING
GOLD (KGS) 39 41 (2) (5)
SILVER (KGS) 37,131 41,934 (4,803) (11)
LEAD 4,110 4,623 (513) (11)
COAL PLANT
COKE 21,361 21,709 (348) (2)
COAL 105,962 349,096 (243,134) (70)
MEXICANA DE CANANEA S.A. D E C.V.
COMPARATIVE SUMMARY OF PRODUCTION MINES AND PLANTS
ACUMULATED AS OF MARCH 31st, 2003 AND 2002
C O N C E P T REAL REAL VARIATION %
2003 2002
M I N E
PERFORATION (METERS) 103,165 211,590 (108,425) (51%)
ORE (000 MT) 3,369 4,984 (1,615) (32%)
ORE GRADE % 0.532 0.530 0.002 0%
LEACH ORE (000 MT) 7,321 7,115 206 3%
ORE GRADE % 0.249 0.253 (0.004) (2%)
WASTE (000 MT) 3,077 15,662 (12,585) (80%)
STRIPPING RATIO W/(O+L) 0.29 1.29 (1.00) (78%)
STRIPPING RATIO (L+W)/O 3.09 4.57 (1.48) (32%)
MATERIAL MOVED (000 MT) 13,767 27,761 (13,994) (50%)
CONCENTRATOR RECOVERY % 79.48 79.53 (0.05) (0%)
CONCENTRATOR
CONCENTRATES PRODUCED 50,847 81,664 (30,817) (38%)
COPPER CONTAINED RECOVERED 14,094 20,988 (6,894) (33%)
GRADES
COPPER IN CONCENTRATES PRODUCE % 27.72 25.70 2.02 8%
POUNDS OF COPPER PRODUCED 31,071,716 46,271,658(15,199,942) (33%)
SILVER CONTAINED IN CONCENTRATE KGS 4,484 6,405 (1,921) (30%)
GOLD CONTAINED IN CONCENTRATES KGS 44 60 (16) (27%)
SX-WE PLANTS
COPPER CATHODES PRODUCED 9,877 11,774 (1,897) (16%)
POUNDS OF COPPER PRODUCED LBS 31,774,399 25,957,234 5,817,165 22%
TOTAL CONTAINED COPPER PRODUCED TMS 23,851 31,377 (7,526) (24%)
INDUSTRIAL MINERA MEXICO / MINERALES METALICOS DEL NORTE
COST OF PRODUCTION
ACUMULATED AS OF MARCH 31st, 2003 AND 2002
(US DOLLARS)
C O N C E P T REAL REAL
2003 2002 VARIATION %
COST PER MT MILLED
CHARCAS 13.37 16.99 (3.62) (21)
SAN MARTIN 15.02 18.65 (3.63) (19)
TAXCO 26.72 25.92 0.80 3
SANTA BARBARA 17.00 16.76 0.24 1
AVERAGE COST 16.17 18.62 (2.45) (13)
TOTAL PRODUCTION COST-MINES (000) 17,679 21,403 (3,724) (17)
COST PER MT PROCESSED
SAN LUIS COBRE (BLISTER) 589.97 630.48 (40.51) (6)
SAN LUIS ELECTROLITIC (Zn) 388.27 389.13 (0.86) (0)
NUEVA ROSITA (COKE)* 109.23 100.97 8.26 8
TOTAL PRODUCTION COST-PLANTS (000) 15,781 17,932 (2,151) (12)
TOTAL PRODUCTION COST-IMM (000) 33,460 39,335 (5,875) (15)
*COST PER MT OF PRODUCED COKE
GRUPO MINERO MEXICO
METALS INVENTORY
MARCH 31st MARCH 31st VARIATION
2003 2002 %
GOLD (KG)
CONCENTRATE 85 77 10
IN PROCESS 431 313 28
FINISHED 53 117 (55)
TOTAL 569 507 12
SILVER (KG)
CONCENTRATE 19,656 29,445 (33)
IN PROCESS 209,842 241,001 (13)
FINISHED 21,004 25,930 (19)
TOTAL 250,502 296,376 (15)
LEAD (TON)
CONCENTRATE 682 519 31
IN PROCESS 16,713 12,111 38
FINISHED 9 0 0
TOTAL 17,404 12,630 38
COPPER (TON)
CONCENTRATE 5,782 5,428 7
IN PROCESS 26,344 20,668 27
FINISHED 8,894 11,568 (23)
TOTAL 41,020 37,664 9
ZINC (TON)
CONCENTRATE 8,259 10,596 (22)
IN PROCESS 11,116 6,694 66
FINISHED 6,775 4,248 59
TOTAL 26,150 21,538 21
TOTAL GROUP (THOUSANDS OF
MEXICAN PESOS) 1,093,668 836,981 31
MEXICANA DE COBRE / MEXICANA DE CANANEA
COMPARATIVE SUMMARY OF PRODUCTION COST
ACUMULATED AS OF MARCH 31st. 2003 AN 2002
U S D O L L A R S
REAL REAL
2003 2002 VARIATION %
MINE-CONCENTRATOR
COST PER MT MINED 0.58 0.55 0.03 5%
COST PER MT MILLED 4.28 3.37 0.91 27%
TOTAL PRODUCTION COST (000) 22,473 19,017 3,456 18%
SX-EW PLANTS
COST PER OF CATHODES PRODUCED 409.11 436.39 (27.28) (6%)
TOTAL PRODUCTION COST (000) 2,239 1,581 658 42%
S M E L T E R
COST PER OF ANODES PRODUCED 246.28 202.89 43.39 21%
TOTAL PRODUCTION COST (000) 10,639 13,570 (2,931) (22%)
R E F I N E R Y
COST PER OF ANODES PRODUCED 91.67 44.73 46.94 105%
TOTAL PRODUCTION COST (000) 3,134 2,720 414 15%
ROD PLANT
COST PER MT OF ROD PRODUCED 107.19 49.35 57.84 117%
TOTAL PRODUCTION COST (000) 1,270 1,442 (172) (12%)
PRECIOUS METALS PLANT
COST PER MT OF SLIMES PROCESSED 2,974.85 2,766.25 208.60 8%
TOTAL PRODUCTION COST (000) 675 851 (176) (21%)
TOTAL PRODUCTION COST (000) 40,430 39,181 1,249 3%
US CENTS PER POUND OF Cu PRODUCED
MINE CONCENTRATOR 47.4 36.7 10.7 29%
SX-EW PLANTS 18.6 19.8 (1.2) (6%)
SMELTER 11.3 9.3 2.0 22%
REFINERY 4.2 2.0 2.2 110%
ROD PLANT 4.9 2.2 2.7 123%
U S D O L L A R S
REAL REAL
2003 2002 VARIATION %
MEXICANA DE CANANEA
MINE CONCENTRATOR
COST PER MT MINED 0.87 0.71 0.16 23%
COST PER MT MILLED 4.69 3.66 1.03 28%
TOTAL PRODUCTION COST (000) 15,685 18,225 (2,540) (14%)
SX-EW PLANTS
COST PER MT OF CATHODES PRODUCED 478.92 396.13 82.79 21%
TOTAL PRODUCTION COST (000) 4,730 4,664 66 1%
TOTAL PRODUCTION COST (000) 20,415 22,889 (2,474) (11%)
US CENTS PER POUND OF Cu
PRODUCED
MINE CONCENTRATOR 50.5 39.4 11.1 28%
SX-EW PLANTS 21.7 18.0 3.7 21%