About German Larrea Mota Velasco
German Larrea Mota Velasco is 77 years old Mexican business tycoon who holds the position of chairman and CEO in Grupo Mexico which is the largest mining corporation in Mexico and third largest copper producer in the world.
German was born on 8th July, 1941 in Mexico City, Mexico to Jorge Larrea and Sara Mota. His father was known as Mexico’s copper king until his death in 1999. In history, the Grupo Mexico empire began with a construction business founded in 1942 by his father which further expanded into mining in the decades under German’s guidance and leadership after buying copper-mining assets from the Mexican government during privatisation sale in late 1980s.
He started the company, Grupo Mexico, in 1978 with Raul Antonio Escobedo. At that time German went on to purchase key Mexican copper mines in Cananea and Nacozari after the government of Carlos Salinas decided to declare the state mining company bankrupt. The company made his mark in market in years with great progress thus turning out to
control 87.5 percent of Mexico’s copper production and becoming the third largest producer in the world by 2000. The company’s mining division has operations in the United States, Mexico, Peru and Spain, and got reported revenue of $9.8 billion in 2017.
He has also served at the position of executive vice chairman and as director since 1981 in Grupo Mexico. His presence in other corporations include; Southern Copper Corporation, Grupo Ferroviario Mexicano, Grupo Impresa, Banco Nacional de Mexico, Grupo Televisa, Consejo Mexicano de Hombres de Megocios, Empresarios Industriales de Mexico, Compania Perforadora Mexicao, Mexico Compania Constructora and Fondo Inmobiliario.
His wealth counts him on second position after Carlos Slim in Mexico according to Forbes. He spent out $315 million in 2008 to acquire Grupo Cinemex, which controls 42 percent of Mexico’s movie theatre market in 2015. At present, he is involved in series of legal battles with minority shareholders, companies and labour unions.
He is in marital relationship and resides in Mexico City.
It is estimated to be around US$17.3 billion as on March 2018.