Germán Larrea Mota-Velasco
Germán Larrea Mota-Velasco (born October 26, 1953) is a Mexican billionaire businessman and mining executive who serves as the chairman, president, and chief executive officer of Grupo México, Mexico's largest mining corporation and the world's third-largest copper producer. With an estimated net worth of approximately US$31.3 billion as of 2025, he is one of Mexico's wealthiest individuals, ranking second only to telecom magnate Carlos Slim.
Larrea is known for being intensely private and rarely giving interviews. His tenure at Grupo México has been marked by both extraordinary financial success and significant controversies, including the 2006 Pasta de Conchos mine disaster that killed 65 workers and the 2014 Rio Sonora toxic spill—the worst environmental disaster in Mexico's history.
Early life and family
Germán Larrea was born on October 26, 1953, in Mexico City. He was the son of Jorge Larrea Ortega, an industrialist who founded and built Grupo México into one of Mexico's largest mining companies, and Sara Mota de Larrea.
His father Jorge was known as "Mexico's copper king" and played a crucial role in the country's mining industry during the latter half of the 20th century. The elder Larrea built his fortune during Mexico's economic development boom and through strategic acquisitions during the privatization wave of the 1980s and 1990s.
Germán is the only surviving son of Jorge Larrea, who passed away in 1999. This family position made him the natural heir to the mining empire his father had built over several decades.
Education
Larrea pursued his higher education in Mexico, studying Business Administration at Universidad Anáhuac in Mexico City. The university, founded by members of the Legion of Christ religious order, is known for educating many of Mexico's business elite.
Unlike some Mexican business leaders of his generation who pursued graduate studies abroad, Larrea built his business expertise primarily through practical experience in the family enterprise.
Career
Early career
Germán Larrea's first significant business venture came in 1978 when he founded Grupo Impresa, a printing and publishing company. He served as chairman and CEO of Grupo Impresa until 1989, when the company was sold. This experience gave him operational and management skills outside the family mining business.
Joining Grupo México
Larrea joined the board of directors of Grupo México in 1981, beginning his formal involvement with the family's core enterprise. He subsequently held various positions, including executive vice chairman, learning the mining business under his father's guidance.
In 1994, Larrea became chairman, president, and CEO of Grupo México, positions he has held for over three decades. The timing coincided with major changes in Mexico's economy following the implementation of NAFTA and continued privatization of state enterprises.
Building the copper empire
Under Larrea's leadership, Grupo México expanded dramatically through both organic growth and strategic acquisitions.
His most significant acquisition came in 1999 when he purchased Tucson, Arizona-based Asarco LLC for $2.2 billion. This deal gave Grupo México control of Southern Copper Corporation, which has since become the company's largest and most valuable asset.
Larrea has also served as:
- Chairman of Southern Copper Corporation since December 1999
- CEO of Southern Copper from December 1999 to October 2004
- Director of Southern Copper since November 1999
- Chairman and CEO of Grupo Ferroviario Mexicano (the railroad division) since 1997
Business diversification
Beyond mining, Larrea expanded Grupo México's interests into several sectors:
Railroad: Through Grupo Ferroviario Mexicano, the company operates one of Mexico's largest freight railroad networks, acquired during the privatization of the national railroad system.
Infrastructure: The company has significant investments in infrastructure projects throughout Mexico and internationally.
Entertainment: In 2008, Larrea spent $315 million to acquire Grupo Cinemex, which controlled approximately 42% of Mexico's movie theater market by 2015.
Horse racing: Larrea is also known in thoroughbred horse racing circles. His mare Letruska became the first horse to have raced in Mexico and subsequently win at the Grade I level in the United States when she won the Apple Blossom Handicap.
Financial performance
The financial returns under Larrea's leadership have been extraordinary. Grupo México's shares have increased approximately 25-fold since he took control. Southern Copper has become one of the most profitable copper mining companies in the world, benefiting from low-cost production at its Peruvian operations.
Controversies
Germán Larrea and Grupo México have faced severe criticism over safety, environmental, and labor issues throughout his tenure. Critics have labeled Grupo México "one of the least ethical companies in the world."
Pasta de Conchos mine disaster (2006)
On February 19, 2006, an explosion at the Pasta de Conchos coal mine in Sabinas, Coahuila killed 65 miners. It remains one of the worst mining disasters in Mexican history.
The disaster became even more controversial when Grupo México called off the search for survivors after only five days and sealed all but two of the victims' bodies inside the mine. This decision sparked outrage from victims' families and labor unions, who demanded the company retrieve the bodies.
Evidence emerged that safety inspections prior to the explosion had revealed major safety hazards that were not adequately addressed. Despite this, no government or company officials were ever prosecuted for the disaster.
The leader of Mexico's national mineworkers' union, Napoleón Gómez Urrutia, publicly accused the company and the government of "industrial homicide." Shortly after making these accusations, Gómez faced criminal charges and was forced to flee Mexico—a sequence of events his supporters viewed as retaliation for speaking out. Union critics continue to refer to the disaster as a "homicide."
Fifteen years after the disaster, the bodies of most victims remained sealed inside the mine, and families continued demanding justice.
Rio Sonora toxic spill (2014)
On August 6, 2014, the Buenavista del Cobre mine—one of Grupo México's largest operations—released more than 40,000 cubic meters (10.5 million gallons) of copper sulfate into the Sonora River and Bacanuchi River. This has been called the worst ecological disaster in Mexico's history.
The spill contaminated seven municipal districts in Sonora state and affected more than 20,000 people. Critics alleged that the disaster occurred because undertrained contractors—brought in to replace striking workers—mishandled equipment at the facility.
The environmental and health impacts were severe and long-lasting. Local residents reported contaminated water supplies, dead livestock, and health problems attributed to toxic exposure.
In January 2020, the Mexican Supreme Court, in a unanimous ruling, held that the reparations Grupo México had made for the damage "were not adequate." The court's decision underscored the company's failure to fully address the consequences of the disaster.
Extended labor strikes
Workers at three Grupo México mines in Mexico, represented by the National Union of Mine, Metal, Steel and Related Workers (Los Mineros), have been on strike since July 30, 2007—one of the longest-running labor disputes in Mexican history.
The strikes began in response to safety concerns following the Pasta de Conchos disaster and disputes over collective bargaining rights. As of 2025, some of these strikes remained unresolved after nearly two decades.
U.S. labor complaints under USMCA
In a historic move, the United States Trade Representative requested in June 2023 that a panel review a labor dispute at a Grupo México mine in Zacatecas. The complaint alleged that workers were being denied the right of free association and collective bargaining.
This marked the first time the U.S. had requested a Rapid Response Labor Mechanism panel under the United States-Mexico-Canada Agreement (USMCA). The action demonstrated international concern about labor practices at Larrea's operations.
Asarco labor practices
Grupo México's U.S. subsidiary Asarco has accumulated a troubling record of penalties and complaints:
- According to Good Jobs First's Violation Tracker, Asarco has accrued nearly $400 million in environmental penalties and $2 million in workplace health and safety penalties in the United States.
- The National Labor Relations Board issued a consolidated complaint against Asarco for multiple unfair labor practices at operations in Arizona and Texas, including bad faith bargaining, unilateral changes to working conditions, and failure to reinstate workers returning from an unfair labor practice strike.
Charcas mine accident (2014)
In February 2014, five miners died at the Charcas mine in San Luis Potosí when a mine elevator collapsed from a height of 750 meters. The National Union of Mineworkers blamed Grupo México and its safety practices for the fatal accident.
Political tensions with AMLO government
During the administration of President Andrés Manuel López Obrador, Larrea faced increased scrutiny. Bloomberg reported that the "reclusive $30 billion tycoon" suffered "dual blows as AMLO circles," referring to political pressure on both regulatory and labor fronts.
Personal life
Germán Larrea is known for being exceptionally private. He rarely gives interviews and seldom appears in public, preferring to focus on business operations rather than public recognition.
Larrea reportedly lives in Mexico with his wife, though specific details about his spouse and personal life have been carefully kept out of public view. He has one child.
This extreme privacy contrasts with other Mexican billionaires who maintain more public profiles. Even his physical appearance is relatively unknown to the general public given the scarcity of photographs and media appearances.
Philanthropy and recognition
Despite his controversial business record, Larrea has received recognition from various quarters:
- Mexican Businessman of the Year (1997)
- International Businessman of the Year (2004)
- Inducted into the Mexican Mining Hall of Fame (2012)
- Member of the board of directors of the World Economic Forum
Information about Larrea's philanthropic activities is limited, consistent with his general preference for privacy in all personal matters.
Net worth
As of June 2025, Germán Larrea's net worth is estimated at approximately US$31.3 billion, according to the Bloomberg Billionaires Index. This wealth derives primarily from his controlling stake in Grupo México and its subsidiaries.
He holds the 52nd position globally among billionaires and the 2nd position in Mexico, behind only Carlos Slim.
The extraordinary growth in his wealth has been driven primarily by the performance of Southern Copper Corporation and rising copper prices, which have benefited from increased demand for the metal in electric vehicles, renewable energy infrastructure, and electronics.
Legacy
Germán Larrea's legacy is deeply complicated. On one hand, he has built Grupo México into one of the world's most financially successful mining companies, creating substantial shareholder value and playing a major role in copper production globally.
On the other hand, his tenure has been marked by industrial disasters that killed dozens of workers, the worst environmental catastrophe in Mexican history, and prolonged labor conflicts that have drawn international attention and regulatory action.
His extreme privacy makes it difficult to assess his personal motivations or how he views the balance between financial success and social responsibility. Unlike some business leaders who engage publicly with criticism, Larrea has largely avoided direct response to controversies, letting the company's legal and public relations teams handle communications.
The ongoing tensions between Grupo México's profitability and its social and environmental impacts ensure that Larrea's legacy will continue to be debated.