He is the most famous man in Mexico that you would likely walk right past at a grocery store without a second glance. Honestly, that is exactly how he wants it. Germán Larrea Mota Velasco doesn’t do press conferences. He doesn’t have an Instagram feed showing off his yachts. While other billionaires are busy chasing headlines or buying social media platforms, Larrea has spent decades quietly consolidating a grip on the world’s copper supply that makes most industrial titans look like amateurs.
He’s currently the second-richest person in Mexico, sitting just behind Carlos Slim. But their styles couldn’t be more different. Slim is everywhere; Larrea is a ghost. In fact, for years, the only photos the public had of him were grainy, outdated shots that looked like they were taken with a flip phone in the 90s.
Why the "Copper King" is a Big Deal Right Now
Why should you care about a reclusive mining mogul? Because if you’re reading this on a phone or a laptop, or if you plan on ever driving an electric vehicle, you are basically a customer of his. Larrea is the CEO and Chairman of Grupo México. This isn’t just some local mining outfit. It’s a global monster—the third-largest copper producer on the planet.
Copper is the "new oil" in 2026. Every green energy transition plan relies on it. As the world tries to electrify everything, the guy who controls the mines controls the pace of progress. Larrea doesn't just own mines, though. He owns the trains that carry the ore and the infrastructure that moves the money.
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The Low-Profile Life of a High-Stakes Billionaire
The mystery around him is legendary. He is often called "the recluse." It’s a bit of a cliché, but it fits. Think about it: how many people with a net worth hovering around $30 billion to $45 billion—depending on the month and the copper markets—manage to stay this invisible?
- Residence: He splits time between Mexico City, Miami, and Chicago.
- The Vineyard: Rumor has it he spends a lot of time at his estate in Tuscany, Italy.
- Hobbies: He’s obsessed with thoroughbred horse racing. His St. George Stable is a heavyweight in the racing world. His mare, Letruska, made history by winning the Apple Blossom Handicap in the U.S. back in 2021.
- The Boardroom: He isn't just a miner. He’s held seats on the boards of Grupo Televisa and Banco Nacional de México (Banamex).
The Grupo México Empire: More Than Just Dirt
Under Larrea’s leadership since 1994, Grupo México hasn't just grown; it has mutated into a multi-industry beast. It’s organized into three massive pillars:
1. The Mining Division (Americas Mining Corporation)
This includes Southern Copper Corporation and Asarco. They operate some of the largest open-pit mines in the world, like Buenavista in Mexico and Cuajone in Peru.
2. The Transportation Division (GMéxico Transportes)
He basically runs the Mexican railroad system. Through Ferromex and Ferrosur, Larrea’s company operates over 10,000 kilometers of track. If a product moves by rail in Mexico, there's a good chance Larrea's company is getting a cut.
3. The Infrastructure Division
Think oil drilling, power plants, and construction. They’re involved in everything from the Maya Train project to massive sea-water desalination plants.
What Most People Get Wrong About the Controversies
You can’t run a mining empire without making enemies. It’s just the nature of the business. Larrea has been at the center of some of the most heated environmental and labor battles in Latin American history.
People often point to the Pasta de Conchos mine disaster in 2006, where 65 miners were trapped. It’s a dark shadow that has never really left his reputation. Then there was the 2014 Buenavista copper mine spill, where 40,000 cubic meters of copper sulfate acidified a river in Sonora. It was called one of the worst environmental disasters in Mexico's history.
Critics call him a "bully" or a "monopolist." But his defenders—and there are many in the financial world—see a different story. They see a strategist who saved failing state assets and turned them into world-class operations. They see a man who provides tens of thousands of high-paying jobs in regions where there were none.
The $10 Billion Peruvian Bet
As we move through 2026, all eyes are on Peru. Southern Copper is dumping over $10 billion into projects like Tía María, Michiquillay, and Los Chancas. This isn't just business as usual; it’s a massive play to cement dominance in the copper market for the next 30 years.
Tía María, specifically, has been a nightmare of protests and delays for a decade. But Larrea doesn't give up. He plays the long game. While other CEOs worry about the next quarterly report, he seems to be looking at 2040.
The Banamex "Step Back"
Remember when Citigroup tried to sell Banamex? Larrea was the front-runner. It looked like he was about to add one of Mexico's biggest banks to his trophy room. But then, things got weird with the Mexican government over a railway stretch, and Larrea eventually walked away from the deal. It was a rare moment where the public saw a glimpse of the friction between big business and the state.
What Really Happened With the President?
The relationship between Germán Larrea Mota Velasco and the Mexican presidency has always been... complicated. It's a dance of power. The government needs his investment and his trains, but they also use him as a "poster boy" for the old elite when they need to win points with voters.
Actionable Insights: What This Means for You
If you're an investor or just someone interested in the global economy, here is how to look at the Larrea factor:
- Watch Copper, Watch Larrea: His fortune is a leveraged bet on the price of copper. If copper prices spike due to EV demand, his influence grows exponentially.
- Infrastructure is the Key: Don't just look at the mines. His control of the Mexican rail system is a moat that is almost impossible to cross.
- The Succession Question: He’s in his early 70s now. While he shows no signs of slowing down, the future of Grupo México will eventually depend on how the next generation handles the political minefields he’s successfully navigated for 30 years.
You don't have to like him to recognize that Germán Larrea Mota Velasco is a fundamental architect of the modern industrial world. He’s the guy making sure the raw materials for our "clean" future actually make it out of the ground.
How to Track the Copper King’s Next Move
- Monitor SEC Filings for SCCO: Southern Copper Corporation (SCCO) is publicly traded. Watching his insider trades gives you a direct line into his confidence in the market.
- Follow the Tía María Project: If this project in Peru hits full production, it’s a massive win for Grupo México’s long-term valuation.
- Check Mexican Rail Concessions: Any change in government policy regarding Ferromex is a direct signal of his political standing.
- Look at the LME Copper Prices: The London Metal Exchange is the pulse of his empire. When copper goes up, Larrea’s power follows.
Understanding the man is basically understanding the backbone of the North American supply chain. Love him or hate him, you can't ignore him.