Sources told Bloomberg that the planned initial public offering of Americas Mining would be delayed. The IPO of the Grupo Mexico subsidiary which was supposed to take place in London this year would only most likely happen next year at the earliest. The three sources who spoke on the condition of anonymity as they were not authorized to speak publicly on the matter said the delay was prompted by the fall of copper and emerging market stock prices.
In March, Grupo Mexico Chief Financial Officer Daniel Muniz said it planned to offer 25% of Americas Mining through a share sale. This would have been the initial step to listing the individual parts of the USD 23.5 billion mining company. Grupo Mexico is the country's biggest mining firm, holding concessions in the Pacifico-Norte and Chihuahua-Pacifico Railroad lines. It is also engaged in oil rig leasing and highway construction, among others.
The IPO delay has yet to be officially confirmed by Grupo Mexico.
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