Billionaire Buying Buoys Southern Copper’s Stock
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German Larrea, the billionaire behind Grupo Mexico SAB, is purchasing stock in mining unit Southern Copper Corp. to reinforce confidence amid falling metal prices.
Larrea has bought more than 1.8 million shares in Southern Copper since July 30, including 1 million over a three-day period, according to data compiled by Bloomberg. Management at Southern Copper, which had the most insider buying in the U.S. last week, bought back more than 12 million shares this year, according to U.S. Securities and Exchange Commission filings. Larrea and family have a net worth of $15.9 billion, the biggest fortune in Mexico after Carlos Slim, according to the Bloomberg Billionaires Index.