Industrias Penoles

Industrias Penoles, S.A.B. de C.V. (Peñoles) is a Mexican mining company which produces a range of metals including gold, silver, zinc, and copper. The company also has interests in producing various chemical products such as sodium sulfate and magnesium oxide.

Peñoles operates mines across Mexico and has both development and production stage projects. One of the company's largest development project is the Juanicipio silver mine which is a joint venture with MAG Silver located in the state of Zacatecas. In 2022, the company's silver production rose to 67 million ounces to the contribution of Juanicipio and a higher volume of processed ore at Fresnillo which is one of the world's largest primary silver mines.

As of Q3 of 2023, Penoles has contributed 505,977 oz gold, 54,007 koz silver, 62,133 tons of lead, 205,414 tons zinc and 16,677 tons copper from its portfolio of mines. The company reported net income attributable to shareholders of $41.3 million for the first nine months of 2023 as management focuses on managing inflation and currency risks as well as optimizing production costs in order to return to strong net income growth.