Industrias Penoles, S.A.B. DE C.V. (Mexico)

Industrias Peñoles, S.A.B. de C.V., founded in 1887 and incorporated on June 21, 1961, is headquartered in Mexico City, Mexico, and operates as a leading mining-metallurgical group with vertically integrated operations in exploration, extraction, smelting, refining of non-ferrous metals, and chemical production. The company is part of Grupo BAL, controlled by the Baillères family. Peñoles is recognized as the world’s largest producer of refined silver, a Latin American leader in refined gold and lead, and among the top global producers of zinc and sodium sulfate; its portfolio includes metals such as silver, gold, zinc, lead, copper, bismuth, and cadmium, as well as chemical products like sodium sulfate, sulfuric acid, magnesium compounds, and ammonium sulfate. In 2024, the company reported revenues of approximately MXN 123 million and EBITDA of MXN 31,235 million, while in 2025, net sales reached USD 3,876.7 million for the first half, with EBITDA of USD 1,309.8 million and net income of USD 519.2 million, reflecting a strong recovery supported by higher gold and silver prices and operational efficiencies; leverage remained low at 0.2x, with a coverage ratio of 15.87x. Strategic objectives for 2025 focus on sustainability, operational efficiency, and technological innovation, including energy transition initiatives, cost optimization, and community engagement programs to reinforce its leadership in mining and chemicals. From its origins in the late 19th century, exploiting silver-lead deposits in Durango to its consolidation as a global silver leader and diversified industrial group, Peñoles has shaped Mexico’s mining sector for over thirteen decades, driving economic development and technological advancement.