Industrias Peñoles

Industrias Peñoles is a Mexican mining company engaged in the production of gold, lead, and zinc. Located in Mexico City, the miner is a subsidiary of Grupo Bal and comprises of more than fifty companies. Peñoles has shares in the gold mining property La Herradura, the silver mine Las Torres, the copper mine Milpillas, the zinc mining property Naica, and the base metals mine Tizapa, among others. Since 1968, the company is listed on the Mexican Stock Exchange (XMEX) under the symbol PE & OLES. Peñoles aims at becoming a mid-tier gold producer.

The history of Industrias Peñoles begins with the foundation of Compañía Minera de Peñoles in 1887. Several mergers, acquisitions, and fusions with other mining companies took place between 1890 and 1960. Shareholders from Great Britain, USA, and Germany owned shares in the company during this period. In the 1970s, the Mexican industrialist Raul Bailleres purchased the majority of the company stock and changed its name to Industrias Peñoles.

The leading Mexican exporter is a global producer of silver, sodium sulfate, and metallic bismuth. The company has three mining divisions: Grupo Metalurgico, Grupo Minas-Quimicos, and Grupo Exploracion. Among its mines, Francisco I. Madero, located at Zacatecas, is the largest zinc mining operation. In 2008, the site produced 48 thousand tons of zinc. Located in Chihuahua, Naica represents the richest lead mine owned by Industrias Peñoles. The mining property produced 34 percent of the total lead output which stands at 61.3 thousand tons.

The Sabinas site, near Zadatecas, produces copper, silver, and zinc. The underground mining property yields an annual output of more than 1.1 million tons of ore. Industrias Peñoles is currently implementing long-hole drilling which aims to enhance personal safety and productivity. Tizapa is a zinc mining operation situated in Estado de Mexico. Production facilities are expanding in order to reach the extraction of 800 thousand tons per year. Milpillas, near Sonora, is the only copper mine operated by Industrias Peñoles. In 2008, copper production increased to more than 14 thousand tons. The mining site will start operating at full capacity in four years (2013). The company undertook diamond drilling, construction of a leaching pad, and renovation of the extraction facilities.