Peñoles is a subsidiary company owned by Grupo BAL. Peñoles is the second largest Mexican mining company, the first Mexican producer of gold, zinc and lead and the world leader in silver production. Peñoles is a company with active mines within Mexico and with some prospection projects in South America. Holdings includes the Fresnillo Silver Mine / Mina Proaño, the Met-Mex Peñoles metallurgical complex and Química del Rey; a Chemical facility; three operations. Peñoles produces about 80,500,000 troy ounces (2,500,000 kg) of silver and 756,100 troy ounces (23,520 kg) of gold annually. Other metals that the company produces are zinc, lead, copper, bismuth, and cadmium.[2]
The main product of Peñoles is refined silver in the form of ingots and granulated silver which are 99.99% pure silver, this product is made in Torreón (northern Mexico) and from this location is exported all over the world.
In 2012, the company was awarded with the Fray International Sustainability Award for its initiatives in sustainable development.[3] They approach sustainability by achieving three dimensions: Economics, Ecology, and Ethics, and by consistently measuring and analyzing their environmental impact.
History
Peñoles' history begins in 1887,[2] with the mining concession of certain mines located within the Sierra de Peñoles in the state of Durango and the foundation of the Compañía Minera de Peñoles under the regime of President Porfirio Díaz.
From 1890 to 1960 the company suffered several mergers, fusions and acquisitions with others mining companies. During this time the company was owned by different shareholders, among them some from the United Kingdom, United States and Germany.
During the decade of 1960 to 1970 the Mexican mining industry was "mexicanized" and therefore Mr. Raúl Bailleres acquired the majority of the company shares, after that the company received the name of Industrias Peñoles.
Divisions
Peñoles has three mining related divisions and a branch created for other business. They are located mainly in northern México.
Magnelec, production of special magnesite chemical compounds
Grupo Exploración
Milpillas Project, underground copper mine, located in the State of Sonora and with a future production of copper cathodes (2006)
Grupo Infraestructura
TEP / Termoeléctrica Peñoles, is a pet coke fired thermoelectric power plant, focused in the own generation of electricity and located near Tamuin, San Luis Potosí. The excedents of power generation are sells to CFE.
Drinking water service, a joint venture with the French company Ondeo which is concentrated in several Mexican urban sites like Cancún and México City.
