Loading…
Loading…
Industrias Peñoles is a Mexican, vertically integrated mining-metallurgical- and-chemicals group (founded 1887, BMV-listed since 1968, part of the Bailléres family's Grupo BAL).
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 1 supplier, 1 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
FY2025 preliminary results (3 Mar 2026), note 1: 'During 2025 99.8% of the production were sold to Peñoles' metallurgical complex, Met-Mex (2024: 99.6% of the production), for smelting and refining'; segment note: 'During 2025 all segment revenues were derived from Met-Mex, except in Juanicipio which includes sales of iron concentrate'; related-party sales to Metalúrgica Met-Mex Peñoles, S.A. de C.V. US$4,552.7M (2024: US$3,481.7M). Industrias Peñoles is Fresnillo's parent. Met-Mex is Peñoles' smelter-refinery in Mexico, so this flow is domestic; the export of the refined silver is Peñoles' sale, not Fresnillo's.
FY2025 AIF (40-F exhibit): 'The Guanaceví mine produces silver doré delivered to the Penoles Torreon refinery, in Chihuahua state. After the doré is refined to bullion, the silver and gold bullion is sold by an agent through commodity exchanges.' Guanaceví was 56% of 2025 silver revenue. Refining relationship; Endeavour's bullion is sold onward by an agent, so no purchase value is disclosed.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
2 other tracked dossiers name this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 1004 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
FY2025 AIF (40-F exhibit): 'The Guanaceví mine produces silver doré delivered to the Penoles Torreon refinery, in Chihuahua state. After the doré is refined to bullion, the silver and gold bullion is sold by an agent through commodity exchanges.' Guanaceví was 56% of 2025 silver revenue. Refining relationship; Endeavour's bullion is sold onward by an agent, so no purchase value is disclosed.
FY2025 preliminary results (3 Mar 2026), note 1: 'During 2025 99.8% of the production were sold to Peñoles' metallurgical complex, Met-Mex (2024: 99.6% of the production), for smelting and refining'; segment note: 'During 2025 all segment revenues were derived from Met-Mex, except in Juanicipio which includes sales of iron concentrate'; related-party sales to Metalúrgica Met-Mex Peñoles, S.A. de C.V. US$4,552.7M (2024: US$3,481.7M). Industrias Peñoles is Fresnillo's parent. Met-Mex is Peñoles' smelter-refinery in Mexico, so this flow is domestic; the export of the refined silver is Peñoles' sale, not Fresnillo's.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
This company sits on the supply side for 5 of its 5 materials — a restriction on those is a tailwind, not a headwind.
As a producer, policy pressure across its produced materials is flat.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.