MEXICO CITY Oct 26 Mexican mining company
Industrias Penoles on Friday reported a 58.4
percent drop in third-quarter profit due to a fall in metal
prices and a rise in costs for investment in expansion and
The miner and metals processor, which runs the world's
largest primary silver producer Fresnillo, said profit
in the third quarter was 1.67 billion pesos ($129.87 million)
versus 4.01 billion pesos in the same period in 2011.
Revenue between July and September 2012 fell 9.6 percent
compared with the previous year to 23.21 billion pesos, as
silver prices fell by nearly a quarter, lead by 19.6 percent and
copper by 14.2 percent.
Investment in expansion at the Tizapa, La Cienaga and
Soledad-Dipolos mines along with renewed investment in
exploration had raised costs, the company said.
Penoles spun off precious metals unit Fresnillo in 2008 and
now focuses on base metals mining and refining.
Penoles' share price ended the day down 0.28 percent at