During the last six-year period, Industrias Peñoles maintained an average annual investment in exploration of US$197 million, with a constant flow without significant variations, despite price cycles in the market.
In 2024, the company allocated US$212 million to these activities, which represents a decrease of 8.9% with respect to the amount invested in 2023.
Exploration investment
Exploration work focused on the gold and silver mine districts operated by Fresnillo plc. In addition, progress was made in priority projects such as Tajitos (Sonora), Orisyvo (Chihuahua) and Guanajuato. Metallurgical studies and the updating of economic models continued in these areas.
Internationally, exploration for precious metals progressed at Capricornio and Pencahue, both located in Chile. In Peru, drilling resumed at the La Pampa project, thanks to the strengthening of the relationship with local communities.
The exploration investment of this company in the last six years is shown below:
- 2019: 208.
- 2020: 141.
- 2021: 171.
- 2022: 217.
- 2023: 233.
- 2024: 212.
In base metals, efforts focused on advanced projects with high potential. The area of influence of the Tizapa mine stands out, where 782,000 tons of inferred resources with 15.9% zinc equivalent were estimated. Also, new drilling targets are being defined to continue work in 2025.
At the Reina del Cobre project, near the Velardeña unit, drilling in new zones has increased the mineral resources. Currently, they are estimated at 25.2 million tons with a 2.15% copper equivalent content. Drilling was also carried out at the Flobar and Los Humos copper projects, both located in Sonora.
New deposits
Investment in exploration is key for Peñoles. This strategy remains active, regardless of price cycles. The objective is to replenish reserves, identify new deposits near current operations, and generate long-term growth opportunities.
Finally, Peñoles constantly evaluates its projects. Each one goes through different stages: from initial exploration to development, and finally, production and marketing. The company makes technical and economic estimates to determine when a project is ready to move to a new phase.