TOTAL SALES*
* Includes hedging results.
Besides Mexico, we participate in other 29 markets in the Americas, Europe and Asia.
US$ 1.62 B
in gold sales
US$ 1.43 B
in silver sales
US$ 622 B
in zinc sales
US$ 347 B
in concentrates sales
US$ 4.67 B
in total sales.
Gold 34.7%
United States 39.5%
Canada 36.4%
England 23.8%
Silver 30.5%
United States 90.7%
Japan 7.4%
Brazil 1.4%
Zinc 13.3%
United States 48.0%
Mexico 29.8%
Switzerland 11.3%
Concentrates 7.4%
Singapore 71.5%
Japan 13.5%
Switzerland 9.7%
Lead 5.4%
Mexico 59.5%
Switzerland 25.8%
United States 12.3%
Sodium sulfate 2.2%
Mexico 89.2%
Colombia 7.0%
Brazil 2.6%
Copper 1.8%
United States 76.8%
Switzerland 22.9%
Mexico 0.3%
Other products 4.7%
Mexico 57.7%
South Korea 10.1%
Belgium 8.6%

MINING DIVISION SALES*
%

    US$ M
Gold 1,051
Silver 1,553
Zinc 554
Copper 129
Lead 143
  Total 3,430

*Does not include hedging results, treatment charges nor penalties.

METALS DIVISION SALES**
%

    US$ M
Gold 1,652
Silver 1,438
Zinc 587
Lead 247
Others 185
  Total 4,109

** Does not include Bal Holdings.

CHEMICALS DIVISION SALES
%

    US$ M
Sodium sulfate 104
Magnesium oxide 45
Ammonium sulfate 36
Magnesium sulfate 11
Others 4
  Total 199

PRODUCTION COSTS
%

    US$ M
Depreciation and amortization 698
Contractors 416
Energy 374
Operating materials 346
Maintenance and repairs 311
Human capital 286
Other 89
  Total 2,519
ES
CONTENTS

2020 brought us great challenges and lessons. Our Annual Report highlights the strengths that have allowed us to overcome difficulties while generating value to our stakeholders.

The following abbreviations will be used throughout the report:

oz =
lb =
Mm3 =
Ml =
Mlb =
Mlbe =
Moz =
koz =
t =
Mt =
kt =
MI =
US$B =
US$M =
US$/t =
US$/oz =
US¢/lb =
US¢/lbe =
ounces
pounds
million cubic meters
million liters
million pounds
million pounds equivalent
million ounces
thousand ounces
metric tons
million metric tons
thousand metric tons
million liters
billion dollars
million dollars
dollars per metric ton
dollars per ounce
dollar cents per pound
dollar cents per pound equivalent

PROFILE
We are a proud Mexican company, committed to our country, with presence in the international market.

FINANCIAL HIGHLIGHTS
In a complex environment, we focused on preserving liquidity, while continuing our priority investments.

MANAGEMENT REPORTS
We manage our business responsibly and prudently, with a long-term vision.

PERFORMANCE
Our operations faced great challenges during the year. We improved our processes and sought cost reduction.

ENERGY AND TECHNOLOGY
We incorporated new technologies to increase productivity and efficiency.

CORPORATE GOVERNANCE
Our corporate governance ensures transparency, the compliance with organizational values and accountability.

INFORMATION FOR SHAREHOLDERS
Contacts available for our shareholders

FINANCIAL STATEMENTS
We present our audited financial information in thousand US dollars.



DISCLAIMER
This Annual Report contains certain forward-looking information relating to Industrias Peñoles, S.A.B. de C.V. and its subsidiaries (Peñoles or the Company) that is based on assumptions made by its management. Such information, as well as the statements with respect to future events and expectations are subject to certain risks, uncertainties and factors that could cause the actual results, performance or achievements of the Company to be materially different at any time. Such factors include changes in general economic, governmental policy and/or business conditions nationally and globally, as well as changes in interest rates, inflation rates, exchange rates, mining performance in general, metal demand and quotations, and raw material and fuel prices, among others. Due to these risks and factors, actual results may vary materially from the estimates described herein, for which reason Peñoles does not assume any obligation with respect to such variations or to information provided by official sources.