July 22, 2020 / 4:35 PM / 24 days ago

Shares of Mexico's Peñoles up 8% after strong results from subsidiary

MEXICO CITY (Reuters) - Shares of Mexican miner Penoles, one of the world’s largest silver producers, on Wednesday rose to their highest levels since November 2018 after subsidiary Fresnillo reported strong second-quarter results.

Shares of Industrias Peñoles rose 8.45% to 284.36 pesos on the local Mexican stock exchange, while those of Fresnillo jumped more than 10% on the London Stock Exchange.

Fresnillo, which has seven mines in operation in Mexico, reported quarterly silver production of 13.6 million ounces, 2.8% more than in the first three months of the year.

Reporting by Noe Torres

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