Mexican mining group Industrias Peñoles posted third quarter profits of 901mn pesos (US$65.8mn), an 18.1% year-on-year increase compared to 763mn pesos due to higher prices for some metals, the company reported.

Net sales rose 11.5% to 12.5bn pesos compared to 11.2bn pesos in 3Q07, the statement said.

Meanwhile, Peñoles' Ebitda surged 36.3% to 2.47bn pesos versus 1.81bn pesos year-on-year.

Peñoles' mine output amounted to 88,385oz gold, 11.6Moz silver, 15,356t lead, 45,229t zinc and 7,123t copper in the third quarter, compared to 90,188oz gold, 11.6Moz silver, 15,845t lead, 50,328t zinc and 5,674t copper year-on-year.

The company's refined metal output in the recent quarter – within Peñoles' metals division – totaled 419,846oz gold, 30.9Moz silver, 34,243t lead, 56,469t zinc, 1,491t copper, 223t cadmium and 307t bismuth compared to 444,675oz gold, 27.2Moz silver, 35,441t lead, 58,272t zinc, 1,727t copper, 230t cadmium and 291t bismuth year-on-year.

Peñoles has the La Ciénega silver-gold, Milpillas copper, Fresnillo silver, La Herradura gold, Naica lead and Francisco I Madero zinc mines, among other mining, metallurgical, chemical and exploration operations, all in Mexico.

Earlier this year Peñoles spun off its precious metals business into a London-listed subsidiary called Fresnillo (LSE: FRES). – BNamericas