Our Investment Case

We are the world's leading silver miner and one of Mexico's largest gold producers. Our solid foundations provide a competitive advantage in the mining industry and position us to drive long-term value.

Strong balance sheet

How this drives value > operational flexibility, investments for growth, returns to shareholders

We aim to maintain a strong financial position with a healthy cash balance and a low leverage ratio. This enables us to balance investment in profitable growth with returns to our shareholders, while optimising our operations.

High quality assets

How this drives value > long-term visibility, long life returns

We are amongst the largest concession holders in mineral-rich Mexico. We hold a portfolio of low cost gold and silver mines, high potential development projects and advanced exploration prospects, with a focus on district consolidation that allows us to leverage our local knowledge and achieve significant synergies through shared infrastructure.

Low cost and flexible operations

How this drives value > healthy margins, adaptability across price cycles

Our high quality assets allow us to extract mineral profitably even in depressed metal price environments, with all-in sustaining costs below average realised prices at each of our mines. We benefit from the ability to tailor mine plans and leverage expertise, and within our districts to share personnel and plant capacity accordingly. We optimise performance with a focus on continuous improvement in productivity and efficiency, and lower unit consumption of operating materials and energy.

Disciplined approach to development

How this drives value > long-term profitable growth

Our development projects meet stringent viability criteria, including environmental and social impact, sustaining capital expenditures and rates of return. Delivery timelines and budgets are optimised to allow us to advance towards our production targets whilst adjusting for adverse market conditions to maintain a healthy financial position.

Commitment to sustainable business practices

How this drives value > licence to operate

We understand the needs of our local communities and prioritise local goods and service for our operations, continue to work to ensure the safety and health of our people, and strive for continuous improvement in minimising our environmental footprint. This is essential not only for operational continuity but in order to drive value for all our stakeholders. We continue to increase our commitment to social investment.