Industrias Peñoles is a lead and zinc miner operating primarily in Mexico. It also has substantial silver and gold mining interests through majority-held, publicly traded subsidiary Fresnillo, which it spun off in 2008. The company is involved in several mining joint ventures, as well as mining exploration projects in Peru. Its Metals segment smelts lead, refines silver, and produces sulfuric acid and other smelting byproducts. Peñoles also operates a chemicals group, which produces such chemicals as sodium sulfate and ammonium sulfate. Exports account for nearly two-thirds of sales. Peñoles is part of Mexican conglomerate Grupo BAL.