July 30, 2019 / 3:58 PM / a year ago

Shares of Mexican miner Penoles tumble, hit by subsidiary's weak results

MEXICO CITY, July 30 (Reuters) - Shares of Mexican miner Penoles fell as much as 14% on the Mexican stock exchange Tuesday morning, reaching their weakest level in more than three years, after its Fresnillo subsidiary reported weak earnings.

Fresnillo’s core earnings declined by 46% during the first half of the year, hit by rising costs and lower output at its mines in Mexico.

In a statement sent to the Mexican stock exchange, Penoles attributed the movement in its stock to Fresnillo’s poor quarterly results. (Reporting by Abraham Gonzalez; writing by Julia Love; Editing by Anthony Esposito)

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