Santacruz Silver Mining Ltd. is a mid-tier Latin American polymetallic producer focused on the extraction and processing of zinc, silver, lead, and copper concentrates. Originally focused on exploration in Mexico, the company transformed its production profile and operating scale through the 2021 acquisition of the Zimapán mine from Industrias Peñoles and the 2022 acquisition of Glencore's Bolivian zinc-silver mining portfolio.
The company's business model encompasses underground mining, milling, concentrate sales to international commodity traders and smelters, and third-party ore feed sourcing. Its production asset base spans two jurisdictions: Bolivia and Mexico. In Bolivia, Santacruz operates the Bolívar and Porco underground mines under a joint association agreement with Corporación Minera de Bolivia (COMIBOL), under which Santacruz receives 45% of profits. It also owns 100% of the Caballo Blanco mining complex (comprising the Colquechaquita and Tres Amigos mines), the San Lucas commercial ore feed sourcing and trading business (including the Reserva mine), and the Soracaya exploration project. In Mexico, Santacruz owns and operates the Zimapán mine and processing plant in Hidalgo State.
Historically, revenues have been driven primarily by zinc and silver, with minor contributions from lead and copper. In 2025, the company produced approximately 14.4 million silver-equivalent ounces (including 5.6 million ounces of silver and 87,295 tonnes of zinc), generating $326.4 million in consolidated revenue. Revenue distribution typically fluctuates between silver and zinc depending on prevailing metal prices and production mix, with silver representing approximately 53% and zinc 40% of revenue during favorable silver price environments.
