Minera Frisco S.A.B. de C.V

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## What it is

Minera Frisco is a Mexican precious- and base-metals miner controlled by billionaire Carlos Slim, producing gold, silver, copper, lead, and zinc from eight operating units across the country — including sites in Sonora, Baja California, Zacatecas, Chihuahua, and Durango.

The company was formally constituted in 1962, though some of its mining sites date back to the 17th century; in 1985 it was acquired by Carlos Slim and integrated into Grupo Carso.

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## Who owns it

Carlos Slim Helú sits as chairman of the board. Insiders — principally the Slim family through Grupo Carso — hold 85% of the shares (EODHD data), leaving only about 8% with outside institutions and roughly 7% as free float for ordinary market investors.

Minera Frisco is part of Grupo Carso, Slim’s conglomerate spanning retail, infrastructure, and telecoms — so the mining company is one piece of a much larger privately held empire.

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## Who runs it

The board appointed Gerardo Kuri Kaufmann as CEO after his predecessor, Alejandro Aboumrad González, chose to step back to a board role. Kuri Kaufmann is a trusted member of the Slim circle, having previously served as CEO of Telesites and of Carso Infraestructura y Construcción.

Since January 2025, Luis Eduardo Ramírez Correa has served alongside Kuri Kaufmann as Deputy CEO (Director General Adjunto). No CFO has been separately disclosed in available public sources.

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## The money, in plain words

Frisco had a bruising two years: it lost money in both 2023 and 2024 as metal prices lagged and costs bit hard. Then in FY2025 — its fiscal year running to the end of 2025 — sales rose 34% to MXN 14.1 bn (~US$809 m) (our calculation), and the company returned to profit with a net income of MXN 1.55 bn (~US$89.5 m), a net profit margin of 11.1% on the annual result (our calculation).

On a trailing twelve-month basis, which includes more recent quarters with higher gold prices, the net profit margin widens to 17.5% and the return on equity — how much profit the company squeezes from every peso owners have put in — reaches 35.6%, both per EODHD. The stock trades at 24.5 times earnings (price-to-earnings ratio of 24.5×), a full valuation that assumes the gold-price tailwind continues; the company currently pays no dividend.

The balance sheet carries MXN 925 m (~US$53 m) in cash against total liabilities of MXN 21.4 bn (~US$1.24 bn), with equity of MXN 6.2 bn (~US$355 m) (all our calculations from structured data). The exact debt maturity schedule is the number to watch: a 2024 ratings review noted that all of the company’s debt matures within the projected 2024-to-2026 window, making refinancing a live question.

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## What it is doing now

Minera Frisco has restarted copper cathode production in Sonora and gold-silver output in Baja California, while its Ocampo Mining unit is set to launch a silver operation in Durango by end-2026 — an unusually active expansion in a sector where most projects are stalled.

Against that growth story, the company is managing two pressure points at once. A worker died at the El Coronel unit in Ojocaliente, Zacatecas, on June 1, 2026, during heavy equipment maintenance, prompting a full operational suspension and cross-site safety review.

Separately, more than 1,000 union members and 350 non-union employees halted operations at the Tayahua copper-zinc mine in Zacatecas, demanding higher profit-sharing payments and alleging the company was not meeting its obligations under the collective labor contract.

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## What to watch

• Gold price sensitivity. Frisco’s recovery rests heavily on precious-metals prices. A sustained pullback in gold would compress margins quickly, given the fixed costs of running eight mine sites.
• Debt refinancing. All of the company’s debt falls due in 2024-2026; analysts expect refinancing to proceed on similar terms, but that assumption needs watching.
• Labour and safety. Some 160 mining projects nationwide remain stalled under Mexico’s post-2023 regulatory framework, and Frisco’s ability to keep multiple units running while resolving the Tayahua dispute and the El Coronel safety review will test management.
• New silver unit. The Durango silver project, due before year-end 2026, would add a fourth active revenue stream and is the clearest near-term growth catalyst to track.

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This is news, not investment advice.