Fresnillo PLC on Friday announced that its honorary chair, Alberto Bailleres, had died on Wednesday at 90 years old.

Bailleres had stepped down as chair of the Mexico City-based precious metals mining firm in April 2021 after and made honorary chair. He was replaced as chair by his son Alejandro Bailleres who had served previously as deputy chair of Fresnillo.

Alberto Bailleres was president of Grupo BAL, a cluster of Mexican companies including insurance company Grupo Nacional Provincial SA, department store chain Palacio de Hierro SA and mining company Industrias Penoles SA.

Fresnillo was formerly a wholly owned operating division of Penoles before a minority stake in the company was spun off on the London Stock Exchange in a May 2008 initial public offering.

Fresnillo expressed its condolences to the Bailleres family and thanked Bailleres for his leadership and legacy.

‘We are all deeply saddened by this news and my heart is broken. His passionate dedication, human sensitivity and values with which he conducted himself throughout his life are an inspiration to all of us. We will remember him as a visionary businessman, an exemplary Mexican, a dreamer who succeeded and exceeded his goals and, above all, as the wonderful human being he was,’ said Chair Alejandro Bailleres.

Shares in Fresnillo were up 1.2% at 630.84 pence on Friday morning in London.

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