Bloomberg reports: Industrias Penoles SAB, the world's largest primary silver producer, may use some proceeds from a share sale next week in London to buy deposits in Mexico.

Penoles's Fresnillo Ltd. unit plans to complete an IPO to raise more than $900 million and start trading in London on May 9. CEO Jaime Lomelin said about $150 million of the money raised will be spent on expansions and acquisitions, while the rest will be used to pay debt.

July silver rose 26 cents to close at $16.47 an ounce Friday in New York.