UPDATE 1-Mexico's Penoles 4th-qtr profit plunges on tax, exchange rate costs
(Adds reasons for loss, share price, breakdown of results)
MEXICO CITY, March 4 (Reuters) - Mexican miner Penoles on Wednesday reported a steep loss in the fourth quarter of 2014, hurt by lower metals prices, a one-off tax settlement and exchange rate costs.
The miner and metals processor, which runs the world's largest primary silver producer, Fresnillo, reported a loss of 1.59 billion pesos ($107.7 million) in the quarter compared to a profit of 152.4 million pesos in the same period a year earlier.
Shares in the company were down 3.75 percent at 291.97 pesos in morning trading.
Penoles reported revenue of 15.82 billion pesos, up 5.86 percent from 14.94 billion pesos in the same quarter a year earlier.
The company said it paid 1.1 billion pesos to the Mexican tax authority to settle a dispute going back to 2012.
The company also said silver prices were down 20.7 percent compared with the year-earlier quarter, while gold prices were down 5.7 percent. ($1 = 14.7475 pesos at end December) (Reporting by Joanna Zuckerman Bernstein; Editing by James Dalgleish)
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