Fresnillo 2018 Silver Production Hit Record, But Below Expectations
January 23 2019 - 3:01AM
Dow Jones News
By Oliver Griffin
Fresnillo PLC (FRES.LN) said Wednesday that silver production in
2018 hit a record but still came in below guidance as a result of
lower-than-expected ore grades at its Fresnillo and Saucito mines,
both in Mexico.
The mining company said total silver production for the year
rose 5.3% to 61.8 million ounces, up from 58.7 million ounces in
2017. In the fourth quarter of 2018, silver production fell to 15.5
million ounces, compared with 16 million in the year-earlier
period.
Gold production for the year rose 1.3% to 922,527 ounces,
Fresnillo said. Fourth-quarter gold production was flat at 232,026
ounces.
Fresnillo said the rise in 2018 silver production reflected the
first full year of operations from its San Julian mine. However,
Chief Executive Octavio Alvidrez said the record output didn't mask
what had been a challenging year for the company.
Mr. Alvidrez said the company will take actions to address the
lower-than-expected grades.
Fresnillo forecast silver production in 2019 in a range of 58
million to 61 million ounces and gold production for the coming
year of between 910,000-930,000 ounces.
Board approval for the new Juanicipio project is expected in
early 2019, the company said.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
January 23, 2019 02:46 ET (07:46 GMT)
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