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Fresnillo silver output up

26 April 2017 07:34

Fresnillo's silver production rose to 13.5 moz (including Silverstream) in the three months to the end of March - up 10.7% on a year ago.

The group said this was mainly due to the contribution of San Julian (phase I).

And it said it was on track to achieve 2017 production guidance of 58-61 moz silver, (including 4.0 moz from the Silverstream)/

Quarterly gold production of 222.3 koz was down 3.3% on a uyear ago and 17.1% lower than the previous three months.

Fresnillo said this was mainly due to the one-off reduction of inventory levels at the leaching pads in Herradura in 2016 and expected lower ore grades at Herradura.

Fresnillo's said it was on track to meet 2017 production guidance of 870-900 koz gold.

Chief executive Octavio Alvídrez said: "I am pleased to report a solid performance in the first quarter of the year.

"Silver production increased 10.7% compared to the first quarter of 2016 reflecting the contribution of the new San Julian (phase I) mine. "The turnaround at Fresnillo continues with improvements in the maintenance process and enhanced operative supervision resulting in an increase in silver production.

"Additionally, access to the Taspana and the new Rosario-Transversal areas at Ciénega contributed favourably. "As guided, gold production decreased slightly when compared to the first quarter of last year and Q4 2016 mainly because of the one-off reduction of inventories in 2016. "We continue to make good progress with our development projects. Construction of San Julian (phase II) continued with the commencement of initial tests and the project is on track to be commissioned at the end of Q2.

"The pyrites plant and second line of the dynamic leaching plant are also progressing as expected. "We continue to focus on maximising efficiency and productivity across all our mines, and remain on course to meet our 2017 production guidance of 58-61 million ounces of silver and 870-900 thousand ounces of gold."

Story provided by StockMarketWire.com

Related Company: FRES

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