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17 Jul 2019 | 07:59

Fresnillo lowers production guidance amid lower-than-expected ore grades

Fresnillo reduced its full-year production guidance on the back of lower-than-expected ore grades and ore throughput at the Fresnillo mine and a delay in the construction of a leaching pad at Herradura. For 2019, silver production guidance was decreased from to 55-58m ounces from 58-61m ounces previously, mainly due to lower ore grades and ore throughput at the Fresnillo mine, the company said. Gold production guidance for the year was cut to a range of 880,000-910,000 ounces, mainly driven by the delay in the construction of a leaching pad at Herradura and lower ore processed at the dynamic leading plant. The lower production guidance comes as the company continued reported that first-half silver production (including Silverstream) was down 10.4% from a year earlier, and also down 6.0% for the second quarter from a year earlier. Quarterly gold production was down 5.4% in the second quarter from a year earlier, and down 7.1% for the first half from a year earlier. Both silver and gold output, however, were up quarter-on-quarter in Q2, with the company vowing to 'work hard to ensure the improvements we have seen this quarter are maintained in the second half of the year.'

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