FRES Fresnillo Plc

By Rory Gallivan

LONDON--Mexican precious metal miner Fresnillo PLC (FRES.LN) Wednesday reported a rise in silver production for the first quarter ending March 31 after more ore was processed and said it's on track to meet 2014 production targets.

Silver production was 10.4 million ounces for the quarter, up 3.5% from the same period a year ago, while gold production fell 29.7% to 82,653 ounces due to mine closures.

The company said it's on track to produce 43 million ounces of silver in 2014 and 450,000 ounces of gold.

Shares closed Tuesday at 902 pence valuing the company at GBP6.6 billion ($11 billion).

Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

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