TIDMFRES
RNS Number : 2869M
Fresnillo PLC
12 October 2016
Fresnillo plc
21 Upper Brook Street
London W1K 7PY
United Kingdom
www.fresnilloplc.com
12 October 2016
Production Report
for the three months ended 30 September 2016
Overview
-- Quarterly silver production of 11.8 moz (including
Silverstream), up 6.7% vs. 3Q15 mainly due to the start-up of phase
1 of San Julián, increased ore processed at Saucito and an
increased contribution from the Silverstream
-- Quarterly silver production down 9.4% vs. 2Q16 mainly due to
the expected lower ore grades and lower recovery rate at
Saucito
-- Year to date silver production of 37.0 moz (including
Silverstream), up 6.3% on the same period of 2015 as a result of
the start-up of San Julián, increased volumes processed at Saucito
and higher silver ore grades at Fresnillo and Ciénega
-- Quarterly gold production of 220 koz, up 20.9% vs. 3Q15, due
to higher volumes processed and higher ore grades at both Herradura
and Noche Buena
-- Year to date gold production of 667 koz, up 22.3% on the same
period of 2015, due to higher speeds of recovery at Herradura and
Noche Buena, and higher volumes processed at Herradura
-- At San Julián (phase 1), the milling facility is processing
ore and the leaching plant has been operating normally since
August; phase 2 commissioning now expected 2Q17 due to external
factors
-- On track to achieve our recently raised full year gold
guidance of 850-870 koz and our full year silver guidance of 49-51
moz (including Silverstream)
Octavio Alvídrez, Chief Executive Officer, said:
"I am pleased to report a 7% increase in quarterly silver
production compared to the same quarter in 2015 and quarterly gold
production up nearly 21% on the same basis, driven by the start-up
of San Julián and strong performances from the Saucito, Herradura
and Noche Buena mines.
The milling facility servicing phase 1 at San Julián is
processing ore and the leaching plant has been operating normally
since August, and we are now operating at full capacity. However,
due to a combination of external factors we now expect phase 2 to
be commissioned in the second quarter of 2017.
The turnaround plan at Fresnillo continues to progress, although
not at the pace at which we had originally planned. We continue to
expect an increase in silver grades and production for the full
year compared to 2015, however, recently volumes processed have
come under pressure as a result of some equipment availability and
personnel issues.
Importantly, we remain on track to meet our full year production
guidance of 850-870 koz gold and 49-51 moz of silver (including
Silverstream)."
Total Production
3Q 3Q 2Q YTD YTD
16 15 % change 16 16 15 % change
-------------- -------- -------- --------- -------- -------- -------- ---------
Silver
(koz) 10,607 10,056 5.5 11,777 33,431 31,686 5.5
-------------- -------- -------- --------- -------- -------- -------- ---------
Silverstream
(koz) 1,168 984 18.7 1,217 3,556 3,125 13.8
-------------- -------- -------- --------- -------- -------- -------- ---------
Total
Silver
(koz) 11,775 11,040 6.7 12,994 36,987 34,811 6.3
-------------- -------- -------- --------- -------- -------- -------- ---------
Gold (oz) 219,840 181,799 20.9 217,645 667,409 545,819 22.3
-------------- -------- -------- --------- -------- -------- -------- ---------
Lead (t) 12,473 10,480 19.0 11,585 35,141 29,738 18.2
-------------- -------- -------- --------- -------- -------- -------- ---------
Zinc (t) 14,476 10,959 32.1 12,529 39,856 31,397 26.9
-------------- -------- -------- --------- -------- -------- -------- ---------
Quarterly silver production (including Silverstream) increased
6.7% vs. 3Q15 as a result of: i) the start-up of operations at San
Julián; ii) higher ore throughput at Saucito due to the plant
optimisation; and iii) higher production at Sabinas
(Silverstream).
However, quarterly silver production (including Silverstream)
decreased 9.4% when compared to the previous quarter as a result
of: i) an expected lower ore grade and lower recovery rate at
Saucito; and ii) a lower ore grade at Fresnillo resulting mainly
from accessing stopes with higher zinc and lower silver ore grades;
reduced equipment availability resulting from a recurrence of
maintenance issues; and a temporary shortage of skilled workers to
operate recently opened stopes.
Year to date silver production (including Silverstream)
increased 6.3% when compared to the same period of 2015 due to the
start-up of San Julián, the increased ore processed at Saucito, the
higher ore grade at Fresnillo as a result of regained access to the
higher ore grade areas of San Carlos, San Alberto and San Mateo,
and higher silver ore grades at Ciénega as a result of high grade
development ore from the Rosario and Las Casas areas.
Quarterly gold production increased 20.9% vs. 3Q15 as a result
of increased ore processed and higher ore grades at both Herradura
and Noche Buena, and higher gold ore grades at Fresnillo. These
factors were partially offset by the lower ore processed at
Ciénega.
Quarterly gold production remained at similar levels when
compared to the previous quarter.
Year to date gold production increased 22.3% when compared to
the same period of 2015 as a result of the higher volumes of ore
processed and higher overall speeds of recovery at Herradura, as
well as higher speeds of recovery at Noche Buena. These factors
were partially offset by the expected lower ore grade at Ciénega
due to the depletion of some high grade stopes, lower gold ore
grades at the Rosario and Las Casas areas, and increased dilution
due to the narrowing of some veins.
Quarterly and year to date by-product lead production increased
19.0% and 18.2% vs. the comparable periods of 2015 mainly as a
result of higher ore grades at Fresnillo and Ciénega. Quarterly
by-product lead production increased 7.7% vs. 2Q16 due to a higher
ore grade at Fresnillo, which more than offset the lower ore grade
at Ciénega.
Quarterly and year to date by-product zinc production increased
32.1% and 26.9% when compared to the same periods of 2015 as a
result of higher ore grades and recovery rates at Fresnillo and
Ciénega and increased ore throughput at Saucito. Quarterly
by-product zinc production increased 15.5% vs. 2Q16 mainly due to
higher ore grades at Fresnillo and Saucito.
Fresnillo mine production
3Q 3Q 2Q YTD YTD
16 15 % change 16 16 15 % change
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Ore Processed
(t) 587,492 583,180 0.7 574,489 1,777,129 1,789,621 -0.7
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Production
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Silver
(koz) 3,732 3,723 0.2 3,997 12,017 11,555 4.0
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Gold (oz) 11,111 8,593 29.3 10,349 31,742 23,685 34.0
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Lead (t) 6,017 3,967 51.7 4,839 15,560 10,971 41.8
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Zinc (t) 7,228 4,651 55.4 5,813 18,180 12,856 41.4
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Ore Grades
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Silver
(g/t) 217 218 -0.6 232 228 219 4.2
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Gold (g/t) 0.77 0.60 29.0 0.72 0.72 0.54 35.4
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Lead (%) 1.13 0.75 50.1 0.94 0.97 0.68 42.1
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Zinc (%) 1.72 1.18 45.2 1.48 1.48 1.09 36.2
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Quarterly silver production remained at similar levels vs. 3Q15
as increased ore processed partially offset the slightly lower ore
grade, resulting from accessing stopes with higher zinc and lower
silver grades.
Silver production decreased 6.6% vs. 2Q16 due to the lower
silver ore grade and a lower recovery rate. These factors were
partly offset by the increase in ore processed as part of the
ongoing turnaround plan. However, the turnaround plan has not
progressed at the pace the Company had anticipated as a result of:
i) reduced equipment availability resulting from a recurrence of
maintenance issues; and ii) a temporary shortage of skilled
personnel to operate recently opened stopes.
Year to date silver production increased 4.0% when compared to
the same period of 2015 mainly due to the higher ore grade
resulting from regained access to higher grade veins at the San
Alberto, San Carlos and San Mateo areas as a result of the measures
implemented.
Quarterly and year to date by-product gold production increased
29.3% and 34.0% respectively when compared to the same periods of
2015 as a result of higher gold ore grades. Similarly, quarterly
by-product gold production increased 7.4% on 2Q16 due to higher ore
grade and, to a lesser extent, higher ore processed.
Quarterly and year to date by-product lead production increased
vs. the comparable periods of 2015 mainly as a result of higher ore
grades. Similarly, quarterly by-product lead production increased
24.3% when compared to the previous quarter as a result of the
higher ore grade and ore processed.
Quarterly and year to date by-product zinc production increased
vs. the same periods of 2015 due to higher ore grades and recovery
rates. Similarly, quarterly by-product zinc production increased
when compared to the previous quarter due to the higher ore grade,
recovery rate and ore processed.
Saucito mine production
3Q 3Q 2Q YTD YTD
16 15 % change 16 16 15 % change
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Ore Processed
(t) 642,040 566,814 13.3 645,340 1,925,832 1,725,600 11.6
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Production
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Silver
(koz) 4,903 4,744 3.4 6,270 16,610 16,133 3.0
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Gold (oz) 19,216 19,254 -0.2 20,186 61,038 63,927 -4.5
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Lead (t) 5,133 5,199 -1.3 5,164 15,132 14,837 2.0
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Zinc (t) 5,324 4,781 11.4 4,718 16,118 14,213 13.4
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Ore Grades
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Silver
(g/t) 289 295 -2.0 339 308 326 -5.4
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Gold (g/t) 1.31 1.37 -4.3 1.36 1.33 1.46 -8.5
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Lead (%) 0.94 1.02 -8.6 0.89 0.90 0.98 -8.0
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Zinc (%) 1.41 1.79 -21.3 1.33 1.42 1.63 -13.0
--------------- -------- -------- --------- -------- ---------- ---------- ---------
Quarterly silver production increased 3.4% when compared to the
same period of 2015 as a result of increased ore throughput from
the Jarillas West and Central areas and the increased capacity
following the installation of the vibrating screens in the Saucito
II plant in 1Q16. These more than offset the expected lower ore
grade compared to previous periods which had shown unusually high
ore grades.
Quarterly silver production decreased 21.8% when compared to the
previous quarter as a result of the expected lower ore grade and a
lower recovery rate.
Year to date silver production increased 3.0% as a result of the
higher ore processed, which fully offset the expected lower ore
grade due to the extraordinarily high ore grade from the Mezquite
vein and development ore from Saucito II in 2015.
Quarterly by-product gold production decreased 4.8% vs. 2Q16 and
year to date by-product gold production decreased 4.5% when
compared to the same period of 2015 as a result of lower ore grades
and recovery rates.
Year to date by-product lead production increased when compared
to the same period of 2015 as a result of higher ore volumes
processed which completely offset the lower ore grade.
Quarterly and year to date by-product zinc production increased
when compared to the corresponding periods of 2015 as a result of
higher recovery rates and ore processed which more than offset the
lower ore grade. Quarterly by-product zinc production increased vs.
2Q16 as a result of a higher recovery rate and higher ore
grades.
Ciénega mine production
3Q 3Q 2Q YTD YTD
16 15 % change 16 16 15 % change
--------------- -------- -------- --------- -------- -------- -------- ---------
Ore Processed
(t) 305,474 346,337 -11.8 318,330 947,523 999,920 -5.2
--------------- -------- -------- --------- -------- -------- -------- ---------
Production
--------------- -------- -------- --------- -------- -------- -------- ---------
Gold (oz) 18,372 19,909 -7.7 19,651 55,268 65,655 -15.8
--------------- -------- -------- --------- -------- -------- -------- ---------
Silver
(koz) 1,320 1,428 -7.6 1,344 3,833 3,577 7.1
--------------- -------- -------- --------- -------- -------- -------- ---------
Lead (t) 1,323 1,314 0.7 1,582 4,448 3,930 13.2
--------------- -------- -------- --------- -------- -------- -------- ---------
Zinc (t) 1,925 1,528 26.0 1,998 5,558 4,328 28.4
--------------- -------- -------- --------- -------- -------- -------- ---------
Ore Grades
--------------- -------- -------- --------- -------- -------- -------- ---------
Gold (g/t) 1.94 1.85 4.7 1.99 1.88 2.11 -11.1
--------------- -------- -------- --------- -------- -------- -------- ---------
Silver
(g/t) 154 146 5.5 149 144 127 13.0
--------------- -------- -------- --------- -------- -------- -------- ---------
Lead (%) 0.65 0.58 12.0 0.72 0.68 0.59 16.2
--------------- -------- -------- --------- -------- -------- -------- ---------
Zinc (%) 1.04 0.77 35.5 1.08 1.01 0.76 33.1
--------------- -------- -------- --------- -------- -------- -------- ---------
Quarterly gold production decreased 7.7% vs. 3Q15 due to the
lower volume of ore processed resulting from the extraction of
harder mineral from the Rosario, Las Casas and Carmen areas. This
was partially offset by the higher ore grade.
Similarly, quarterly gold production decreased 6.5% vs. 2Q16 as
a result of the lower ore processed and to a lesser extent a lower
ore grade.
Year to date gold production decreased 15.8% when compared to
the same period of 2015 as a result of the expected lower ore grade
resulting from the depletion of higher ore grade veins at Ciénega,
lower grades at the Rosario and Las Casas areas and increased
dilution resulting from the narrower veins at the East and West
areas. Additionally, the decrease in ore processed also contributed
to the lower gold production.
Quarterly silver production decreased 7.6% vs. 3Q15 due to the
lower ore processed; however the higher silver ore grade
development ore from Rosario and Las Casas areas partially offset
this unfavorable effect.
Year to date silver production increased 7.1% when compared to
the same period 2015 as a result of higher silver ore grades at the
Rosario and Las Casas areas.
Quarterly by-product lead production decreased vs. 2Q16 due to
lower ore grades and the lower ore volume processed. However, year
to date by-product lead production increased when compared to the
same period in 2015 as a result of higher ore grades.
Quarterly and year to date by-product zinc production increased
vs. the comparable periods of 2015 due to higher ore grades and to
a lesser extent higher recovery rates. Quarterly by-product zinc
production decreased vs. 2Q16 due to lower ore processed and a
lower ore grade.
Herradura mine production
3Q 3Q 2Q YTD YTD
16 15 % change 16 16 15 % change
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Ore Processed
(t) 6,208,336 5,321,702 16.7 6,313,303 18,832,895 16,259,273 15.8
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Total Volume
Hauled (t) 28,255,782 29,256,427 -3.4 30,965,379 89,019,720 86,917,596 2.4
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Production
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Gold (oz) 123,258 95,689 28.8 119,445 371,817 283,739 31.0
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Silver (koz) 161 141 13.7 161 464 360 28.9
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Ore Grades
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Gold (g/t) 0.78 0.73 6.8 0.70 0.72 0.73 -2.1
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Silver (g/t) 1.27 1.26 1.2 1.22 1.16 1.25 -6.7
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Quarterly gold production increased 28.8% when compared to the
same period of 2015 due to: i) increased ore processed following
the commissioning of the second Merrill Crowe plant in 4Q15, which
enabled the elimination of the bottleneck in processing volumes of
rich solution coming from the leaching pads and the DLP, allowing
us to reduce inventories at the pads; and ii) ore from richer banks
being processed.
Quarterly gold production increased 3.2% vs. 2Q16 due to a
higher ore grade which more than offset the lower overall speed of
recovery and the lower ore volume processed.
Year to date gold production increased 31.0% when compared to
the same period of 2015 as a result of the higher overall speeds of
recovery and higher volume of ore processed following the
commissioning of the second Merrill Crowe plant in 4Q15 which
enabled the elimination of the bottleneck in processing volumes as
described above, and has allowed us to reduce inventories at the
pads.
Noche Buena mine production
3Q 3Q 2Q YTD YTD
16 15 % change 16 16 15 % change
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Ore Processed
(t) 4,464,960 4,338,503 2.9 4,349,088 13,051,182 13,029,043 0.2
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Total Volume
Hauled (t) 20,609,275 20,158,505 2.2 20,186,274 60,901,692 62,424,176 -2.4
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Production
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Gold (oz) 40,850 38,353 6.5 48,014 140,511 108,814 29.1
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Silver (koz) 6 19 -67.9 4 22 62 -64.8
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Ore Grades
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Gold (g/t) 0.53 0.51 4.2 0.48 0.51 0.50 2.3
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Silver (g/t) 0.10 0.15 -35.6 0.07 0.11 0.21 -48.9
--------------- ----------- ----------- --------- ----------- ----------- ----------- ---------
Quarterly gold production increased 6.5% when compared to the
same period of 2015 due to a higher ore grade as richer banks were
processed and an increase in ore deposited. Quarterly gold
production decreased 14.9% vs. 2Q16 as a result of a lower speed of
recovery due to the slower leaching recovery dynamic of the ore
mined during the period. This more than offset the increases in ore
grade and ore processed.
Year to date gold production increased 29.1% when compared to
the same period of 2015 mainly due to higher speeds of recovery as
a result of the new mineral layers at the leaching pads, as well as
the higher ore grade due to richer banks being processed.
San Julián
3Q 16/ YTD
16
--------------- -----------
Ore Processed
(t) 121,833
--------------- -----------
Production
--------------- -----------
Gold (oz) 7,032
--------------- -----------
Silver (koz) 485
--------------- -----------
Ore Grades
--------------- -----------
Gold (g/t) 1.96
--------------- -----------
Silver (g/t) 150.53
--------------- -----------
The milling facility at San Julián (phase 1) has been processing
ore and the leaching plant operating normally since mid-August
2016, following the malfunctioning of the lubrication system of the
mill. The plant is now operating at full capacity.
However, a combination of external factors including: i)
unusually high rainfall (up 90-100% vs 2015); ii) a high rotation
of construction contractor personnel due to the project's remote
location and security incidents; and iii) delays in the delivery of
certain equipment resulted in a slower progress with construction
of the flotation plant (phase 2). As a result, this plant is now
expected to be commissioned in 2Q17 (compared to previous
expectations of year end 2016). The assembly of the milling and
filtration building continues and further progress was made at the
thickener area of this plant which will process ore from the
disseminated ore body.
This US$515 million San Julián silver-gold project has an
expected average production of 10.3 million ounces of silver and
44,000 ounces of gold per year once phase 2 is commissioned and it
reaches full capacity.
Update on Exploration
During the quarter, exploration continued at the Herradura,
Ciénega, Fresnillo, San Julián and Guanajuato districts. 86,100
metres of drilling were completed with interesting results for gold
and/or silver at Fresnillo, San Julián and Guanajuato. Drilling
programmes are also in progress at the Guazapares property,
Chihuahua, and Pilarica in Peru. Prospecting and evaluation of
mining property submittals are being carried out in Mexico, Peru
and Chile. Additional staff were contracted to assist the
exploration team in obtaining permits and surface land
acquisitions.
Safety Performance
We are pleased to report that no fatal accidents occurred at our
operations during the third quarter of 2016. Nevertheless, we
continue to reinforce our safety measures in order to fulfill our
zero fatalities commitment on an ongoing basis.
There will be a conference call for analysts and investors on
Wednesday 12th October at 8:30am (London time). The dial in details
are as follows:
Participants' dial in number: +44 (0) 20 3059 8125
Access code: 121016
For further information, please visit our website
www.fresnilloplc.com or contact:
Fresnillo plc Tel: +44 (0)20 7399
London Office 2470
Gabriela Mayor, Head
of Investor Relations
Floriana Michalowska
Mexico City Office Tel: +52 55 52 79 3206
Ana Belem Zárate
Bell Pottinger Tel: +44 (0)20 3772
Daniel Thöle 2500
Aarti Iyer
About Fresnillo plc
Fresnillo plc is the world's largest primary silver producer and
Mexico's second largest gold producer, listed on the London and
Mexican Stock Exchanges under the symbol FRES.
Fresnillo plc has six operating mines, all of them in Mexico -
Fresnillo, Saucito, Ciénega (including the San Ramón satellite
mine), Herradura, Soledad-Dipolos(1) and Noche Buena, two
development projects - San Julián and the Pyrites plant, and four
advanced exploration prospects - Orisyvo, Juanicipio, Las Casas
Rosario & Cluster Cebollitas and Centauro Deep, as well as a
number of other long term exploration prospects. In total,
Fresnillo plc has mining concessions covering approximately 2
million hectares in Mexico.
Fresnillo plc has a strong and long tradition of mining, a
proven track record of mine development, reserve replacement, and
production costs in the lowest quartile of the cost curve for
silver.
Fresnillo plc's goal is to maintain the Group's position as the
world's largest primary silver company, producing 65 million ounces
of silver per year by 2018, having already surpassed the gold
target of 750,000 ounces.
Forward Looking Statements
Information contained in this announcement may include
'forward-looking statements'. All statements other than statements
of historical facts included herein, including, without limitation,
those regarding the Fresnillo Group's intentions, beliefs or
current expectations concerning, amongst other things, the
Fresnillo Group's results of operations, financial position,
liquidity, prospects, growth, strategies and the silver and gold
industries are forward-looking statements. Such forward-looking
statements involve risk and uncertainty because they relate to
future events and circumstances. Forward-looking statements are not
guarantees of future performance and the actual results of the
Fresnillo Group's operations, financial position and liquidity, and
the development of the markets and the industry in which the
Fresnillo Group operates, may differ materially from those
described in, or suggested by, the forward-looking statements
contained in this document. In addition, even if the results of
operations, financial position and liquidity, and the development
of the markets and the industry in which the Fresnillo Group
operates are consistent with the forward-looking statements
contained in this document, those results or developments may not
be indicative of results or developments in subsequent periods. A
number of factors could cause results and developments to differ
materially from those expressed or implied by the forward-looking
statements including, without limitation, general economic and
business conditions, industry trends, competition, commodity
prices, changes in regulation, currency fluctuations (including the
US dollar and Mexican Peso exchanges rates), the Fresnillo Group's
ability to recover its reserves or develop new reserves, including
its
ability to convert its resources into reserves and its mineral
potential into resources or reserves, changes in its business
strategy and political and economic uncertainty.
(1) Operations at Soledad-Dipolos are currently suspended.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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