Fresnillo 4Q Silver Production Up 9.5%; Fiscal Year in Line With Guidance
25 January 2017 - 6:55PM
Dow Jones News
By Ian Walker
LONDON--Fresnillo PLC (FRES.LN) Wednesday reported a 9.5% rise
in silver production during the fourth quarter of 2016, compared
with the year earlier, taking the full-year total to 50.3 million
ounces, in line with guidance.
The Mexican precious metals group said the increased production
reflected mainly the start-up of phase 1 of San Julian, a higher
ore grade at Cienega and an increased contribution from the
Silverstream.
For 2017, the company expects to produce 58 million ounces to 61
million ounces of silver, and 870,000 ounces to 900,000 ounces of
gold.
Fresnillo produced 13.3 million ounces of silver in the quarter
ended Dec. 31, compared with 11.8 million ounces in the earlier
quarter and 12.2 million for fourth quarter of 2015.
It previously guided for 49 million ounces to 51 million ounces
of silver production for the year, including Silverstream.
The firm also produced 268,104 ounces of gold in the latest
quarter, compared with 219,840 ounces in the earlier quarter and
215,892 for fourth quarter of 2015.
For the year, total gold production was 935,513 ounces, compared
with guidance of 850,000 ounces to 870,000 ounce.
Gold production was boosted by reduced gold inventories at
Herradura, the San Julian start-up and an improved overall average
speed of recovery at Noche Buena contributed, Fresnillo said.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
January 25, 2017 02:40 ET (07:40 GMT)
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