Fresnillo Cuts 2019 Production Targets
July 17 2019 - 03:00AM
Dow Jones News
By Carlo Martuscelli
Fresnillo PLC (FRES.LN) cut its production guidance for the
full-year on Wednesday, citing lower-than-expected grades at its
namesake mine as well as construction delays at one of its
plants.
The world's largest silver miner said that it is now guiding for
2019 silver production of 55 million ounces to 58 million ounces,
down from between 58 million ounces and 61 million ounces
previously. It attributed the cut to lower ore grades at its
Fresnillo mine as well as a decrease in processing throughput.
Full-year gold production guidance is now set at between 880,000
thousand ounces and 910,000 thousand ounces, down from between
910,000 thousand ounces and 930,000 thousand ounces. It attributed
the decrease to delays in the construction of a leaching pad.
Fresnillo said that silver production in the second quarter
totaled 14.4 million ounces, down 6% from 15.3 million the
prior-year period. Meanwhile, gold production fell 5.4% to 221,307
ounces.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
July 17, 2019 02:45 ET (06:45 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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