Fresnillo Cuts 2019 Production Targets

Date : 07/17/2019 @ 8:00AM
Source : Dow Jones News
Stock : Fresnillo Plc (FRES)
Quote : 609.8  0.2 (0.03%) @ 3:17PM

Fresnillo Cuts 2019 Production Targets

Fresnillo (LSE:FRES)
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   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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