Fresnillo Reports Higher 3Q Silver, Gold Production; Backs 2017 Guidance
October 25 2017 - 2:55AM
Dow Jones News
By Adria Calatayud
Fresnillo PLC (FRES.LN) reported Wednesday a 24% rise in silver
production and a 6% increase in gold output for the third quarter
of 2017, as it backed its full-year guidance.
The Mexican precious-metals miner, the world's largest primary
silver producer, said its silver output stood at 14.6 million
ounces in the quarter ended Sept. 30, up from 11.8 million ounces a
year earlier. The company attributed the rise to the start of
operations on the second phase of its San Julian silver-gold mine
in Mexico.
Fresnillo also said third-quarter gold production--the main
source of revenue for the company in the first half of this
year--was 233,000 ounces, compared with 220,000 ounces in the
year-earlier period. The miner said a reduction in gold inventories
and increased volume of ore deposited at its Herradura mine in
Mexico was the cause of the increase.
The FTSE 100-listed company has produced 42.7 million ounces of
silver and 679,000 ounces of gold during the first nine months of
the year, up 15% and 2% respectively compared with the same period
a year earlier.
Fresnillo maintained its full-year production guidance for gold,
at between 870,000 and 900,000 ounces, and for silver at between 58
million and 61 million ounces.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
October 25, 2017 02:40 ET (06:40 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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