TIDMFRES
RNS Number : 2369L
Fresnillo PLC
29 April 2020
Fresnillo plc
21 Upper Brook Street
London W1K 7PY
United Kingdom
www.fresnilloplc.com
29 April 2020
FIRST QUARTER PRODUCTION REPORT
FOR THE THREE MONTHSED 31 MARCH 2020
Octavio Alvídrez, Chief Executive Officer, said:
"The well-being of our workforce and the communities in which we
operate is our first priority and we will continue to do all we can
to ensure their safety. I would like to thank everyone at Fresnillo
for the calm way in which they have adapted to the new measures we
have put in place to combat COVID-19 and their professional conduct
during this difficult time. We continue to work with both the
Federal and local authorities to agree on best practice protocols
under which the mining industry can continue to operate. We will
continue to keep full year production guidance under constant
review.
"Operationally, quarterly silver production was in line with
expectations, down slightly against the previous quarter mainly due
to lower grades at San Julián DOB. Gold production was also in line
with expectations, down against the previous quarter due to lower
volumes of ore processed at Herradura. We expect production to be
back-end-weighted this year. Our development pipeline progressed as
expected with good advances in the construction of Juanicipio and
the new Pyrites Plant at Fresnillo."
COVID-19 Situation Overview
The safety of our employees and the local communities in which
we operate are the highest priority for Fresnillo. Since the
beginning of COVID-19, we have closely monitored the spread of the
outbreak and rapidly implemented a range of safety measures across
our business, in accordance with the guidelines of the World Health
Organization and local Mexican authorities.
In conjunction with the Mexican Mining Chamber, other mining
companies and union, Fresnillo has engaged in a series of
discussions with government officials at both the Federal and local
level to seek ways in which the mining industry can maintain
certain limited operations while prioritising the well-being of all
workers and local communities. Those discussions are on-going.
In light of the evolving environment, Fresnillo will keep full
year production guidance under constant review. Fresnillo is well
funded with sufficient cash balance to withstand any temporary
disruption.
TOTAL PRODUCTION
HIGHLIGHTS
Silver
-- Quarterly silver production of 13.2 moz (including
Silverstream), down 4.0% vs. 4Q19 driven by a lower ore grade at
San Julián Disseminated Ore Body (DOB) and a lower volume of ore
processed at Saucito.
-- Quarterly silver production (including Silverstream), flat
(+0.7%) vs. 1Q19 due to a higher ore grade at San Julián (DOB) and
a higher volume of ore processed at Fresnillo, offset by the
expected lower ore grade at Saucito.
Gold
-- Quarterly gold production of 197.0 koz down 15.7% vs. 4Q19 as
expected, due to a lower volume of ore processed and an increase in
stripping at Herradura, in accordance to the mine plan.
-- Quarterly gold production decreased 6.7% vs. 1Q19 due to
lower volumes of ore processed at both Herradura and Noche Buena,
and to a lesser extent, lower ore grade at Herradura and at San
Julián (veins).
By-Products
-- Quarterly by-product lead and zinc production decreased 7.3%
and 8.8% respectively vs. 4Q19 driven primarily by lower ore grades
and recovery rates at both Fresnillo and San Julián (DOB),
mitigated by higher ore grade and recovery rates at Saucito.
-- Quarterly by-product lead production increased 14.7% vs. 1Q19
mainly due to higher ore grades at both Fresnillo and Ciénega.
-- Quarterly by-product zinc production increased 4.2% vs. 1Q19
due to higher ore grades at both Fresnillo and Ciénega, offset by a
lower ore grade at San Julián (DOB).
1Q20 4Q19 % Change 1Q19 % Change
Silver (koz) 12,547 13,131 -4.4 12,372 1.4
------------------ ------------------ --------- --------------- ---------
Silverstream (koz) 681 643 5.8 766 -11.1
------------------ ------------------ --------- --------------- ---------
Total Silver (koz) 13,228 13,775 -4.0 13,138 0.7
------------------ ------------------ --------- --------------- ---------
Gold (oz) 196,963 233,744 -15.7 211,110 -6.7
------------------ ------------------ --------- --------------- ---------
Lead (t) 13,905 14,997 -7.3 12,125 14.7
------------------ ------------------ --------- --------------- ---------
Zinc (t) 22,655 24,832 -8.8 21,752 4.2
------------------ ------------------ --------- --------------- ---------
Development Projects
Further progress was achieved at the construction of the Pyrites
Plant (Phase II) and the optimisation of the beneficiation plan,
both at Fresnillo. Additionally, the Juanicipio project advanced as
expected during the quarter, with the first production stope to be
fully prepared by the end of 3Q20.
2020 Outlook
As stated above, given the evolving situation with regards to
COVID-19, Fresnillo continues to keep full year production guidance
under constant review. The timeline for the commissioning of the
development projects will also be monitored closely.
For further information, please visit our website
www.fresnilloplc.com or contact:
FRESNILLO PLC Tel: +44 (0)20 7399 2470
London Office
Gabriela Mayor, Head of Investor
Relations
Patrick Chambers
Mexico City Office Tel: +52 55 52 79 3206
Ana Belem Zárate
POWERSCOURT Tel: +44 (0)7793 858 211
Peter Ogden
MINING OPERATIONS
FRESNILLO MINE PRODUCTION
1Q20 4Q19 % Change 1Q19 % Change
Ore Processed (t) 598,790 618,940 -3.3 574,347 4.3
-------- -------- --------------- -------- ---------
Production
-------- -------- --------------- -------- ---------
Silver (koz) 3,145 3,192 - 1.5 2,952 6.5
-------- -------- --------------- -------- ---------
Gold (oz) 8,781 11,723 - 25.1 11,446 -23.3
-------- -------- --------------- -------- ---------
Lead (t) 4,617 5,665 -18.5 3,537 30.5
-------- -------- --------------- -------- ---------
Zinc (t) 6,758 9,348 -27.7 5,247 28.8
-------- -------- --------------- -------- ---------
Ore Grades
-------- -------- --------------- -------- ---------
Silver (g/t) 183 181 1.1 181 1.1
-------- -------- --------------- -------- ---------
Gold (g/t) 0.65 0.82 -20.7 0.82 -20.7
-------- -------- --------------- -------- ---------
Lead (%) 0.95 1.08 -12.0 0.72 -31.6
-------- -------- --------------- -------- ---------
Zinc (%) 1.69 2.10 -19.5 1.31 -28.7
-------- -------- --------------- -------- ---------
Quarterly silver production was down 1.5% vs. 4Q19 due to a
lower volume of ore processed resulting from staff absences over
the holiday period as mentioned in the FY production report. This
was mitigated by a slightly higher ore grade as measures we have
implemented to control dilution, began to take effect.
Quarterly silver production was up 6.5% vs. 1Q19 driven by a
higher volume of ore processed following the marginal gains that
are beginning to be seen as we continue to implement our mine
improvement plan.
Our action plan, as set out in the Capital Markets Day in
December 2019, continues to be implemented, focusing on controlling
dilution, in particular enhancing the blasting and drilling
techniques to cope with the narrower veins, in conjunction with the
use of more efficient and accurate topographic scanners. All the
long haul drilling stopes have now been scanned. Further,
intiatives to increase efficiency and reduce downtime advanced,
with the use of five semi-automatic drilling machines now
operating. The infill drilling programme to increase the certainty
of the geological model advanced according to plan.
Development rates increased vs. 4Q19, to just under 3,200m per
month in 1Q20 (4Q19: 2,900m per month), and up 10% vs. the same
period in 2019 (1Q19: 2,895m per month). As the tunnel boring
machine continues to ramp up, we remain confident of hitting our
expected development rates of between 3,400-3,800m per month by the
end of 2020.
Quarterly by-product gold production decreased 25.1% vs. 4Q19
driven by a lower ore grade, and to a lesser extent, lower volume
of ore processed. Against 1Q19, quarterly by-product gold
production decreased 23.3% due to a lower ore grade and recovery
rate, mitigated by a higher volume of ore processed.
The silver ore grade for 2020 continues to be in the range of
185-200 g/t, while the gold ore grade has been revised to around
0.7 g/t.
SAUCITO MINE PRODUCTION
1Q20 4Q19 % Change 1Q19 % Change
Ore Processed (t) 670,047 721,963 -7.2 665,650 0.7
----------------- -------- --------------- -------- ---------
Production
----------------- -------- --------------- -------- ---------
Silver (koz) 4,043 4,280 -5.5 4,332 -6.7
----------------- -------- --------------- -------- ---------
Gold (oz) 21,176 21,727 -2.5 18,729 13.1
----------------- -------- --------------- -------- ---------
Lead (t) 5,717 5,418 5.5 5,877 -2.7
----------------- -------- --------------- -------- ---------
Zinc (t) 8,902 7,658 16.2 9,110 -2.3
----------------- -------- --------------- -------- ---------
Ore Grades
----------------- -------- --------------- -------- ---------
Silver (g/t) 214 220 -2.7 243 -11.8
----------------- -------- --------------- -------- ---------
Gold (g/t) 1.27 1.26 0.8 1.13 11.9
----------------- -------- --------------- -------- ---------
Lead (%) 0.99 0.91 8.8 1.03 -3.9
----------------- -------- --------------- -------- ---------
Zinc (%) 1.86 1.65 12.7 1.94 -4.1
----------------- -------- --------------- -------- ---------
Quarterly silver production decreased 5.5% vs. 4Q19 as expected,
primarily driven by a lower volume of ore processed due to the
aforementioned staff absences over the holiday period and
additional maintenance at the beneficiation plant , mitigated by a
higher recovery rate.
In line with our expectations, quarterly silver production
decreased 6.7% vs. 1Q19 as a result of the gradual depletion of
higher ore grade areas at the Jarillas vein. This decline was
mitigated by a higher recovery rate.
The mine improvement plan we have set out continues to be
implemented. This includes initiatives to reduce dilution, improve
the mine's operational consistency while advancing the infill
drilling programme in order to increase the certainty of the
geological model.
Quarterly by-product gold production decreased 2.5% vs. 4Q19
driven by the lower volume of ore processed, mitigated by a higher
recovery rate. Against 1Q19, by-product gold production increased
13.1% as a result of a higher ore grade.
The silver ore grade for 2020 continues to be in the range of
200-220 g/t, while the gold ore grade is estimated to remain around
0.95 g/t.
PYRITES PLANT (PHASE I)
1Q20 4Q19 % Change 1Q19 % Change
Iron Concentrates Processed
(t) 41,453 41,935 -1.1 47,846 -13.4
------------------ ------- --------------- ------- ---------
Production
------------------ ------- --------------- ------- ---------
Silver (koz) 256 248 3.1 306 -16.2
------------------ ------- --------------- ------- ---------
Gold (oz) 871 775 12.4 1,100 -20.8
------------------ ------- --------------- ------- ---------
Ore Grades
------------------ ------- --------------- ------- ---------
Silver (g/t) 244 273 -10.6 268 -8.7
------------------ ------- --------------- ------- ---------
Gold (g/t) 2.11 2.22 -5.0 2.1 0.8
------------------ ------- --------------- ------- ---------
Quarterly silver and gold production increased 3.1% and 12.4%
respectively vs. 4Q19 driven by a higher recovery rate, offset by
lower ore grade from the flotation plant.
Quarterly silver and gold production decreased 16.2% and 20.8%
respectively vs. 1Q19 as expected due to a lower volume of iron
concentrates being processed as material from the pre-operative
high grade stockpile was depleted, following the plant's start-up
in mid-2018.
We continue to expect this plant to recover around 1 moz silver
and 3 koz gold from the on-going Saucito tailings during 2020.
CIENEGA MINE PRODUCTION
1Q20 4Q19 % Change 1Q19 % Change
Ore Processed (t) 326,350 343,534 -5.0 320,990 1.7
----------------- -------- --------------- -------- ---------
Production
----------------- -------- --------------- -------- ---------
Gold (oz) 16,426 17,969 -8.6 14,681 11.9
----------------- -------- --------------- -------- ---------
Silver (koz) 1,396 1,492 -6.4 1,463 -4.6
----------------- -------- --------------- -------- ---------
Lead (t) 1,747 1,678 4.1 981 78.1
----------------- -------- --------------- -------- ---------
Zinc (t) 2,585 2,390 8.2 1,712 51.0
----------------- -------- --------------- -------- ---------
Ore Grades
----------------- -------- --------------- -------- ---------
Gold (g/t) 1.69 1.75 -3.4 1.53 9.4
----------------- -------- --------------- -------- ---------
Silver (g/t) 154 158 -2.5 165 -6.6
----------------- -------- --------------- -------- ---------
Lead (%) 0.81 0.74 9.5 0.49 62.0
----------------- -------- --------------- -------- ---------
Zinc (%) 1.29 1.17 10.3 0.89 43.9
----------------- -------- --------------- -------- ---------
Quarterly gold and silver production decreased 8.6% and 6.4%
respectively vs. 4Q19, due to a lower volume of ore processed,
which resulted from the lower efficiency in the maintenance
programme, quarter on quarter, and to a lesser extent, lower ore
grades driven by the narrower veins.
Quarterly gold production increased 11.9% vs. 1Q19 due to the
higher ore grade, while quarterly silver production decreased 4.6%
vs. 1Q19. This resulted from the higher proportion of material
extracted from the Eastern zone of the district with higher gold
content but lower silver content.
The gold and silver ore grades for 2020 are expected to remain
at around 1.65-1.75 g/t and 155-165 g/t respectively.
SAN JULIÁN MINE PRODUCTION
1Q20 4Q19 % Change 1Q19 % Change
Ore Processed Veins (t) 309,177 281,552 9.8 322,883 -4.2
------------------ -------- ------------------ -------- ---------
Ore Processed DOB (t) 541,925 559,389 -3.1 545,341 -0.6
------------------ -------- ------------------ -------- ---------
Total production at San
Julián
------------------ -------- ------------------ -------- ---------
Gold (oz) 15,173 13,923 9.0 18,139 -16.4
------------------ -------- ------------------ -------- ---------
Silver (koz) 3,174 3,387 -6.3 2,953 7.5
------------------ -------- ------------------ -------- ---------
Production Veins
------------------ -------- ------------------ -------- ---------
Gold (oz) 14,584 13,196 10.5 17,632 -17.3
------------------ -------- ------------------ -------- ---------
Silver (koz) 1,074 952 12.9 1,084 -0.9
------------------ -------- ------------------ -------- ---------
Production DOB
------------------ -------- ------------------ -------- ---------
Gold (oz) 589 727 -19.0 508 15.9
------------------ -------- ------------------ -------- ---------
Silver (koz) 2,100 2,435 -13.8 1,868 12.4
------------------ -------- ------------------ -------- ---------
Lead (t) 1,824 2,235 -18.4 1,730 5.4
------------------ -------- ------------------ -------- ---------
Zinc (t) 4,410 5,436 -18.9 5,682 -22.4
------------------ -------- ------------------ -------- ---------
Ore Grades Veins
------------------ -------- ------------------ -------- ---------
Gold (g/t) 1.53 1.54 -0.6 1.78 -13.6
------------------ -------- ------------------ -------- ---------
Silver (g/t) 117.75 113.69 3.6 114.81 2.6
------------------ -------- ------------------ -------- ---------
Ore Grades DOB
------------------ -------- ------------------ -------- ---------
Gold (g/t) 0.08 0.08 0.0 0.08 3.9
------------------ -------- ------------------ -------- ---------
Silver (g/t) 140.00 153.64 -8.9 124.45 12.5
------------------ -------- ------------------ -------- ---------
Lead (%) 0.42 0.48 -12.5 0.43 -3.2
------------------ -------- ------------------ -------- ---------
Zinc (%) 1.13 1.28 -11.7 1.37 -17.4
------------------ -------- ------------------ -------- ---------
SAN JULIÁN VEINS
Quarterly silver and gold production increased 12.9% and 10.5%
respectively vs. 4Q19 due to the higher volume of ore processed
following the successful transition to a new contractor as
mentioned in prior quarters, which has enabled access to new areas.
To a lesser extent, a higher silver ore grade further contributed
to the increase of silver production.
Quarterly gold production decreased 17.3% vs. 1Q19 due to a
lower ore grade driven by the depletion of high ore grade areas at
San Julián and Shalom, and to a lesser extent, lower volume of ore
processed following the depletion of the stockpile.
We continue to expect the 2020 silver and gold ore grades to
remain flat year on year, averaging 110-120 g/t and 1.6-1.7 g/t,
respectively.
SAN JULIÁN DISSEMINATED ORE BODY (DOB)
As expected, quarterly silver production decreased 13.8% vs.
4Q19 as the ore grade returned to more normal levels following the
temporary higher ore grade, as described in the 4Q19 production
report. Also as previously noted, the mine sequencing was changed
in 2019 to maintain the geotechnical stability of some high ore
grade stopes and we expect to regain access to these higher quality
areas in 2H20.
Quarterly silver production increased 12.4% vs. 1Q19 driven by a
higher ore grade as the result of the mine re-sequencing.
The silver ore grade for 2020 is expected to remain within a
range of 140-150 g/t.
HERRADURA TOTAL MINE PRODUCTION
1Q20 4Q19 % Change 1Q19 % Change
Ore Processed (t) 4,847,178 6,172,932 -20.6 5,695,073 -14.9
------------------- ----------- --------------- ----------- ---------
Total Volume Hauled (t) 33,840,941 29,856,230 13.3 29,132,741 16.2
------------------- ----------- --------------- ----------- ---------
Production
------------------- ----------- --------------- ----------- ---------
Gold (oz) 110,493 143,417 -23.0 116,879 -5.5
------------------- ----------- --------------- ----------- ---------
Silver (koz) 524.3 517.6 1.3 354.0 48.1
------------------- ----------- --------------- ----------- ---------
Ore Grades
------------------- ----------- --------------- ----------- ---------
Gold (g/t) 0.76 0.78 - 2.7 0.81 -6.1
------------------- ----------- --------------- ----------- ---------
Silver (g/t) 4.19 3.80 10.2 2.90 44.3
------------------- ----------- --------------- ----------- ---------
Quarterly gold production decreased 23.0% vs. 4Q19 due to the
expected lower volume of ore processed and an increase in
stripping, in line with the mine plan.
Quarterly gold production decreased 5.5% vs. 1Q19 due to a lower
volume of ore processed for the same reason as described above and
a lower ore grade, mitigated by the improved overall speed of
recovery following the commissioning of the 13(th) leaching pad,
reducing the residence time of the solution on the pads.
The gold ore grade is expected to remain around 0.75-0.80 g/t
during 2020.
NOCHE BUENA TOTAL MINE PRODUCTION
1Q20 4Q19 % Change 1Q19 % Change
Ore Processed (t) 1,963,145 2,376,495 - 19.7 2,911,779 -32.6
------------------ ----------- --------- ----------- ---------
Total Volume Hauled (t) 10,104,777 10,244,063 -1.4 12,980,551 -22.2
------------------ ----------- --------- ----------- ---------
Production
------------------ ----------- --------- ----------- ---------
Gold (oz) 24,043 24,210 - 0.7 30,134 -20.2
------------------ ----------- --------- ----------- ---------
Silver (koz) 9.4 14.4 - 34.7 12.3 -23.6
------------------ ----------- --------- ----------- ---------
Ore Grades
------------------ ----------- --------- ----------- ---------
Gold (g/t) 0.54 0.55 - 2.7 0.50 7.7
------------------ ----------- --------- ----------- ---------
Silver (g/t) 0.27 0.31 - 12.4 0.22 25.1
------------------ ----------- --------- ----------- ---------
Quarterly gold production remained flat (-0.7%) vs. 4Q19 as a
result of a decrease in the volume of ore processed due to
temporary lower equipment availability from one contractor, and the
presence of water in the deeper areas of the pit which has limited
the access to mineralised areas. This was offset by a higher
overall speed of recovery driven by an increase in the irrigation
areas on the leaching pads.
Quarterly gold production decreased 20.2% vs. 1Q19 due to a
lower volume of ore processed for reasons explained above,
mitigated by a higher overall speed of recovery and ore grade.
The expected gold ore grade continues to be in the range of
0.55-0.60 g/t in 2020.
SILVERSTREAM
Quarterly Silverstream production increased 5.8% vs. 4Q19 driven
by a higher ore grade, partially offset by lower volume of ore
processed.
Quarterly Silverstream production decreased 11.1% vs. 1Q19 due
to the expected lower ore grade resulting from narrower veins, as
described in previous quarters, and to a lesser extent, lower
volume of ore processed.
Expected silver production in 2020 remains in the range of
2.7-3.0 moz.
SAFETY PERFORMANCE
We remain committed to our zero harm target while maintaining a
safe and healthy workplace for our workforce. We had a strong
safety performance in the first quarter, with no major
incidents.
UPDATE ON EXPLORATION
In 1Q20, 130,000 metres of drilling were completed at our
operating mines, focused on converting resources into reserves and
exploring for new resources close to existing mine infrastructure.
In addition, 38,000 metres were drilled at the Fresnillo, San
Julián and Guanajuato districts in Mexico, and two projects outside
Mexico (Peru and Chile). Interesting results were obtained in the
Fresnillo district that merit follow up; most of the other
projects/districts are pending receipt of assay results. Mapping,
sampling and geophysical surveys continue in the San Julián and
Ciénega districts to define additional targets. Some exploration
activities have been postponed due to COVID-19 related to travel
restrictions in the areas in which they are located.
DEVELOPMENT PROJECTS
PYRITES PLANT
Further progress was achieved at the construction of the
tailings flotation plant at the Fresnillo mine (phase II). The
installation of pipelines advanced and the process to adjust
mechanical performance at the thickeners continued.
This project is expected to improve overall recoveries of both
gold and silver by processing historical and current tailings from
the Fresnillo and Saucito mines and once commissioned (currently
expected in 2H20) and operating at nominal capacity, is expected to
contribute an additional annual production of c. 3.5 moz of silver
and c. 13 koz of gold.
JUANICIPIO
Further progress in Juanicipio has been made with construction
of the flotation plant and infrastructure advancing as expected.
Mine development continued and we expect the first production stope
to be fully prepared by the end of the 3Q20. Juanicipio is expected
to contribute a total average annual production of 11.7 moz silver
and 43.5 koz gold, with an initial life of mine of 12 years. As
already disclosed by the JV partner, surface exploration and
construction work has been temporarily stopped, and the underground
operation has been temporarily reduced to a minimum working level
under rigid hygienic protocols. There is no change however to the
overall development timetable.
OPTIMISATION OF THE BENEFICIATION PLANT AT FRESNILLO
Good progress was made in the optimisation of the beneficiation
plant and the project remains on track to be commissioned in the
second half of the year.
The main objective of this project is to increase processing
capabilities at the Fresnillo beneficiation plant to cope with the
higher lead and zinc grades currently being mined at the deeper
levels of the mine.
ABOUT FRESNILLO PLC
Fresnillo plc is the world's largest primary silver producer and
Mexico's largest gold producer, listed on the London and Mexican
Stock Exchanges under the symbol FRES.
Fresnillo plc has seven operating mines, all of them in Mexico -
Fresnillo, Saucito, Ciénega (including the San Ramón satellite
mine, Las Casas Rosario & Cluster Cebollitas), Herradura,
Soledad-Dipolos(1) , Noche Buena and San Julián (Veins and
Disseminated Ore Body), three development projects - the Pyrites
Plant at Fresnillo, the optimisation of the beneficiation plant
also at Fresnillo and Juanicipio, and six advanced exploration
projects - Orisyvo, Centauro great potential, Centauro Deep,
Guanajuato, Rodeo and Tajitos, as well as a number of other long
term exploration prospects.
Fresnillo plc has mining concessions and exploration projects in
Mexico, Peru and Chile.
Fresnillo plc has a strong and long tradition of exploring,
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 and Mexico's largest gold
producer.
(1) Operations at Soledad-Dipolos are currently suspended.
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.
LEI: 549300JXWH1UV5J0XV81
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