TIDMFRES
RNS Number : 4533J
Fresnillo PLC
27 April 2022
Fresnillo plc
21 Upper Brook Street
London W1K 7PY
United Kingdom
www.fresnilloplc.com
27 April 2022
FIRST QUARTER PRODUCTION REPORT
FOR THE THREE MONTHSED 31 MARCH 2022
Octavio Alvídrez, Chief Executive Officer, said:
"We are reporting a solid first quarter's production, in line
with expectations. We have taken proactive steps to manage the
impact of the Mexico labour reforms, and though we continue to see
some covid-related absenteeism at our mine sites, this declined
during the quarter and we are currently seeing a limited covid
impact. Like other industry sectors, the labour market remains very
tight, and we have also seen some delays to equipment deliveries
given the global supply constraints. That said, we remain committed
to delivering on our targets for the year, completing the labour
reform process, ramping up new Juanicipio production rapidly once
connection to the electricity grid is enabled by mid-2022,
capitalising on the considerable opportunities presented by our
highly prospective exploration programme, while never losing focus
on our people, their well-being and their safety. Our full year
guidance is unchanged."
HIGHLIGHTS
Silver
Quarterly attributable silver production of 13.3 moz (including
Silverstream), up 2.8% vs. 4Q21 mainly driven by a higher
contribution of ore from Juanicipio and a higher volume of ore
processed and ore grade at Fresnillo, partly offset by the
anticipated lower volume of ore processed at Saucito.
Quarterly attributable silver production increased 5.1% vs. 1Q21
primarily due to a higher contribution of ore from Juanicipio,
offset by the anticipated lower volume of ore processed at
Saucito.
Gold
Quarterly attributable gold production of 149.8 koz, flat vs.
4Q21 mainly due to a lower volume of ore processed at Noche Buena
and to a lesser extent, a lower volume of ore processed at Saucito
and San Julian Veins, mitigated by a higher ore grade and recovery
rate at Herradura.
Quarterly attributable gold production decreased 34.4% vs. 1Q21
primarily due to an expected lower volume of ore processed and ore
grade at Herradura.
Silver Equivalent Basis[1]
Attributable silver equivalent ounces of 25.3 moz in 1Q22 (1Q21:
30.9 moz).
OPERATING ENVIRONMENT
As previously reported, the labour reform in Mexico which
restricts subcontracting of labour came into effect from 1st
September 2021 resulting in the requirement to internalise a high
proportion of our contractor workforce. The actions we announced to
address this short term challenge will continue, including
recruitment campaigns, training and investment in new equipment.
These initiatives are on-going and have been effective, and we
expect to complete the staffing process in the Fresnillo District,
San Julián and Ci é nega in the third quarter of this year, while
our open pit mines, which saw a lesser impact, are now fully
staffed. However, challenges remain: in common with other industry
sectors, the labour market remains very tight, with considerable
competition for talent. We are also experiencing some delays to new
equipment deliveries due to global supply bottlenecks.
COVID-19 UPDATE
As reported in 4Q21, a fourth wave of Covid-19 reached Mexico.
We began to see the impact of this increase in terms of staff
absenteeism due mainly to self-isolation at the end of last year
and this accelerated throughout January and into February.
Covid-related absenteeism has since dropped off in March. Though we
remain alert to any future waves and have the protocols in place to
manage this, we are currently seeing limited impact of the pandemic
on our operations.
By-Products
-- Quarterly attributable by-product lead production increased
3.4% vs. 4Q21 due to a higher contribution of development ore from
Juanicipio, partially offset by a lower ore grade at San Julián
DOB.
-- Quarterly attributable by-product zinc production increased
3.6% vs. 4Q21 due to a higher contribution of development ore from
Juanicipio and a higher ore grade and recovery rate at Saucito,
offset by a lower ore grade at Fresnillo.
-- Quarterly attributable by-product lead and zinc production
decreased 20.2% and 8.3% vs. 1Q21 respectively, driven primarily by
lower ore grades and decreased volumes of ore processed at
Saucito.
Attributable 1Q22 4Q21 % Change 1Q21 % Change
Silver (koz) 12,528 12,230 2.4 11,839 5.8
-------- -------- --------- -------- ---------
Silverstream (koz) 748 684 9.4 796 (6.0)
-------- -------- --------- -------- ---------
Total Silver (koz) 13,276 12,914 2.8 12,635 5.1
-------- -------- --------- -------- ---------
Gold (oz) 149,792 150,313 (0.3) 228,193 (34.4)
-------- -------- --------- -------- ---------
Lead (t) 12,244 11,837 3.4 15,340 (20.2)
-------- -------- --------- -------- ---------
Zinc (t) 23,726 22,899 3.6 25,881 (8.3)
-------- -------- --------- -------- ---------
DEVELOPMENT PROJECTS
The construction of the Juanicipio plant was delivered on
schedule during 4Q21. We remain focused on complying with the
requirements from the state-owned electricity company and the
energy regulator to complete the tie-in to the national power grid,
expected in mid-2022.
Once the required permits have been granted, we expect to ramp
up operations to 85%-90% capacity by the end of the year.
SAFETY PERFORMANCE
The safety and wellbeing of our people is our priority. Despite
the sustained improvement in total and lost time injury frequency
rates, we deeply regret to report a fatal incident in early 2022,
as disclosed in our Preliminary announcement. The tragic loss of
our colleague is unacceptable. We are firmly committed to
eliminating all injuries, and especially fatalities. To this end,
we have reviewed the progress of the High Potential Incident and
Critical Risk Control programme. The Company is sharing the lessons
learnt following every accident or high potential incident with our
employees and contractors across all our operations. Management and
the workforce are collaborating to identify, design, implement and
verify on-site the critical controls to prevent fatal and serious
injuries. We reviewed the approach and effectiveness of the "I
Care, We Care" programme in fostering leadership, accountability,
safety culture, risk-based management and engineering systems and
lessons learnt.
2022 OUTLOOK
2022 guidance remains unchanged. Attributable silver production
is expected to be in the range of 50.5 to 56.5 moz (including
Silverstream) while attributable gold production is expected to be
in the range of 600 to 650 koz.
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
1Q22 4Q21 % Change 1Q21 % Change
Ore Processed (t) 575,499 528,103 9.0 561,360 2.5
-------- -------- --------- -------- ------------------
Production
-------- -------- --------- -------- ------------------
Silver (koz) 3,015 2,655 13.5 3,260 (7.5)
-------- -------- --------- -------- ------------------
Gold (oz) 8,480 8,648 (1.9) 8,375 1.3
-------- -------- --------- -------- ------------------
Lead (t) 4,787 4,525 5.8 4,492 6.6
-------- -------- --------- -------- ------------------
Zinc (t) 9,381 10,025 (6.4) 7,143 31.3
-------- -------- --------- -------- ------------------
Ore Grades
-------- -------- --------- -------- ------------------
Silver (g/t) 179 170 5.6 203 (11.6)
-------- -------- --------- -------- ------------------
Gold (g/t) 0.64 0.71 (9.5) 0.69 (6.3)
-------- -------- --------- -------- ------------------
Lead (%) 0.99 1.03 (3.6) 0.95 4.4
-------- -------- --------- -------- ------------------
Zinc (%) 2.24 2.65 (15.5) 1.82 22.5
-------- -------- --------- -------- ------------------
Quarterly silver production increased 13.5% vs. 4Q21 due to a
higher volume of ore processed as a result of regaining access to
some mining areas following the commissioning of the pumping
station during the quarter. We also saw the positive impact of
improved labour resource allocation and the expected higher ore
grade.
Quarterly silver production decreased 7.5% vs 1Q21 primarily due
to a lower ore grade resulting from the impact of the labour reform
in Mexico and operational challenges, as set out in prior quarters
, restricted operational flexibility .
Mine development rates remained flat quarter-on-quarter at an
average of 2,866m per month in 1Q22 (4Q21: 2,832m per month),
primarily due to the covid-related absenteeism experienced in
January. February and March saw development rates above 2,900m
which gives us confidence that we can regain a rate of 2,900 to
3,100 m per month on average during 1H22, as previously
targeted.
Following a field trial in a production zone, the tunnel boring
machine (TBM) is being relocated back to a development area which
has more advantageous geomechanical characteristics than those
found in production areas. This relocation will occur over the
course of the following quarter, and therefore we do not expect to
see any contribution from the TBM towards the mine's development
rate until the second half of the year.
Actions to address the impact of the labour reforms (in
particular recruitment campaigns and training) are ongoing and we
expect to complete that process in the third quarter.
Quarterly by-product gold production decreased 1.9% vs. 4Q21
driven by a lower ore grade, mitigated by a higher volume of ore
processed.
Quarterly by-product gold production increased 1.3% vs. 1Q21 due
to a higher recovery rate, offset by a lower ore grade.
The silver ore grade in 2022 is expected to remain in the range
of 190-210 g/t, while the gold ore grade is expected to remain in
the range of 0.55-0.70 g/t.
SAUCITO MINE PRODUCTION
1Q22 4Q21 % Change 1Q21 % Change
Ore Processed (t) 495,419 558,101 (11.2) 650,884 (23.9)
-------- -------- ------------------ -------- ------------------
Production
-------- -------- ------------------ -------- ------------------
Silver (koz) 2,738 2,990 (8.4) 3,148 (13.0)
-------- -------- ------------------ -------- ------------------
Gold (oz) 16,388 17,719 (7.5) 26,819 (38.9)
-------- -------- ------------------ -------- ------------------
Lead (t) 4,264 4,272 (0.2) 7,841 (45.6)
-------- -------- ------------------ -------- ------------------
Zinc (t) 7,299 6,672 9.4 11,848 (38.4)
-------- -------- ------------------ -------- ------------------
Ore Grades
-------- -------- ------------------ -------- ------------------
Silver (g/t) 193 186 3.5 177 8.8
-------- -------- ------------------ -------- ------------------
Gold (g/t) 1.29 1.26 2.0 1.65 (22.1)
-------- -------- ------------------ -------- ------------------
Lead (%) 0.98 0.90 9.5 1.40 (29.9)
-------- -------- ------------------ -------- ------------------
Zinc (%) 1.81 1.60 13.2 2.48 (26.9)
-------- -------- ------------------ -------- ------------------
Quarterly silver production decreased 8.4% vs. 4Q21 as a result
of a lower volume of ore processed due to the aforementioned impact
of the labour reforms and Covid-related absenteeism. As explained
in the prior quarter, we expect some variability in the ore grade
and reduced volumes of ore to be processed in 2022 driven by the
need for additional development of the mine in order to recapture
operational flexibility following high levels of localised
seismicity.
Quarterly silver production decreased 13.0% vs. 1Q21 for reasons
described above, mitigated by a higher ore grade and recovery
rate.
We have continued our recruitment and training campaigns at the
mine with the target of gradually reducing the shortage of
personnel and returning the mine to its potential capacity, once
fully staffed. Through these actions, expected to take effect
during the first three quarters of the year, we are targeting a
return to an average development rate of more than 3,000 metres a
month during 2022. However, as set out above, challenges remain.
The labour market remains tight and we are also experiencing some
delays to new equipment deliveries due to global supply
bottlenecks.
Quarterly by-product gold production decreased 7.5% vs. 4Q21
mainly driven by a lower volume of ore processed.
Quarterly by-product gold production decreased 38.9% vs. 1Q21
due to a lower volume of ore processed and ore grade.
Full year 2022 silver ore grade is estimated to remain between
175-195 g/t, while the gold ore grade is estimated to continue to
be around 1.10-1.20 g/t.
PYRITES PLANT (PHASE I)
1Q22 4Q21 % Change 1Q21 % Change
Iron Concentrates Processed
(t) 32,364 31,976 1.3 41,760 (22.5)
------- ------- ------------------ ------- ------------------
Production
------- ------- ------------------ ------- ------------------
Silver (koz) 150 121 24.6 137 9.9
------- ------- ------------------ ------- ------------------
Gold (oz) 510 455 12.2 678 (24.7)
------- ------- ------------------ ------- ------------------
Ore Grades
------- ------- ------------------ ------- ------------------
Silver (g/t) 193 158 21.8 143 35.4
------- ------- ------------------ ------- ------------------
Gold (g/t) 1.59 1.39 14.1 1.64 (3.0)
------- ------- ------------------ ------- ------------------
Quarterly silver and gold production increased 24.6% and 12.2%
vs. 4Q21 respectively due to higher ore grades from the Saucito
flotation plant.
Quarterly silver production increased 9.9% vs. 1Q21 due to a
higher ore grade from Saucito's flotation plant, and to a lesser
extent, higher recovery rate, partially offset by a lower volume of
pyrite concentrates processed from the Saucito flotation plant.
Quarterly gold production decreased 24.7% vs. 1Q21 due to a
lower volume of pyrite concentrates processed.
In 2022, we continue to estimate silver production from the
Pyrites plant at Saucito to be in the range of 700 to 750 koz while
gold production is estimated to remain in the range of 1.5 to 2.5
koz.
As noted in previous reports, the Pyrites plant (phase II) was
completed in 4Q20 but as with Juanicipio, we are focusing on
complying with the new requirements from the state-owned electrical
company and the energy regulator to complete the tie-in to the
national power grid. We continue to expect this by mid-2022.
CIENEGA MINE PRODUCTION
1Q22 4Q21 % Change 1Q21 % Change
Ore Processed (t) 282,568 301,968 (6.4) 326,163 (13.4)
-------- -------- ------------------ -------- ------------------
Production
-------- -------- ------------------ -------- ------------------
Gold (oz) 9,990 10,596 (5.7) 14,289 (30.1)
-------- -------- ------------------ -------- ------------------
Silver (koz) 1,416 1,401 1.1 1,299 9.0
-------- -------- ------------------ -------- ------------------
Lead (t) 926 772 20.0 1,227 (24.5)
-------- -------- ------------------ -------- ------------------
Zinc (t) 1,351 1,240 9.0 1,973 (31.5)
-------- -------- ------------------ -------- ------------------
Ore Grades
-------- -------- ------------------ -------- ------------------
Gold (g/t) 1.20 1.18 1.8 1.45 (17.5)
-------- -------- ------------------ -------- ------------------
Silver (g/t) 179 166 8.1 145 23.2
-------- -------- ------------------ -------- ------------------
Lead (%) 0.50 0.43 16.1 0.59 (15.1)
-------- -------- ------------------ -------- ------------------
Zinc (%) 0.85 0.75 13.4 1.07 (20.3)
-------- -------- ------------------ -------- ------------------
Quarterly gold production decreased 5.7% vs. 4Q21 due to a lower
volume of ore processed given the continued impact of the labour
reform in Mexico and covid-related absenteeism.
Quarterly silver production increased 1.1% and 9.0% vs. 4Q21 and
1Q21 respectively due to a higher ore grade, partially offset by a
lower volume of ore processed for the reasons explained above .
Quarterly gold production decreased 30.1% vs. 1Q21 due to the
lower ore grades year-on-year, in line with the mine sequence and
lower volumes of ore processed for the reasons explained above.
The gold and silver ore grades for 2022 are estimated to remain
in the ranges of 1.20-1.40 g/t and 145-155 g/t respectively.
SAN JULIÁN MINE PRODUCTION
1Q22 4Q21 % Change 1Q21 % Change
Ore Processed Veins (t) 294,144 308,691 (4.7) 288,673 1.9
-------- -------- -------------------- -------- ------------------
Ore Processed DOB (t) 541,030 533,631 1.4 448,674 20.6
-------- -------- -------------------- -------- ------------------
Total production at San
Julián
-------- -------- -------------------- -------- ------------------
Gold (oz) 11,684 12,887 (9.3) 13,802 (15.3)
-------- -------- -------------------- -------- ------------------
Silver (koz) 3,640 3,967 (8.2) 3,430 6.1
-------- -------- -------------------- -------- ------------------
Production Veins
-------- -------- -------------------- -------- ------------------
Gold (oz) 10,844 12,142 (10.7) 12,828 (15.5)
-------- -------- -------------------- -------- ------------------
Silver (koz) 1,060 1,200 (11.7) 966 9.8
-------- -------- -------------------- -------- ------------------
Production DOB
-------- -------- -------------------- -------- ------------------
Gold (oz) 840 745 12.8 974 (13.7)
-------- -------- -------------------- -------- ------------------
Silver (koz) 2,580 2,768 (6.8) 2,465 4.7
-------- -------- -------------------- -------- ------------------
Lead (t) 1,608 1,914 (16.0) 1,694 (5.1)
-------- -------- -------------------- -------- ------------------
Zinc (t) 4,725 4,419 6.9 4,783 (1.2)
-------- -------- -------------------- -------- ------------------
Ore Grades Veins
-------- -------- -------------------- -------- ------------------
Gold (g/t) 1.21 1.29 (5.6) 1.47 (17.5)
-------- -------- -------------------- -------- ------------------
Silver (g/t) 123 131 (5.6) 115 7.6
-------- -------- -------------------- -------- ------------------
Ore Grades DOB
-------- -------- -------------------- -------- ------------------
Gold (g/t) 0.08 0.08 0.0 0.12 (33.7)
-------- -------- -------------------- -------- ------------------
Silver (g/t) 173 187 (7.6) 197 (12.6)
-------- -------- -------------------- -------- ------------------
Lead (%) 0.39 0.45 (15.2) 0.47 (18.0)
-------- -------- -------------------- -------- ------------------
Zinc (%) 1.11 1.10 0.4 1.38 (19.9)
-------- -------- -------------------- -------- ------------------
SAN JULIÁN VEINS
Quarterly gold and silver production decreased 10.7% and 11.7%
vs. 4Q21 respectively due to a lower than expected ore grade
following in-situ reconciliation with the geological model and a
lower volume of ore processed driven by thinner veins.
Quarterly gold production decreased 15.5% vs. 1Q21 due to a
lower ore grade as a result of depletion of the mine.
Quarterly silver production increased 9.8% vs. 1Q21 due to a
higher ore grade, in line with the mining sequence.
We continue to expect the 2022 silver and gold ore grades to
average 120-130 g/t and 1.35-1.55 g/t, respectively.
SAN JULIÁN DISSEMINATED ORE BODY (DOB)
Quarterly silver production decreased 6.8% vs. 4Q21 due to an
expected lower ore grade as the mining sequence advanced towards
the periphery of the ore body.
Quarterly silver production increased 4.7% vs. 1Q21 due to a
higher volume of ore processed driven by the damage to the lead
circuit housing in 1Q21 as previously reported adversely impacting
the volumes of ore that could be processed at the time, partially
offset by an expected lower ore grade.
We continue to expect the 2022 silver ore grade to be in the
range of 150-170 g/t as we continue to advance towards the lower
grade areas in the periphery of the ore body.
HERRADURA TOTAL MINE PRODUCTION
1Q22 4Q21 % Change 1Q21 % Change
Ore Processed (t) 4,216,598 4,271,069 (1.3) 6,011,862 (29.9)
----------- ----------- ------------------ ----------- ---------
Total Volume Hauled
(t) 32,784,771 33,115,154 (1.0) 33,501,176 (2.1)
----------- ----------- ------------------ ----------- ---------
Production
----------- ----------- ------------------ ----------- ---------
Gold (oz) 77,602 69,177 12.2 149,175 (48.0)
----------- ----------- ------------------ ----------- ---------
Silver (koz) 218 168 29.2 303 (28.1)
----------- ----------- ------------------ ----------- ---------
Ore Grades
----------- ----------- ------------------ ----------- ---------
Gold (g/t) 0.69 0.65 5.8 0.92 (25.6)
----------- ----------- ------------------ ----------- ---------
Silver (g/t) 2.25 1.91 17.5 2.30 (2.0)
----------- ----------- ------------------ ----------- ---------
Quarterly gold production increased 12.2% vs. 4Q21 mainly due to
an increased rate of solution flow following the short term
disruption caused in the prior quarter due to the increased silt in
solution restricting filtering capacity.
Quarterly gold production decreased 48.0% vs. 1Q21 due to a
lower volume of ore processed in line with the mine plan as a
result of larger haulage cycles and a lower ore grade in line with
expectations.
The gold ore grade in 2022 is estimated to remain in the range
of 0.65-0.75 g/t.
NOCHE BUENA TOTAL MINE PRODUCTION
1Q22 4Q21 % Change 1Q21 % Change
Ore Processed (t) 1,789,478 2,903,023 (38.4) 1,173,414 52.5
---------- ---------- --------------- ---------- -----------------
Total Volume Hauled
(t) 5,178,188 6,482,783 (20.1) 6,663,112 (22.2)
---------- ---------- --------------- ---------- -----------------
Production
---------- ---------- --------------- ---------- -----------------
Gold (oz) 21,869 28,591 (23.5) 14,665 49.1
---------- ---------- --------------- ---------- -----------------
Silver (koz) 8 11 (27.5) 5 71.7
---------- ---------- --------------- ---------- -----------------
Ore Grades
---------- ---------- --------------- ---------- -----------------
Gold (g/t) 0.62 0.70 (10.6) 0.48 29.2
---------- ---------- --------------- ---------- -----------------
Silver (g/t) 0.31 0.20 55.5 0.21 48.4
---------- ---------- --------------- ---------- -----------------
Quarterly gold production decreased 23.5% vs. 4Q21 due to an
expected lower volume of ore processed and ore grade. This was
mitigated through the recovery of inventories at the pads.
Quarterly gold production increased 49.1% vs. 1Q21 due to a
higher volume of ore deposited as a result of a lower stripping
ratio, decreasing the waste material moved, in addition to a higher
ore grade, partially offset by a lower recovery rate due to shorter
irrigation cycles as a result of the ore being deposited in smaller
areas as we approach the end of mine life.
The 2022 estimated gold ore grade remains in the range of
0.40-0.50 g/t, as the mine approaches the end of its operational
life.
JUANICIPIO
Development and stope ore from Juanicipio continued to be
processed in the Fresnillo and Saucito flotation plants. On an
attributable basis, Juanicipio produced 1,344 koz of silver and
3,269 oz of gold in 1Q22.
As previously disclosed, the construction of the Juanicipio
plant was delivered on schedule during 4Q21. We remain focused on
complying with the requirements from the state-owned electricity
company and the energy regulator to complete the tie-in to the
national power grid. We continue to expect this in mid-2022.
Once the required permits have been granted, we expect to ramp
up operations to 85%-90% capacity by the end of the year.
SILVERSTREAM
Quarterly Silverstream production increased 9.4% vs. 4Q21 due to
a higher ore grade.
Quarterly Silverstream production decreased 6.0% vs. 1Q21 due to
a lower volume of ore processed.
Silver production in 2022 is estimated to be in the range of
2.5-3.5 moz.
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 Las Casas Rosario &
Cluster Cebollitas), Herradura, Soledad-Dipolos(1) , Noche Buena
and San Julián (Veins and Disseminated Ore Body), two development
projects - the Pyrites Plant at Fresnillo and Juanicipio, both of
which have been completed but approvals to operate are pending, and
three advanced exploration projects - Orisyvo, Rodeo and
Guanajuato, 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
[1] Au:Ag ratio of 80:1
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