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Fresnillo Sees FY19 More Challenging Than FY18; Says Confident In Long-term View

Mining company Fresnillo plc (FRES.L), in its Annual General Meeting Statement on Tuesday, said that it expects 2019 to be a more challenging year than 2018.

Internal conditions in the long-term remain sound, and the company maintains confidence in Mexico. The company said it will keep investing in the projects under exploration.

Regarding 2018, the company said the year was more challenging for the firm. It recorded strong silver and gold production, but were disappointed not to meet long-term silver target of 65 Moz. Despite a more challenging operating performance, the company maintained a very strong financial position.

Further, the company said it remains very confident in the long-term outlook, based on its track record and proven consistent conservative strategy.

During the 10 years of being listed in the London Stock Exchange, the company said it recorded an 80% increase in silver production and a 230% increase in attributable gold production. The company has also paid over $2.8 billion in dividends.

The Board has recommended a final dividend of 16.7 US cents per Ordinary Share, bringing the total amount paid for the year to $201.9 million.

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