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Fresnillo Q2 Silver, Gold Production Down; Cuts FY19 View - Quick Facts

Mining company Fresnillo plc (FRES.L) reported Wednesday that its second-quarter total silver production, including Silverstream, declined 6 percent to 14.4 million ounces from 15.34 million ounces last year.

The reduction was due to expected lower ore grade and volume of ore processed at Saucito, and lower ore grade at Fresnillo.

Excluding Silverstream, silver production dropped 5.7 percent to 13.64 million ounces. Sequentially, total silver production grew 9.7 percent.

Quarterly gold production was 221.3 thousand ounces, down 5.4 percent from last year, but up 4.8% sequentially.

Among by-products, lead production dropped 1.4 percent and zinc production declined 6.2 percent from last year.

Looking ahead, Octavio Alvídrez, Chief Executive Officer, said, "Production has continued to recover towards target levels since the first quarter as we begin to see the positive impact of operational measures and investments we have made into infrastructure, equipment and infill drilling, in particular at our Fresnillo and Saucito mines."

Meanwhile, the company reduced fiscal 2019 production view due to lower-than-expected ore grades and ore throughput at the Fresnillo mine, a delay in the construction of a leaching pad at Herradura and the lower ore throughput at the dynamic leaching plant.

For the year, the company now expects total silver production to be 55 to 58 million ounces, compared to previous outlook of 58 to 61 million ounces, mainly due to lower ore grades and ore throughput at the Fresnillo mine.

Gold production is now expected to be 880-910 thousand ounces, down from previous view of 910 to 930 thousand ounces.

Fresnillo will announce its 2019 Interim Results on July 30.

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