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Fresnillo FY Attributable Gold Production Down 2.4%

Fresnillo plc (FRES.L), on Wednesday, reported full year attributable gold production of 751.2 koz, ahead of guidance, down 2.4% versus FY20, due to a lower ore grade at Ciénega, and a lower ore grade and volume of ore processed at San Julián Veins, partly mitigated by a higher volume of ore processed and ore grade at Noche Buena.

Quarterly attributable gold production was 150.3 koz, down 12.9% and 30.3% compared to 3Q21 and 4Q20 respectively, mainly due to the expected lower ore grade, decreased volume of ore processed and lower recovery rate at Herradura primarily driven by the increased silt restricting the filter capacity at the plant, as reported in the prior quarter.

Full year attributable silver production of 53.1 moz, including Silverstream, marginally below guidance, flat vs. FY20 with the higher ore grade at San Julián Disseminated Ore Body and, to a lesser extent, the contribution of development ore from Juanicipio, offset by a lower ore grade and volume of ore processed at Saucito and Fresnillo.

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