Fresnillo PLC (FRES.L), a Mexican precious metals miner, on Wednesday reported a rise in gold output for the nine-month period. However, the company registered a decline in silver production.
Octavio Alvídrez, CEO of Fresnillo, said: "Production performance is in line with our expectations, and we are on track to meet our full year guidance, with gold trending towards the upper end of the range. Silver production was lower as expected, mainly due to the cessation of mining activities at San Julián DOB, with gold production up year to date driven primarily by the continued strong performance at Herradura."
For the 9-month period to September 30, Fresnillo recorded gold production of 465,096 oz, higher than 427,631 oz in the same period last year. This is primarily due to higher selectivity, which led to the higher ore grade at Herradura mine.
Gold output at Herradura mine moved up to 284,820 oz from 230,716 oz in the previous year.
Total silver production was 36.563 moz, less than last year's 42.607 moz. This is mainly due to the cessation of mining activities at San Julian DOB, a decrease in volume of ore processed, a lower recovery rate at Cienega, and a lower ore grade at Juanicipio.
Looking ahead, for the full year, the miner still anticipates gold output of 550 koz to 590 koz with silver production of 47.5 moz to 54.5 moz.
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