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Highlights
Fresnillo's third-quarter silver production reached 14.4 million ounces, marking a 2.4% increase year-on-year, while gold output rose significantly by 20.6%.
Full-year production guidance for silver remains between 55 million and 62 million ounces, with gold output expected to range from 580,000 to 630,000 ounces.
Total production for 2024 is forecasted at 101 million to 112 million silver equivalent ounces, maintaining alignment with the previous year’s output.
Fresnillo, (LSE:FRES) a leading Mexico-focused precious metals miner, has announced that its full-year production guidance remains unchanged following a robust performance in the third quarter of 2024. The company reported quarterly silver production of 14.4 million ounces, reflecting a slight decline of 1.5% compared to the second quarter but an increase of 2.4% over the same period last year. Year-to-date silver production is up 1.2% compared to 2023.
Gold production saw a significant rise of 20.6% in the third quarter, totaling 156,800 ounces, which is 18.2% higher than the previous year. However, year-to-date gold output has decreased by 6.6%, highlighting some fluctuations in production performance.
Fresnillo continues to anticipate full-year silver production in the range of 55 million to 62 million ounces. For gold, the company expects production to fall between 580,000 and 630,000 ounces. When expressed in terms of silver equivalent ounces, total production for 2024 is projected to be between 101 million and 112 million, which is consistent with the 105.1 million ounces mined in 2023.
Chief Executive Officer Octavio Alvídrez highlighted the strong performance of the Saucito and San Julián veins in contributing to silver production, effectively offsetting slight declines at the Fresnillo site. In gold production, a rapid recovery has been observed at the Herradura mine following disruptions caused by heavy rains earlier in the year, with gold output increasing by 40% quarter-on-quarter. Additionally, the Ciénega site has shown strong year-to-date performance in gold production, underscoring the effectiveness of the operational team.
Fresnillo remains committed to maintaining its production efficiency and optimizing operations across its mining sites.
