REG - Fresnillo Plc - 3rd Quarter Results
26/10/2022 07:17
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RNS Number : 1140E Fresnillo PLC 26 October 2022
Fresnillo
plc
21 Upper Brook Street
London W1K 7PY
United Kingdom
www.fresnilloplc.com (http://www.fresnilloplc.com)
26 October 2022
THIRD QUARTER PRODUCTION REPORT
FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2022
Octavio Alvídrez, Chief Executive Officer, said:
"We have delivered a solid quarter of production, with continued improvement
in volumes at both Fresnillo and Saucito particular positives, albeit this was
partially offset with the lower ore throughput and expected grade variability
at San Julián Disseminated Ore Body. Recruitment and training campaigns are
on-going in what remains a very tight labour market in Mexico, which,
alongside industry wide supply bottlenecks, is making for a challenging
operating environment. Nonetheless, we are confident in the overall
performance of the business and our full year production guidance remains
unchanged.
"I am pleased to confirm the additional testing required by the state energy
regulator ahead of final tie-in to the grid at Juanicipio is on track. We
expect to complete that process and achieve tie-in by the end of October with
commissioning and ramp up thereafter. At full operating capacity our new mine
will produce nearly 12 million ounces of silver a year, making a considerable
contribution to our overall silver production.
"Our focus in the final quarter is to achieve our 2022 targets, continue to
drive volumes in the Fresnillo District, and deliver a rapid ramp up of our
new Juanicipio mine, while always prioritising the safety and wellbeing of our
people."
TOTAL PRODUCTION
HIGHLIGHTS
Silver
• Quarterly attributable silver production of 13.6 moz (including
Silverstream), decreased 5.4% vs. 2Q22 mainly driven by the expected lower ore
grade and decreased volume of ore processed at San Julián Disseminated Ore
Body (DOB).
• Quarterly attributable silver production (including Silverstream)
increased 7.4% vs. 3Q21 due to the higher contribution from Juanicipio, higher
ore processed and ore grade at Fresnillo and higher ore grade at Saucito. This
was partly offset by the expected lower ore grade and decreased volume of ore
processed at San Julián DOB.
• Year to date attributable silver production of 41.2 moz (including
Silverstream) increased 2.6% vs YTD 21 mainly driven by the increased
contribution of ore from Juanicipio, partially offset by the lower ore grade
at San Julián DOB.
Gold
• Quarterly attributable gold production of 159.2 koz remained flat vs.
2Q22, as a result of the expected lower ore grade and decrease in ore
processed at Noche Buena and lower ore grade at Fresnillo, offset by a higher
ore grade and increased ore processed at Saucito and Herradura.
• Quarterly attributable gold production decreased 7.7% vs. 3Q21mainly
due to a lower recovery rate as higher volumes of sulphide ore are processed
and lower ore grade at Herradura, and a decrease in volume of ore processed
and lower ore grade at Noche Buena and Ciénega. These factors were partly
mitigated by the higher ore grade at Saucito.
• Year to date attributable gold production of 468.0 koz, down 22.1%
vs. YTD 21 primarily due to a decrease in the recovery rate, lower ore grade
and decreased ore processed at Herradura, and a lower volume of ore processed
and ore grade at Saucito and Ciénega.
By-Products
• Quarterly attributable by-product lead and zinc production decreased
7.7% and 4.7% vs. 2Q22 respectively, mainly driven by a decreased ore
processed, lower ore grade and recovery rate at San Julián DOB and lower ore
grade at Saucito.
• Quarterly attributable by-product lead and zinc production
increased 3.1% and 11.5% vs. 3Q21 respectively, mainly due to a higher volume
of ore processed at Fresnillo and the increased contribution at Juanicipio,
partly offset by decreased volumes of ore processed and lower ore grades at
San Julián DOB and lower ore grades at Saucito.
• Year to date attributable by-product lead production decreased
10.2% vs. YTD 21 primarily due to a decreased volume of ore processed and
lower ore grade at Saucito and a lower ore grade at San Julián DOB, partially
mitigated by the contribution from Juanicipio.
3Q22 2Q22 % Change 3Q21 % Change YTD 22 YTD 21 % Change
Silver (koz) 12,787 13,664 (6.4) 11,800 8.4 38,980 37,730 3.3
Silverstream (koz) 799 692 15.5 851 (6.1) 2,238 2,451 (8.7)
Total Silver (koz) 13,586 14,356 (5.4) 12,651 7.4 41,218 40,181 2.6
Gold (oz) 159,205 158,960 0.2 172,534 (7.7) 467,957 600,890 (22.1)
Lead (t) 13,415 14,535 (7.7) 13,010 3.1 40,194 44,736 (10.2)
Zinc (t) 25,560 26,808 (4.7) 22,930 11.5 76,093 76,498 (0.5)
DEVELOPMENT PROJECTS
As reported in September, all construction activities related to final tie-in
to the electrical grid at Juanicipio and Pyrites Plant at Fresnillo were
completed. However, the state-owned electricity regulator, CFE (Comisión
Federal de Electricidad), requested additional testing to verify compatibility
between new and updated substation equipment installed by Juanicipio and
existing older CFE infrastructure before the final tie-in to the electrical
grid.
The additional testing is on track, and we expect to complete this process and
achieve tie-in by the end of October, with commissioning and ramp up
thereafter. We now expect to reach c.60% capacity by the end of the year,
lower than our earlier guidance, given this unexpected delay to final tie-in.
However, our 2023 expectations for Juanicipio are unchanged.
As we have been prioritising the process at Juanicipio, the timetable for the
tie in of the Pyrites plant to the national electricity grid has been extended
by a few weeks. We will update the market in due course on achieving this
milestone.
SAFETY PERFORMANCE
We continue to roll out our 'I Care, We Care' programme across the business
and to focus on reporting, investigating and learning from our high potential
incidents. Safety performance in the period was excellent, but we are
determined to continually improve our health and safety measures. We will
continue working toward identifying preventive and mitigating controls and
training our workforce to achieve this goal.
OPERATING ENVIRONMENT
As communicated in previous reports, the labour reform in Mexico which
restricts subcontracting of labour came into effect from September 2021. This
resulted in the requirement to internalise a proportion of our contractor
workforce. Contractor uptake varied across the Group, resulting in staff
vacancies and lower equipment availability at our underground mines.
Recruitment and training campaigns continue, albeit at a slightly slower pace
than initially anticipated as a result of the tight labour market in Mexico.
We expect to complete the staffing process in the Fresnillo District, San
Julián and Ciénega by year end, though we do not expect this to have any
material impact on our guidance.
2022 OUTLOOK
We remain on track to meet our 2022 full year guidance of 50.5 to 56.5 moz of
attributable silver (including Silverstream) and 600 to 650 koz of
attributable gold production.
For further information, please visit our website www.fresnilloplc.com
(http://www.fresnilloplc.com) or contact:
FRESNILLO PLC Tel: +44 (0)20 7399 2470
London Office
Gabriela Mayor, Head of Investor Relations
Mexico City Office Tel: +52 55 52 79 3206
Ana Belem Zárate
POWERSCOURT Tel: +44 (0)7793 858 211
Peter Ogden
MINING OPERATIONS
FRESNILLO MINE PRODUCTION
3Q22 2Q22 % Change 3Q21 % Change YTD 22 YTD 21 % Change
Ore Processed (t) 643,945 618,860 4.1 547,140 17.7 1,838,304 1,688,363 8.9
Production
Silver (koz) 3,394 3,595 (5.6) 2,722 24.7 10,004 9,331 7.2
Gold (oz) 7,970 9,668 (17.6) 7,983 (0.2) 26,118 25,095 4.1
Lead (t) 5,715 5,644 1.3 4,904 16.5 16,147 14,271 13.1
Zinc (t) 12,107 10,758 (12.5) 8,958 35.2 32,246 24,504 31.6
Ore Grades
Silver (g/t) 181 197 (8.1) 170 6.5 186 191 (2.6)
Gold (g/t) 0.54 0.69 (21.7) 0.62 (12.9) 0.62 0.67 (7.5)
Lead (%) 1.05 1.10 (4.5) 1.07 (1.9) 1.05 1.00 5.0
Zinc (%) 2.45 2.46 (0.4) 2.27 7.9 2.38 2.05 16.1
Quarterly silver production decreased 5.6% vs. 2Q22 mainly due to lower ore
grades and narrower veins in the East area of the mine.
Quarterly silver production increased 24.7% vs. 3Q21 driven by the increase in
volume of ore processed and higher ore grade in 3Q22 as operating restrictions
that affected ore throughput in 2021were addressed: i) a short circuit of a
main power line, which limited the water pumping capacity thereby affecting
access to some mining areas and haulage levels, and ii) the temporary
suspension of certain areas of the mine for safety review.
Year to date silver production increased 7.2% vs. YTD 21 due to higher volume
of ore processed driven by the factors mentioned above, partially offset by
the lower ore grade.
Mine development improved quarter on quarter averaging 3,030 m per month in
3Q22 (2Q22: 2,900m per month), with the YTD rate averaging c. 2,930 m per
month. We remain confident that we can continue making progress towards the
upper end of our 2,900 to 3,100 forecast range in the year.
Quarterly by-product gold production decreased 17.6% vs. 2Q22 driven by the
lower ore grade.
Year to date by-product gold production increased 4.1% vs. YTD 21 due to a
higher volume of ore processed partially offset by the lower ore grade.
The silver ore grade in 2022 is expected to be in the lower end of the range
of 190-210 g/t, while gold ore grade is expected to remain in the range of
0.55-0.70 g/t.
SAUCITO MINE PRODUCTION
3Q22 2Q22 % Change 3Q21 % Change YTD 22 YTD 21 % Change
Ore Processed (t) 556,199 512,739 8.5 565,425 (1.6) 1,564,357 1,876,348 (16.6)
Production
Silver (koz) 3,171 3,043 4.2 2,846 11.4 8,952 9,448 (5,2)
Gold (oz) 22,249 16,785 32.6 19,143 16.2 55,422 70,721 (21.6)
Lead (t) 4,513 5,180 (12.9) 4,853 (7.0) 13,958 20,344 (31.4)
Zinc (t) 6,882 8,367 (17.7) 7,226 (4.7) 22,547 30,797 (26.8)
Ore Grades
Silver (g/t) 199 205 (2.9) 178 11.8 199 182 9.3
Gold (g/t) 1.58 1.31 20.6 1.36 16.2 1.40 1.51 (7.3)
Lead (%) 0.96 1.19 (19.3) 1.01 (5.0) 1.04 1.27 (18.1)
Zinc (%) 1.64 2.12 (22.6) 1.69 (3.0) 1.85 2.22 (16.7)
Quarterly silver production increased 4.2% vs. 2Q22 mainly due to a higher
volume of ore processed as we continue to improve mine logistics and normalise
operations in areas previously impacted by the localised seismicity reported
in previous quarters.
Quarterly silver production increased 11.4% vs. 3Q21 mainly due to the higher
ore grade resulting from improvements to the short term mine planning process
and the regained access to certain areas of the mine with higher ore grades.
Year to date silver production decreased 5.2% vs. YTD 21 due to the lower
volume of ore processed mainly driven by the residual impact of the labour
reform, which delayed preparation of the mine due to the decreased equipment
availability and shortage of qualified personnel. However, the aforementioned
factors were partially mitigated by a higher ore grade resulting from improved
short term planning and access to higher grade zones.
We continue to expect some variability in the ore grade and volumes of ore
processed in 4Q22 driven by the need for additional development of the mine in
order to recapture operational flexibility following high levels of localised
seismicity and shortages of personnel reported last year.
Quarterly by-product gold production increased 32.6% vs. 2Q22 driven by the
higher ore grade and higher volume of ore processed.
Quarterly by-product gold production increased 16.2% vs. 3Q21 mainly due to
higher ore grade.
Year to date by-product gold production decreased 21.6% vs. YTD 21, due to a
lower volume of ore processed and a lower ore grade.
Full year 2022 silver ore grade is expected to remain between 175-195 g/t,
while the gold ore grade is estimated to
remain around 1.10-1.20 g/t.
PYRITES PLANT (PHASE I)
3Q22 2Q22 % Change 3Q21 % Change YTD 22 YTD 21 % Change
Pyrite Concentrates Processed (t) 37,142 33,326 11.5 37,376 (0.6) 102,832 127,659 (19.4)
Production
Silver (koz) 142 126 12.7 143 (0.7) 418 446 (6.3)
Gold (oz) 653 422 54.7 441 48.1 1,585 1,840 (13.9)
Ore Grades
Silver (g/t) 159 160 (0.6) 157 1.3 170 149 14.1
Gold (g/t) 1.71 1.21 41.3 1.35 26.7 1.51 1.53 (1.3)
Quarterly silver production increased 12.7% vs. 2Q22 due to a higher volume of
pyrites concentrates processed.
Quarterly gold production increased 54.7% vs. 2Q22 due to a higher ore grade
and increased volume of pyrites concentrates processed.
Quarterly gold production increased 48.1% vs. 3Q21 due to a higher ore grade.
Year to date silver and gold production decreased 6.3% and 13.9% vs. YTD 21
respectively, mainly due to a decrease in the volume of pyrite concentrates
processed from Saucito's flotation plant.
We anticipate silver production from the Pyrites plant at Saucito to be in the
range of 550 to 600 koz, reflecting the lower volumes processed (previously
700 to 750 koz), while gold production is estimated to remain in the range of
1.5 to 2.5 koz.
The tie in of the Pyrites plant to the national electricity grid has been
delayed a few weeks as we are prioritising the process at Juanicipio.
Nonetheless, we will continue working toward achieving this milestone and will
update the market in due course.
CIENEGA MINE PRODUCTION
3Q22 2Q22 % Change 3Q21 % Change YTD 22 YTD 21 % Change
Ore Processed (t) 294,210 280,526 4.9 320,277 (8.1) 857,304 980,399 (12.6)
Production
Gold (oz) 9,437 8,917 5.8 11,528 (18.1) 28,344 38,223 (25.8)
Silver (koz) 1,242 1,069 16.2 1,323 (6.1) 3,727 4,046 (7.9)
Lead (t) 904 758 19.3 985 (8.2) 2,588 3,175 (18.5)
Zinc (t) 1,419 1,245 14.0 1,491 (4.8) 4,015 5,133 (21.8)
Ore Grades
Gold (g/t) 1.09 1.08 0.9 1.21 (9.9) 1.12 1.30 (13.8)
Silver (g/t) 152 138 10.1 150 1.3 156 150 4.0
Lead (%) 0.48 0.43 11.6 0.51 (5.9) 0.47 0.53 (11.3)
Zinc (%) 0.87 0.79 10.1 0.85 2.4 0.84 0.94 (10.6)
Quarterly gold and silver production increased 5.8% and 16.2% vs. 2Q22,
respectively, mainly due to higher volumes of ore processed driven by the
efficiency of the maintenance programme and additional days worked in July
which were not considered in the production plan. The higher silver ore grade
also contributed to the increase in silver production.
Quarterly gold production decreased 18.1% vs. 3Q21, due to the lower volume of
ore processed driven by the residual impact of the labour reform in Mexico,
and lower gold ore grades.
Quarterly silver production decreased 6.1% vs. 3Q21 due to a lower volume of
ore processed as previously described, partially mitigated by a higher ore
grade.
Year to date gold production decreased 25.8% vs. YTD 21, due to the lower
volume of ore processed for reasons explained above and lower ore grade
year-on-year.
Year to date silver production decreased 7.9% vs. YTD21 due to a lower volume
of ore processed, partially mitigated by a higher ore grade.
The gold and silver ore grades for 2022 are expected to remain in the range of
1.20-1.40 g/t and 145-155 g/t respectively.
SAN JULIÁN MINE PRODUCTION
3Q22 2Q22 % Change 3Q21 % Change YTD 22 YTD 21 % Change
Ore Processed Veins (t) 297,216 289,821 2.6 302,987 (1.9) 881,182 894,135 (1.4)
Ore Processed DOB (t) 498,882 535,326 (6.8) 533,204 (6.4) 1,575,237 1,536,932 2.5
Total production at San Julián
Gold (oz) 11,387 11,748 (3.1) 13,612 (16.3) 34,820 42,959 (18.9)
Silver (koz) 3,171 4,328 (26.7) 4,156 (23.7) 11,139 12,805 (13.0)
Production Veins
Gold (oz) 10,625 10,865 (2.2) 12,550 (15.3) 32,335 39,698 (18.5)
Silver (koz) 1,115 1,175 (5.1) 1,033 7.9 3,350 3,025 10.7
Production DOB
Gold (oz) 762 883 (13.7) 1,062 (28.2) 2,485 3,261 (23.8)
Silver (koz) 2,056 3,152 (34.8) 3,123 (34.2) 7,789 9,780 (20.4)
Lead (t) 1,461 2,325 (37.2) 2,122 (31.1) 5,394 6,629 (18.6)
Zinc (t) 3,790 5,368 (29.4) 5,039 (24.8) 13,883 15,572 (10.8)
Ore Grades Veins
Gold (g/t) 1.17 1.22 (4.1) 1.36 (14.0) 1.20 1.46 (17.8)
Silver (g/t) 128 138 (7.2) 116 10.3 130 115 13.0
Ore Grades DOB
Gold (g/t) 0.08 0.09 (11.1) 0.11 (27.3) 0.08 0.11 (27.3)
Silver (g/t) 153 213 (28.2) 217 (29.5) 180 232 (22.4)
Lead (%) 0.39 0.51 (23.5) 0.50 (22.0) 0.43 0.53 (18.9)
Zinc (%) 1.01 1.29 (21.7) 1.24 (18.5) 1.14 1.33 (14.3)
SAN JULIÁN VEINS
Quarterly gold and silver production decreased 2.2% and 5.1% vs 2Q22
respectively, mainly due to lower ore grades, partly mitigated by a higher
volume of ore processed.
Quarterly and year to date gold production decreased 15.3% and 18.5% vs. 3Q21
and YTD 21 respectively, mainly due to lower ore grades driven by an
operational decision to adjust the mine plan to prioritise extraction from
wider veins of the mine with higher silver content but a lower gold ore grade.
Quarterly and year to date silver production increased 7.9% and 10.7% vs. 3Q21
and YTD 21 respectively, mainly due to higher ore grades, partially mitigated
by the lower volume of ore processed.
We continue to expect the 2022 silver ore grade to average 120-130 g/t,
however, gold ore grade is anticipated to be in the range of 1.20-1.30 g/t
(1.35-1.55 g/t previously), as a result of the strategy to prioritise veins
with higher silver content.
SAN JULIÁN DISSEMINATED ORE BODY (DOB)
Quarterly gold and silver production decreased 13.7% and 34.8% vs. 2Q22, due
to the expected lower ore grades, a decrease in ore processed driven by a
short stoppage to fix a failure in the bearing pads of the SAG mill at the
plant.
Similarly, quarterly and year to date gold and silver production decreased vs
3Q21 and YTD 21, primarily due to the expected lower ore grade following the
higher than anticipated ore grade in 2021 as a result of: i) the positive
variation with the geological model in the central area of the ore body; and
ii) access to higher ore grade areas following the mine resequencing in 2019,
as set out at the time.
We continue to expect the 2022 silver ore grade to be in the range of 150-170
g/t as we advance towards the lower grade areas in the periphery of the ore
body.
HERRADURA TOTAL MINE PRODUCTION
3Q22 2Q22 % Change 3Q21 % Change YTD 22 YTD 21 % Change
Ore Processed (t) 5,592,474 5,301,678 5.5 4,546,401 23.0 15,110,750 16,040,807 (5.8)
Total Volume Hauled (t) 28,590,141 31,548,611 (9.4) 33,068,512 (13.5) 92,923,523 99,723,666 (6.8)
Production
Gold (oz) 85,245 83,043 2.7 94,193 (9.5) 245,889 352,358 (30.2)
Silver (koz) 199 169 17.8 228 (12.7) 585 757 (22.7)
Ore Grades
Gold (g/t) 0.71 0.67 6.0 0.76 (6.6) 0.69 0.79 (12.7)
Silver (g/t) 1.71 1.49 14.8 2.24 (23.7) 1.78 2.09 (14.8)
Quarterly gold production increased 2.7% vs. 2Q22, mainly due to the higher
ore grades resulting from positive variations with the geological model, and
an increase in ore deposited on the leaching pads.
Quarterly gold production decreased 9.5% vs. 3Q21 due to expected lower ore
grades and recovery rates as higher volumes of sulphide ore are processed.
This was partially mitigated by an increase in ore deposited.
Year to date gold production decreased 30.2% vs. YTD 21 due to the expected
lower ore grade and volume of ore processed, and decreased recovery rates for
the reason explained above.
The gold ore grade in 2022 is expected to remain in the range of 0.65-0.75
g/t.
NOCHE BUENA TOTAL MINE PRODUCTION
3Q22 2Q22 % Change 3Q21 % Change YTD 22 YTD 21 % Change
Ore Processed (t) 1,811,987 2,594,599 (30.2) 2,389,895 (24.2) 6,196,064 6,069,819 2.1
Total Volume Hauled (t) 6,274,060 8,105,466 (22.6) 6,222,974 0.8 19,557,715 19,471,184 0.4
Production
Gold (oz) 19,235 25,234 (23.8) 25,015 (23.1) 66,338 68,244 (2.8)
Silver (koz) 3 6 (50.0) 8 (62.5) 17 21 (19.0)
Ore Grades
Gold (g/t) 0.44 0.53 (17.0) 0.59 (25.4) 0.53 0.55 (3.6)
Silver (g/t) 0.16 0.22 (27.3) 0.19 (15.8) 0.23 0.19 21.1
Quarterly gold production decreased 23.8% and 23.1% vs. 2Q22 and 3Q21
respectively, due to the expected decrease in volume of ore deposited as the
mine approaches the end of its life, aggravated by the presence of heavy rain
storms during several days in August, which complicated operations at the
bottom of the pit. The lower ore grade further impacted quarterly gold
production.
Year to date gold production decreased 2.8% vs. YTD 21 due to a lower ore
grade. This was partially mitigated by the higher volume of ore deposited.
The expected gold ore grade in 2022 is expected to remain in the range of
0.40-0.50 g/t.
JUANICIPIO
Mineralised material from Juanicipio continued to be processed through the
Fresnillo and Saucito flotation plant during the quarter. On an attributable
basis, 1,465.7 koz of silver and 3,029 oz of gold were produced in 3Q22.
As previously reported, the state-owned electricity regulator, CFE (Comisión
Federal de Electricidad), requested additional testing to verify compatibility
between new and updated substation equipment installed by Juanicipio and
existing older CFE infrastructure before the final tie-in to the electrical
grid.
The additional testing is on track, and we expect to complete this process and
achieve tie-in by the end of October, with commissioning and ramp up
thereafter. We now expect to reach c.60% capacity by the end of the year,
lower than our earlier guidance (85-90%), given this unexpected delay to final
tie-in. However, our 2023 expectations for Juanicipio are unchanged.
SILVERSTREAM
Quarterly Silverstream production increased 15.5% vs. 2Q22 mainly due to
increased volumes of ore processed and higher ore grade. However, quarterly
and year to date Silverstream production decreased 6.1% and 8.7% vs. 3Q21 and
YTD 21 respectively as a result of lower ore grade and a decrease in ore
processed.
Expected silver production in 2022 remains in the range of 2.5-3.5 moz.
ABOUT FRESNILLO PLC
Fresnillo plc is the world's largest primary silver producer and Mexico's
largest gold producer, listed on the London and Mexican Stock Exchanges under
the symbol FRES.
Fresnillo plc has seven operating mines, all of them in Mexico - Fresnillo,
Saucito, Ciénega (including Las Casas Rosario & Cluster Cebollitas),
Herradura, Soledad-Dipolos1, Noche Buena and San Julián (Veins and
Disseminated Ore Body), two development projects - the Pyrites Plant at
Fresnillo and Juanicipio, both of which have been completed and are awaiting
tie-ins of the plants to the national electricity grid; and three advanced
exploration projects - Orisyvo, Rodeo and Guanajuato, as well as a number of
other long term exploration prospects.
Fresnillo plc has mining concessions and exploration projects in Mexico, Peru
and Chile.
Fresnillo plc has a strong and long tradition of exploring, mining, a proven
track record of mine development, reserve replacement, and production costs in
the lowest quartile of the cost curve for silver.
Fresnillo plc's goal is to maintain the Group's position as the world's
largest primary silver company and Mexico's largest gold producer.
(1) Operations at Soledad-Dipolos are currently suspended.
FORWARD-LOOKING STATEMENTS
Information contained in this announcement may include 'forward-looking
statements'. All statements other than statements of historical facts included
herein, including, without limitation, those regarding the Fresnillo Group's
intentions, beliefs or current expectations concerning, amongst other things,
the Fresnillo Group's results of operations, financial position, liquidity,
prospects, growth, strategies and the silver and gold industries are
forward-looking statements. Such forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances.
Forward-looking statements are not guarantees of future performance and the
actual results of the Fresnillo Group's operations, financial position and
liquidity, and the development of the markets and the industry in which the
Fresnillo Group operates, may differ materially from those described in, or
suggested by, the forward-looking statements contained in this document. In
addition, even if the results of operations, financial position and liquidity,
and the development of the markets and the industry in which the Fresnillo
Group operates are consistent with the forward-looking statements contained in
this document, those results or developments may not be indicative of results
or developments in subsequent periods. A number of factors could cause results
and developments to differ materially from those expressed or implied by the
forward-looking statements including, without limitation, general economic and
business conditions, industry trends, competition, commodity prices, changes
in regulation, currency fluctuations (including the US dollar and Mexican Peso
exchanges rates), the Fresnillo Group's ability to recover its reserves or
develop new reserves, including its ability to convert its resources into
reserves and its mineral potential into resources or reserves, changes in its
business strategy and political and economic uncertainty.
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AnnouncementREG - Fresnillo Plc - Final Results for the year ended 31 December 2024
AnnouncementREG - Fresnillo Plc - Fourth quarter production report
Announcement