REG - Fresnillo Plc - Juanicipio project update

FresnilloAnnouncement

28/12/2022 07:00

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RNS Number : 9742K  Fresnillo PLC  28 December 2022

 

 

 Fresnillo plc

 21 Upper Brook Street

 London W1K 7PY

 United Kingdom

 www.fresnilloplc.com (http://www.fresnilloplc.com)

 

28 December 2022

 

Juanicipio Project update - testing complete, connected to the grid, full load
commissioning has started

 

Fresnillo plc ("Fresnillo") is pleased to confirm the final testing of the
downstream power distribution and control systems at the Juanicipio project is
now complete.

 

This concludes the additional testing requested by the state-owned power
company, CFE (Comisión Federal de Electricidad) to verify compatibility
between new and updated substation equipment installed by Fresnillo on behalf
of Fresnillo and MAG Silver (together, "the JV Partners") as part of the
Juanicipio Project ("the project") and existing older CFE infrastructure.

 

As such, the entire system has now been energised, and commissioning of the
project has formally begun. Ramp up will now be conducted at pace, with the
objective of reaching full nameplate capacity in the second quarter of 2023.
Once commissioning is concluded, ore will be processed at the Juanicipio plant
and could also continue to be processed at our nearby Saucito and Fresnillo
operations if required.

 

The Juanicipio mine is Fresnillo's next major growth project. From 2023
onwards, Juanicipio will be an increasingly major influence in its operations,
with total average annual silver and gold production of 11.7 moz and 43.5 koz
respectively over the life of mine.

 

Fresnillo again thanks the CFE and Centro Nacional de Control de Energía
(CENACE) for their cooperation, support and engagement throughout this
process.

 

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)20 7549 0997
 Peter Ogden

 

 

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; 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 quartiles 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.

 

Fresnillo plc 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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