23rd Oct 2024 08:54
(Alliance News) - Fresnillo PLC on Wednesday said it remains on track to meet annual guidance following a rise in quarterly gold, silver, lead and zinc production.
Fresnillo is a Mexico-focused precious metals producer.
Fresnillo reported an 18% rise in attributable gold production to 156,759 ounces for the three months ended September 30, up from 132,627 a year before.
It attributed this to a strong performance from its Cienega mine, as well as a successful recovery following heavy rains at its Herradura mine, earlier in the year. Both mines are located in Mexico.
Attributable silver production, including silverstream, increased by 2.4% to 14.4 million ounces for the quarter, up from 14.1 million ounces a year prior, boosted by strong performances from Fresnillo's Saucito and San Julian Veins silver mines.
Quarterly lead production rose by 21% to 17,707 tonnes, from 14,575. Quarterly zinc production rose by 11% to 32,297 tonnes, from 29,073 tonnes.
Looking ahead, Fresnillo said its outlook remains in line with previous guidance.
Annual attributable gold production is still expected to be between 580,000 and 630,000 ounces.
Annual attributable silver production including Silverstream is still expected to be between 55.0 million and 62.0 million ounces.
Chief Executive Officer Octavio Alvidrez commented:"We have delivered another solid quarter, in line with the consistent operating performance we have achieved all year... This operational consistency gives us confidence as we enter the final quarter. As we look further ahead, our priorities are unchanged. Safety is our key focus while we continue to drive efficiencies and performance across our mine sites."
Shares in Fresnillo were up 0.4% at 771.98 pence each in London on Wednesday morning. The stock has jumped around 30% over the past month, on a robust gold price. The precious metal spiked to another record high above USD2,755 an ounce early Wednesday.
Gold has been boosted by safe haven amid the conflict in the Middle East, and has continued to power higher despite fading US interest rate cut expectations lifting the dollar. Gold typically has an inverse relationship with the buck.
By Lydia Doye, Alliance News reporter
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