18th May 2015 07:45
LONDON (Alliance News) - Fresnillo PLC saw its shares rise early Monday, buoyed by a rise in the gold price and as the precious metal miner's Chairman reiterated that the company is firmly focused on value creation.
"I remain committed to our proven strategy in precious metals. Our priority, for 2015 and beyond, is firmly set on value creation. Thus, management must continue to focus on managing ore grades, optimising capacity and volume of ore processed, bringing on new projects, and extending the profitable growth pipeline, all while continuing to contain costs, enhance sustainability practices, and uphold our commitment to stakeholders," Alberto Baillères said in a statement that will be delivered to shareholders at the company's Annual General Meeting.
"Our financial flexibility, combined with management's ability to tailor mine plans, development expenditures and exploration parameters in accordance with external market conditions, ensures that we optimise performance in the current environment. At the same time, the quality of our asset base, our robust balance sheet and our commitment to sustainable growth offer a long-term value creation opportunity as we continue to invest through the cycles," he said.
Fresnillo shares were up 3.5% at 778.00 pence early Monday, one of the best-performing stocks in the FTSE 100. Other precious metal mining stocks were also higher, as the gold price rose 0.4% to 1,228.31, after hitting its highest level since February 17 at 1,232.41 earlier in the session.
By Steve McGrath; [email protected]; @stevemcgrath1
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