14th Oct 2015 06:10
LONDON (Alliance News) - Fresnillo PLC on Wednesday said gold and silver production both rose in the first nine months of 2015 after the Herradura site became operational, and it experienced higher grades and processing volumes, leading it to reiterate its full-year guidance.
The FTSE 100-listed miner, and second largest gold producer in Mexico, said gold production in the third quarter of 2015 rose 16% year-on-year to 182,000 ounces due to an increase in gold recovery at Herradura, increased ore deposited at Noche Buena and a higher volume processed at Saucito.
Gold production in the first nine months of 2015 totalled 546,000 ounces, up 29.2% year-on-year.
Silver production in the third quarter totalled 11.0 million ounces, a slight dip from a year earlier when it produced 11.2 million ounces.
Silver production in the first nine months of 2015 totalled 34.8 million ounces, up 6.6% year-on-year after the start-up of the Saucito II mine and higher ore grade at the Ciénega mine.
In the release of its first half results in August, Fresnillo upgraded its production guidance for the year for gold, up to 715,000 to 730,000 ounces from 670,685 ounces after the Herradura site became operational and reiterated its silver production guidance of 45.0 to 47.0 million ounces. On Wednesday, the company said it remains on track to hit those targets.
The world's largest silver producer said there was one fatality at one of its mines in the third quarter "due to a breach of safety protocol".
By Joshua Warner; [email protected]; @JoshAlliance
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