22nd Jul 2015 06:32
LONDON (Alliance News) - Fresnillo PLC Wednesday said gold and silver production both significantly rose in the first half of 2015, leading to the company increasing its full year production guidance for its gold segment.
The FTSE 100-listed gold miner said silver production in the first half of the year totalled 23.8 million ounces, up 10.6% from the 21.5 million ounces produced a year earlier resulting from the start of operations at Saucito II mine offsetting lower production from the Fresnillo mine, both in Mexico.
The company said its full year production guidance for silver has not changed and will be between 45 million to 47 million ounces.
Gold production in the first half enjoyed an even larger rise, totalling 364,000 ounces of gold which is up 37% from the 265,670 ounces produced a year earlier.
That led to the company increasing its full year gold production guidance by 6.6%. Gold production is set to come in between 715,000 to 730,000 ounces in 2015, from the previous guidance of 670,000 to 685,000 ounces.
"The increase in silver production was primarily driven by the ramp up of Saucito II, completed significantly ahead of the three year timeframe initially anticipated, and the increase in gold production by Herradura and its dynamic leaching plant being fully operational," said Chief Executive Octavio Alvídrez
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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