Fresnillo, a precious metals group based in Mexico and the world’s leading silver producer, has achieved 2023 financial year production guidance for gold, lead and zinc, although silver output was slightly below expectations.
Full 2023 attributable silver production increased 4.7% to 56.3 million ounces year-on-year as a result of the ramp-up at Juanicipio and higher ore grade at San Julián Veins, partly offset by the lower ore grade at San Julián (DOB) and Fresnillo. Full year attributable gold production was down 4% year-on-year and amounted to 610,600 ounces.
The company achieved its 2023 financial year production guidance of 105.1 million silver-equivalent ounces.
Fresnillo is navigating the impact of inflation and the revaluation of the Mexican peso affecting costs across the business.
“We will continue to identify cost reduction initiatives to address inflation, while we will also focus on efficiencies across all our mines,” said Fresnillo's CEO Octavio Alvidrez.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
