Make Kitco Your Homepage

Fresnillo Q1 production slumps, sticks to FY targets

Kitco News

April 11 (Reuters) - Precious metals miner Fresnillo reported a fall in first-quarter production on Thursday, calling it "slightly weaker than anticipated" but sticking to output targets for the year as spending on tackling operational issues paid off.


Silver output slipped 14.8 percent to 13.1 million ounces in the three months ended March 31, mainly due to lower grades of ore and lower ore throughput, Fresnillo said. Gold production dropped by 8.8 percent.


"We expect to realise the benefits from the investments we have made into infrastructure, equipment and an extensive infill drilling programme, which will all have a positive impact on production in the second half," Octavio Alvídrez, Fresnillo Chief Executive Officer, said.


The company, which mines gold and silver in Mexico, reported lower than expected full-year profit in February while warning of headwinds including lower precious metals prices for 2019.


(Reporting by Tanishaa Nadkar and Muvija M in Bengaluru; editing by Patrick Graham)

1810; Outside UK +91 80 6749 1691; Reuters Messaging: tanishaa.nadkar.thomsonreuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.