Make Kitco Your Homepage

Fresnillo increases silver production in 2022 as gold production down 15.3%

Kitco News

Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) - Fresnillo (LSE: FRES), the world's largest primary silver producer, announced today that in 2022, its attributable silver production of 53.7 moz (including Silverstream) was in line with guidance and slightly above  FY21 (53.1 moz) with production from Juanicipio and increased volumes of ore processed at Fresnillo, offset by the lower ore grade at San Julián (DOB).

The company said that its 2022 attributable gold production of 635.9 koz was in line with guidance and down 15.3% compared to 2021 (751.2 koz), primarily due to a lower recovery rate as higher volumes of sulphide ore are processed and lower ore grade at Herradura, and a decrease in the volume of ore processed and lower ore grades at Noche Buena, Saucito and Ciénega.

Full year 2022 attributable by-product lead production decreased 6.4% compared to 2021 due to a decrease in the volume of ore processed and lower ore grade at Saucito and decreased ore grade at San Julián (DOB), mitigated by increased ore throughput and higher ore grade at Fresnillo and increased contribution from Juanicipio. Zinc production was in line with 2021.

On a silver equivalent basis, the company produced 104.6 moz in 2022, which is a decrease of 7.6% over 2021 (113.2 moz).

In 2023, the company’s attributable silver production is expected to be in the range of 57.0 to 64.0 moz (including Silverstream), and attributable gold production is expected to be in the range of 590 to 640 koz. 

Fresnillo is the world's largest primary silver producer and Mexico's largest gold producer. Fresnillo has seven operating mines, all of them in Mexico - Fresnillo, Saucito, Ciénega, Herradura, Soledad-Dipolos, Noche Buena and San Julián, two development projects - the Pyrites Plant at Fresnillo and Juanicipio, and a number of exploration projects. Fresnillo has mining concessions and exploration projects in Mexico, Peru and Chile.


Russian mining giant Nornickel increases production of nickel, copper and PGMs in 2022

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.