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

Vladimir Basov

Kitco News

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(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
By Vladimir Basov

For Kitco News

Contact vbasov@kitco.com
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