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(Kitco News) - Fresnillo (LSE: FRES), the world's largest silver producer and Mexico's largest gold producer, announced today that in Q2 2023, its attributable silver output was 14.9 million ounces (including Silverstream), up 3.4% from Q2 2022, mainly driven by Juanicipio.
In a press release, Fresnillo noted the ongoing ramp-up of its new Juanicipio mine, which is progressing as planned, adding that the company expects to reach full nameplate capacity in the next quarter.
Fresnillo’s Q2 2023 attributable gold production of 152.4 thousand ounces was down 4.1% from Q2 2022 primarily due to the decrease in gold production at Noche Buena, partly offset by the ramp-up of Juanicipio and increased ore processed at Saucito.
Quarterly attributable by-product lead production of 13,994 tonnes decreased 3.7% from Q2 2022 due to the lower ore grades at Saucito and Fresnillo, and lower ore grade and recovery rate at San Julián (DOB).
Quarterly attributable by-product zinc production of 25,670 tonnes decreased 4.2% from Q2 2022, driven by the lower ore grades at Saucito and San Julián (DOB).
The company added that its attributable silver equivalent production of 27.1 million ounces in Q2 2023 was flat compared to Q2 2022 (27.1 million ounces).
Importantly, the company said that its 2023 guidance remains unchanged. Attributable silver production is expected to be in the range of 57.0 to 64.0 million ounces (including Silverstream) while attributable gold production is expected to be in the range of 590 to 640 thousand ounces.
Expressed in silver equivalent ounces, the company’s 2023 production is expected to be 104 -115 million ounces.
Fresnillo also noted that cost inflation and the revaluation of the Mexican Peso versus the US Dollar are expected to continue to impact costs in the second half of the year following an increase in H1 2023.
Fresnillo is the world's largest primary silver producer and Mexico's largest gold producer. Fresnillo has eight operating mines, all of them in Mexico, one development project, and four advanced exploration projects, as well as a number of other long term exploration prospects. Fresnillo has mining concessions and exploration projects in Mexico, Peru and Chile.
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