Fresnillo achieves FY guidance
Mexican precious metals miner Fresnillo has achieved its full-year guidance of 105.1-million silver-equivalent ounces, with the company overcoming “many operational challenges”, reports CEO Octavio Alvidrez.
“We successfully ramped up production at our new mine, Juanicipio, reaching full nameplate capacity,” he says.
The ramp-up of Juancipio and higher ore grade at San Julian Veins helped Fresnillo increase its full-year silver production by 4.7% to 56.3-million ounces.
Gold production dipped by 4% to 619 600 oz in the year, owing to a decrease in output at Noche Buena as it approached the end of its mine life, partially mitigated by the ramp-up at Juancipio and higher ore grade at Herradura.
Fresnillo is navigating the impact of inflation and the revaluation of the Mexican peso affecting costs across the business.
The 11.7% average revaluation of the peso versus the dollar from $20.1 peso per dollar in 2022 to $17.8 peso per dollar in 2023, is expected to have an adverse effect of about $125-million.
Cost inflation of 3.9% is expected to have a negative impact of $60-million.
Fresnillo, which will release its full-year results on March 5, is forecasting silver-equivalent production of 101-million to 112-million ounces in 2024.
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