Precious metals miner Fresnillo's 2017 profit rises on silver output
Precious metals miner Fresnillo on Tuesday posted a 3.2% rise in annual profit, helped mainly by a record silver production.
Silver production rose 16.6% to 58.7-million ounces in the year ended December 31, as the first phase of San Julian silver and gold mine in Mexico operated at full capacity for the first full year.
Gold production for the year fell 2.6% to 911 132 oz.
The company, which mines gold and silver in Mexico, said revenue climbed 9.9% to about $2-billion, helped also by higher zinc volumes and base metal prices.
Full-year profit before tax rose to $741.5-million from $718.2-million, with cost of sales increasing 14.1%.
Fresnillo said it expects 2018 silver production to rise to a range of 67-million to 70-million ounces, with San Julian's second phase making a "meaningful contribution" as it began operating at full capacity.
Gold production is expected to be in the range of 870 000 oz to 900 000 oz this year.
The company said it expects to spend about $755-million in 2018, higher than the $604.8-million it spent last year.
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