TIDMFRES
RNS Number : 1951Z
Fresnillo PLC
13 September 2022
Fresnillo plc
21 Upper Brook Street
London W1K 7PY
United Kingdom
www.fresnilloplc.com
September 13, 2022
FRESNILLO PROVIDES JUANICIPIO COMMISSIONING UPDATE
Fresnillo plc is pleased to confirm that all construction
activities related to final tie-in to the electrical grid have been
completed and all systems are ready to be energised. Prior to
making the final tie-in to the electrical grid, as a precautionary
measure to ensure uninterrupted service to the surrounding area,
the state-owned electricity regulator, CFE (Comisión Federal de
Electricidad), has requested additional testing to verify
compatibility between new and updated substation equipment
installed by Juanicipio and existing older CFE infrastructure.
Specialised start-up protocols and operations controls may also
need to be implemented during initial mill start-up to prevent
local power fluctuations. Given the extensive preparatory and
testing work already undertaken, the project team does not foresee
any impediment to a successful conclusion to this precautionary
measure.
Based on the timing of these tests, we expect that power for
final commissioning and start of operations should be available by
the end of October, and that production ramp up will commence
immediately thereafter.
In the meantime, stoping, underground development and material
stockpiling at Juanicipio will continue uninterrupted. We will
continue to make available any unused plant capacity at Fresnillo
and Saucito operations to process mineralised material produced at
Juanicipio during this period.
As a result, there is no impact on full year production
guidance, nor on expected production from Juanicipio in 2023 and
beyond.
Octavio Alvídrez, Chief Executive Officer of Fresnillo said:
"We continue to make good progress to complete the tie-in of the
new Juanicipio mine to the national grid and I am pleased that we
are a step closer to achieve this important milestone. We have
undertaken extensive testing work to ensure tie-in proceeds
smoothly. However, safety has always been at the core of our
activities and we fully understand the prudent approach taken by
the electricity regulator. Juanicipio is our next major growth
project, the ninth new mine we have successfully constructed since
we listed in London in 2008. Juanicipio will make a material
contribution to our production from 2023 and we look forward to its
successful commissioning in the fourth quarter."
About Fresnillo plc
Fresnillo plc is the world's largest primary silver producer and
Mexico's largest gold producer, listed on the London and Mexican
Stock Exchanges under the symbol FRES.
Fresnillo plc has seven operating mines, all of them in Mexico -
Fresnillo, Saucito, Ciénega (including Las Casas Rosario &
Cluster Cebollitas), Herradura, Soledad-Dipolos1, Noche Buena and
San Julián (Veins and Disseminated Ore Body), two development
projects - the Pyrites Plant at Fresnillo and Juanicipio, both of
which have been completed and are currently in the process of final
commissioning before ramping up, and three advanced exploration
projects - Orisyvo, Rodeo and Guanajuato, as well as a number of
other long term exploration prospects.
Fresnillo plc has mining concessions and exploration projects in
Mexico, Peru and Chile.
Fresnillo plc has a strong and long tradition of exploring,
mining, a proven track record of mine development, reserve
replacement, and production costs in the lowest quartile of the
cost curve for silver.
Fresnillo plc's goal is to maintain the Group's position as the
world's largest primary silver company and Mexico's largest gold
producer.
(1) Operations at Soledad-Dipolos are currently suspended.
For further information, please visit our website:
www.fresnilloplc.com or contact:
Fresnillo plc Tel: +44 (0)20 7399 2470
London Office
Gabriela Mayor, Head of Investor
Relations
Mexico City Office Tel: +52 55 52 79 3206
Ana Belem Zárate
Powerscourt Tel: +44 (0)20 7549 0997
Peter Ogden
Fresnillo plc Forward Looking Statements
Information contained in this announcement may include
'forward-looking statements'. All statements other than statements
of historical facts included herein, including, without limitation,
those regarding the Fresnillo Group's intentions, beliefs or
current expectations concerning, amongst other things, the
Fresnillo Group's results of operations, financial position,
liquidity, prospects, growth, strategies and the silver and gold
industries are forward-looking statements. Such forward-looking
statements involve risk and uncertainty because they relate to
future events and circumstances. Forward-looking statements are not
guarantees of future performance and the actual results of the
Fresnillo Group's operations, financial position and liquidity, and
the development of the markets and the industry in which the
Fresnillo Group operates, may differ materially from those
described in, or suggested by, the forward-looking statements
contained in this document. In addition, even if the results of
operations, financial position and liquidity, and the development
of the markets and the industry in which the Fresnillo Group
operates are consistent with the forward-looking statements
contained in this document, those results or developments may not
be indicative of results or developments in subsequent periods. A
number of factors could cause results and developments to differ
materially from those expressed or implied by the forward-looking
statements including, without limitation, general economic and
business conditions, industry trends, competition, commodity
prices, changes in regulation, currency fluctuations (including the
US dollar and Mexican Peso exchanges rates), the Fresnillo Group's
ability to recover its reserves or develop new reserves, including
its ability to convert its resources into reserves and its mineral
potential into resources or reserves, changes in its business
strategy and political and economic uncertainty.
LEI: 549300JXWH1UV5J0XV81
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