TIDMFRES
RNS Number : 1420H
Fresnillo PLC
22 November 2022
Fresnillo plc
21 Upper Brook Street
London W1K 7PY
United Kingdom
www.fresnilloplc.com
22 November 2022
JUANICIPIO PROJECT UPDATE
Fresnillo plc ("Fresnillo") is providing an update on the
success of the additional testing requested by the state-owned
power company, CFE (Comisión Federal de Electricidad). The testing
to verify compatibility between new and updated substation
equipment installed by Fresnillo on behalf of Fresnillo and MAG
Silver (together, "the JV Partners") as part of the Juanicipio
Project ("the project") and existing older CFE infrastructure has
been concluded successfully.
Specifically, Fresnillo can confirm that the main substation
that will provide power to the project has been inspected and
approved for use. This is a key milestone as the new components of
the substation are now fully connected to the grid and the main
transformer for the project has been energised. Tests on the
downstream power distribution and control systems for final tie in
to the national grid are continuing in line with the CFE
requirements.
Fresnillo acknowledges and appreciates the significant
contribution made by CFE and Centro Nacional de Control de Energía
(CENACE) for their cooperation, support and engagement as we
continue to work closely with them towards concluding this final
process.
Fresnillo is very confident in the integrity of the new systems
and that they will meet the stringent requirements of the
regulator. In addition, we are confident in our ability to effect a
rapid ramp-up of operations once all final elements are formally
approved and full load commissioning at Juanicipio commences.
Mine development at Juanicipio is ongoing with a substantial
stockpile built in anticipation of the commencement of milling
operations, in the interim, ore will continue to be processed at
our nearby Saucito and Fresnillo operations.
As a result, there is no impact on 2022 production, nor on our
2023 production expectations.
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
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 awaiting tie-ins of the plants to
the national electricity grid; 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.
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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November 22, 2022 02:00 ET (07:00 GMT)
Fresnillo (LSE:FRES)
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