TIDMFRES
RNS Number : 2349R
Fresnillo PLC
25 October 2023
Fresnillo plc
21 Upper Brook Street
London W1K 7PY
United Kingdom
www.fresnilloplc.com
25 October 2023
THIRD QUARTER PRODUCTION REPORT
FOR THE THREE MONTHSED 30 SEPTEMBER 2023
Octavio Alvídrez, Chief Executive Officer, said:
" I am pleased to confirm we have successfully completed the
safe ramp-up of our new Juanicipio mine which is now running at
nameplate capacity in line with our forecast timeline. It is having
a positive impact on both silver and gold production year to date,
helping to offset the lower production at Noche Buena as it nears
its end of life, with higher production of both lead and zinc
further supporting our overall performance. We remain on track to
meet our full year production guidance.
We continue to address the ongoing impact of inflation and the
revaluation of the Mexican peso, which we expect to remain
headwinds going into 2024, through measures including the greater
use of technology, autonomous drilling and reducing haulage
costs.
It is with great sadness that I report two contractors' workers
recent fatalities, one in September, and one in October. The safety
of our people remains key and we are thoroughly investigating the
circumstances to ensure that we can learn and adapt our safety
protocols to improve the safety culture across our sites."
HIGHLIGHTS
Silver
-- Quarterly attributable silver production of 14.1 moz
(including Silverstream), down 5.1% vs. 2Q23, mainly driven by the
lower ore grade and volume of ore processed at San Julián
Disseminated Ore Body (DOB) and Saucito, along with the lower
volume of ore processed at Juanicipio. These factors were mitigated
by the higher ore grade and volume of ore processed at San Julián
Veins and Ciénega.
-- Quarterly attributable silver production (including
Silverstream) increased 3.8% vs. 3Q22, primarily due to the ramp-up
of Juanicipio and higher ore grade at San Julián Veins, partially
offset by the lower ore grade at Saucito and San Julián (DOB).
-- Year to date attributable silver production (including
Silverstream) increased 2.2% vs. YTD22, as a result of the ramp-up
of Juanicipio and higher ore grade at San Julián Veins, partly
offset by the lower ore grade at San Julián (DOB) and a decrease in
the volume of ore processed and lower ore grade at Ciénega.
Gold
-- Quarterly attributable gold production of 132.6 koz down
13.0% vs. 2Q23, mainly driven by lower production at Herradura due
to an electrical fault and lower ore grade, the decrease in gold
production at Noche Buena as it approached the end of its mine life
and lower ore grade and recovery rate at Saucito.
-- Quarterly attributable gold production down 16.7% vs. 3Q22
primarily due to the decrease in the volume of ore processed at
Herradura, lower gold production at Noche Buena and lower ore grade
and recovery rate at Saucito, mitigated by the ramp-up of
Juanicipio and increased ore processed and ore grade at
Fresnillo.
-- Year to date attributable gold production decreased 2.2% vs.
YTD22 mainly driven by the decrease in gold production at Noche
Buena, mitigated by the higher ore grade and volume of ore
processed at Herradura and the increased production at
Juanicipio.
By-Products
-- Quarterly attributable by-product lead and zinc production up
4.2% and 13.3% vs. 2Q23 respectively, due to the higher ore grade
at Saucito partly offset by the lower ore grade and volume of ore
processed at San Julián (DOB).
-- Quarterly attributable by-product lead production up 8.6% vs.
3Q22 due to the ramp-up at Juanicipio, higher ore grade and
recovery rate at Saucito and higher ore grade at San Julián (DOB).
These factors were partially offset by the lower ore grade at
Fresnillo and lower production at Ciénega.
-- Quarterly attributable by-product zinc production increased
13.7% vs. 3Q22 due to the higher ore grade and recovery rate at
Saucito and the ramp-up of Juanicipio, partially offset by the
lower ore grade and recovery rate at San Julián (DOB) and lower
production at Ciénega.
-- Year to date attributable by-product lead production
increased 4.3% vs. YTD22 due to the increased contribution from
Juanicipio partly offset by the lower ore grade and recovery rate
at Saucito and lower production at Ciénega.
-- Year to date attributable by-product zinc production
increased 3.6% vs. YTD22 due to the contribution of Juanicipio and
higher volume of ore processed at Fresnillo. These factors were
partially offset by the lower ore grade and recovery rate at San
Julián (DOB) and lower production at Ciénega.
3Q23 2Q23 % Change 3Q22 % Change YTD23 YTD22 % Change
Silver (koz) 13,434 14,135 (5.0) 12,787 5.1 39,905 38,980 2.4
-------- -------- --------- -------- --------- -------- -------- ---------
Silverstream
(koz) 670 725 (7.6) 799 (16.1) 2,216 2,238 (1.0)
-------- -------- --------- -------- --------- -------- -------- ---------
Total Silver
(koz) 14,104 14,860 (5.1) 13,586 3.8 42,121 41,218 2.2
-------- -------- --------- -------- --------- -------- -------- ---------
Gold (oz) 132,627 152,380 (13.0) 159,205 (16.7) 458,042 467,957 (2.1)
-------- -------- --------- -------- --------- -------- -------- ---------
Lead (t) 14,575 13,994 4.2 13,415 8.6 41,938 40,194 4.3
-------- -------- --------- -------- --------- -------- -------- ---------
Zinc (t) 29,073 25,670 13.3 25,560 13.7 78,861 76,093 3.6
-------- -------- --------- -------- --------- -------- -------- ---------
SAFETY PERFORMANCE
We are extremely saddened to report two contractors fatal
incidents, in September at the Saucito mine and at the beginning of
October at the Tajitos exploration project. The incidents are being
fully investigated by Fresnillo and the authorities. These events
highlight the need to reinforce our safety procedures and
programmes with both contractors and employees. Fresnillo plc's
Board and management team will continue monitoring the safety
performance across the Group to ensure the processes in place
contribute to improve the safety culture in all operations.
2023 OUTLOOK
2023 guidance remains unchanged. Attributable silver production
is expected to be in the range of 57.0 to 64.0 moz (including
Silverstream) while attributable gold production is expected to be
in the range of 590 to 640 koz. Expressed in silver equivalent
ounces (1) , production is expected to be 104 -115 million
ounces.
Cost inflation and the revaluation of the Mexican peso versus
the US dollar are expected to continue to impact costs for the
remainder of the year.
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
Mark Mochalski
Mexico City Office Tel: +52 55 52 79 3206
Ana Belem Zárate
POWERSCOURT Tel: +44 (0)7793 858 211
Peter Ogden
MINING OPERATIONS
FRESNILLO MINE PRODUCTION
3Q23 2Q23 % Change 3Q22 % Change YTD23 YTD22 % Change
Ore Processed
(t) 673,233 667,776 0.8 643,945 4.5 2,009,374 1,838,304 9.3
-------- -------- --------- -------- --------- ---------- ---------- ---------
Production
-------- -------- --------- -------- --------- ---------- ---------- ---------
Silver (koz) 3,201 3,233 (1.0) 3,394 (5.7) 9,990 10,004 (0.1)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Gold (oz) 9,013 10,997 (18.0) 7,970 13.1 28,760 26,118 10.1
-------- -------- --------- -------- --------- ---------- ---------- ---------
Lead (t) 5,175 5,321 (2.7) 5,715 (9.4) 16,147 16,147 0.0
-------- -------- --------- -------- --------- ---------- ---------- ---------
Zinc (t) 12,003 10,696 12.2 12,107 (0.9) 34,793 32,246 7.9
-------- -------- --------- -------- --------- ---------- ---------- ---------
Ore Grades
-------- -------- --------- -------- --------- ---------- ---------- ---------
Silver (g/t) 166 170 (2.4) 181 (8.3) 173 186 (7.0)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Gold (g/t) 0.59 0.72 (18.1) 0.54 9.3 0.62 0.62 0.0
-------- -------- --------- -------- --------- ---------- ---------- ---------
Lead (%) 0.90 0.93 (3.2) 1.05 (14.3) 0.94 1.05 (10.5)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Zinc (%) 2.33 2.12 9.9 2.45 (4.9) 2.29 2.38 (3.8)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Quarterly silver production decreased 1.0% and 5.7% when
compared to 2Q23 and 3Q22 respectively, mainly due to the increased
volume of ore extracted from the Western areas of the mine with
lower silver ore grades.
Year to date silver production remained at similar levels when
compared to YTD22 mainly as a result of the increase in volume of
ore processed, partly offset by the lower ore grade and recovery
rate as a result of the previously mentioned factors.
Mine development rates decreased quarter on quarter to an
average of 2,987m per month in 3Q23 (2Q23: 3,288m per month) mainly
due to the rationalisation of contractors, whereby activities
performed by some contractors will be taken over by unionised
personnel. Development rates are expected to return to levels above
3,000 metres per month in 4Q23.
Quarterly by-product gold production decreased 18.0% vs. 2Q23
mainly driven by the lower ore grade and to a lesser extent, lower
recovery rate.
Quarterly by-product gold production increased 13.1% vs. 3Q22
mainly due to the higher ore grade and the increased volume of ore
processed.
Year to date by-product gold production increased 10.1% vs.
YTD22 primarily as a result of the higher volume of ore
processed.
The silver ore grade in 2023 is expected to be in the range of
170-180 g/t, while the gold ore grade is expected to remain in the
range of 0.50-0.70 g/t.
Recovery rates at the Pyrites Plant have yet to reach
anticipated levels. Technical work is ongoing to improve
performance with the aim of increasing recovery rates and moving
the plant to full operational capacity by 1Q24.
SAUCITO MINE PRODUCTION
3Q23 2Q23 % Change 3Q22 % Change YTD23 YTD22 % Change
Ore Processed (t) 552,872 562,962 (1.8) 556,199 (0.6) 1,587,793 1,564,357 1.5
-------- -------- --------- -------- --------- ---------- ---------- ---------
Production
-------- -------- --------- -------- --------- ---------- ---------- ---------
Silver (koz) 2,892 3,006 (3.8) 3,171 (8.8) 8,703 8,952 (2.8)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Gold (oz) 15,427 18,702 (17.5) 22,249 (30.7) 55,508 55,422 0.2
-------- -------- --------- -------- --------- ---------- ---------- ---------
Lead (t) 4,973 3,950 25.9 4,513 10.2 13,224 13,958 (5.3)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Zinc (t) 9,663 7,001 38.0 6,882 40.4 22,656 22,547 0.5
-------- -------- --------- -------- --------- ---------- ---------- ---------
Ore Grades
-------- -------- --------- -------- --------- ---------- ---------- ---------
Silver (g/t) 183 188 (2.7) 199 (8.0) 192 199 (3.5)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Gold (g/t) 1.14 1.31 (13.0) 1.58 (27.8) 1.39 1.40 (0.7)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Lead (%) 1.06 0.84 26.2 0.96 10.4 0.99 1.04 (4.8)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Zinc (%) 2.22 1.62 37.0 1.64 35.4 1.85 1.85 0.0
-------- -------- --------- -------- --------- ---------- ---------- ---------
Quarterly silver production decreased 3.8% vs. 2Q23 mainly
driven by the lower ore grade as a result of the increased dilution
in narrower veins, and the lower volume of ore processed caused by:
i) a decrease in mine preparation due to the ongoing lower
availability of scalers and ii) a slower mine cycle in some areas
with higher silver ore grade which are mined through the long hole
drilling method as additional ground support was required due to
poor rock quality.
Quarterly silver production decreased 8.8% vs. 3Q22 mainly due
to lower ore grade as a result of increased dilution in narrower
veins and a decrease in mine preparation as previously
mentioned.
Year to date silver production slightly decreased 2.8% due to
lower ore grade as explained above, partially offset by the higher
volume of ore processed from the Saucito and Alamito areas.
Quarterly by-product gold production decreased 17.5% vs. 2Q23
mainly driven by the lower ore grade, recovery rate and lower
volume of ore processed.
Quarterly by-product gold production decreased 30.7% vs. 3Q22
primarily driven by the lower ore grade and recovery rate.
Year to date by-product gold production remained at similar
levels when compared to YTD22 as a result of the higher volume of
ore processed which offset the lower ore grade and recovery
rate.
Mine development rates decreased quarter on quarter to an
average of 2,840m per month in 3Q23 (2Q23: 3,069m per month),
primarily due to the previously mentioned decreased availability of
scalers. However, additional equipment is due to arrive in 4Q23 and
development rates are expected to return to 3,000 m per month by
the end of the year.
Full year 2023 silver ore grade is estimated to remain between
190-210 g/t, while the gold ore grade is estimated to continue to
be around 1.20-1.40 g/t.
PYRITES PLANT
3Q23 2Q23 % Change 3Q22 % Change YTD23 YTD22 % Change
Pyrite Concentrates
Processed (t) 24,749 27,892 (11.3) 37,142 (33.4) 80,593 102,832 (21.6)
------- ------- --------- ------- --------- ------- -------- ---------
Production
------- ------- --------- ------- --------- ------- -------- ---------
Silver (koz) 118 127 (7.1) 142 (16.9) 356 418 (14.8)
------- ------- --------- ------- --------- ------- -------- ---------
Gold (oz) 333 331 0.6 653 (49.0) 934 1,585 (41.1)
------- ------- --------- ------- --------- ------- -------- ---------
Ore Grades
------- ------- --------- ------- --------- ------- -------- ---------
Silver (g/t) 219 207 5.8 159 37.7 200 170 17.6
------- ------- --------- ------- --------- ------- -------- ---------
Gold (g/t) 1.46 1.58 (7.6) 1.71 (14.6) 1.45 1.51 (4.0)
------- ------- --------- ------- --------- ------- -------- ---------
Quarterly and year to date silver production decreased against
all comparative periods mainly driven by the lower volume of iron
concentrates processed from Saucito, partially mitigated by the
higher ore grade.
Quarterly gold production remained at similar levels when
compared to the 2Q23 as a result of the higher recovery rate which
compensated for the lower volume of iron concentrates processed and
lower ore grade.
Quarterly gold production decreased 49.0% vs. 3Q22 due to lower
volume of iron concentrates processed, ore grade and recovery
rate.
Year to date gold production decreased 41.1% vs. YTD22 driven by
the lower volume of iron concentrates processed, lower recovery
rate and ore grade.
CI É NEGA MINE PRODUCTION
3Q23 2Q23 % Change 3Q22 % Change YTD23 YTD22 % Change
Ore Processed (t) 270,531 261,253 3.5 294,210 (8.0) 771,931 857,304 (10.0)
-------- -------- --------- -------- --------- -------- -------- ---------
Production
-------- -------- --------- -------- --------- -------- -------- ---------
Gold (oz) 9,314 8,132 14.5 9,437 (1.3) 26,748 28,344 (5.6)
-------- -------- --------- -------- --------- -------- -------- ---------
Silver (koz) 1,131 1,010 12.0 1,242 (8.9) 3,122 3,727 (16.2)
-------- -------- --------- -------- --------- -------- -------- ---------
Lead (t) 683 756 (9.7) 904 (24.4) 2,187 2,588 (15.5)
-------- -------- --------- -------- --------- -------- -------- ---------
Zinc (t) 906 919 (1.4) 1,419 (36.2) 2,827 4,015 (29.6)
-------- -------- --------- -------- --------- -------- -------- ---------
Ore Grades
-------- -------- --------- -------- --------- -------- -------- ---------
Gold (g/t) 1.16 1.06 9.4 1.09 6.4 1.17 1.12 4.5
-------- -------- --------- -------- --------- -------- -------- ---------
Silver (g/t) 151 141 7.1 152 (0.7) 146 156 (6.4)
-------- -------- --------- -------- --------- -------- -------- ---------
Lead (%) 0.42 0.47 (10.6) 0.48 (12.5) 0.45 0.47 (4.3)
-------- -------- --------- -------- --------- -------- -------- ---------
Zinc (%) 0.64 0.67 (4.5) 0.87 (26.4) 0.69 0.84 (17.9)
-------- -------- --------- -------- --------- -------- -------- ---------
Quarterly gold production increased 14.5% vs. 2Q23 mainly due to
higher ore grade from the Jessica Transversal and Taspana Sur areas
and higher volume of ore processed due to the timely preparation of
stopes and an increase in development rate.
Quarterly gold production decreased 1.3% vs. 3Q22 mainly due to
the expected lower volume of ore processed for 2023, partly offset
by the higher ore grade driven by the aforementioned factors.
Year to date gold production decreased 5.6% vs. YTD22 mainly due
to the decreased volume of ore processed in accordance with the
mine plan.
Quarterly silver production increased 12.0 vs. 2Q23 as a result
of the higher ore grade, volume of ore processed and to a lesser
extent, the higher recovery rate.
Quarterly silver production decreased 8.9% vs. 3Q22 mainly as a
result of the decrease in volume of ore processed in accordance
with the mine plan.
Year to date silver production decreased 16.2% vs. YTD22 mainly
due to the decrease in volume of ore processed and lower ore
grade.
The gold and silver ore grades for 2023 are estimated to remain
in the ranges of 1.0-1.1 g/t and 150-160 g/t respectively.
SAN JULIÁN MINE PRODUCTION
3Q23 2Q23 % Change 3Q22 % Change YTD23 YTD22 % Change
Ore Processed Veins
(t) 292,391 274,505 6.5 297,216 (1.6) 850,648 881,182 (3.5)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Ore Processed DOB
(t) 498,607 527,898 (5.5) 498,882 (0.1) 1,548,765 1,575,237 (1.7)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Total production
at San Julián
-------- -------- --------- -------- --------- ---------- ---------- ---------
Gold (oz) 11,161 10,259 8.8 11,387 (2.0) 33,453 34,820 (3.9)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Silver (koz) 3,185 3,596 (11.4) 3,171 0.4 10,193 11,139 (8.5)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Production Veins
-------- -------- --------- -------- --------- ---------- ---------- ---------
Gold (oz) 10,428 9,325 11.8 10,625 (1.9) 30,892 32,335 (4.5)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Silver (koz) 1,359 1,168 16.4 1,115 21.9 3,839 3,350 14.6
-------- -------- --------- -------- --------- ---------- ---------- ---------
Production DOB
-------- -------- --------- -------- --------- ---------- ---------- ---------
Gold (oz) 733 934 (21.5) 762 (3.8) 2,561 2,485 3.1
-------- -------- --------- -------- --------- ---------- ---------- ---------
Silver (koz) 1,826 2,428 (24.8) 2,056 (11.2) 6,354 7,789 (18.4)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Lead (t) 1,595 2,062 (22.6) 1,461 9.2 5,511 5,394 2.2
-------- -------- --------- -------- --------- ---------- ---------- ---------
Zinc (t) 3,273 4,020 (18.6) 3,790 (13.6) 11,049 13,883 (20.4)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Ore Grades Veins
-------- -------- --------- -------- --------- ---------- ---------- ---------
Gold (g/t) 1.18 1.11 6.3 1.17 0.9 1.19 1.20 (0.8)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Silver (g/t) 158 146 8.2 128 23.4 154 130 18.5
-------- -------- --------- -------- --------- ---------- ---------- ---------
Ore Grades DOB
-------- -------- --------- -------- --------- ---------- ---------- ---------
Gold (g/t) 0.08 0.09 (11.1) 0.08 0.0 0.08 0.08 0.0
-------- -------- --------- -------- --------- ---------- ---------- ---------
Silver (g/t) 134 165 (18.8) 153 (12.4) 148 180 (17.8)
-------- -------- --------- -------- --------- ---------- ---------- ---------
Lead (%) 0.42 0.50 (16.0) 0.39 7.7 0.46 0.43 7.0
-------- -------- --------- -------- --------- ---------- ---------- ---------
Zinc (%) 0.90 1.03 (12.6) 1.01 (10.9) 0.96 1.14 (15.8)
-------- -------- --------- -------- --------- ---------- ---------- ---------
SAN JULIÁN VEINS
Quarterly silver and gold production increased 16.4% and 11.8%
respectively vs. 2Q23, mainly due to the higher volume of ore
processed as a result of the availability of additional bolting and
shotcreting equipment and higher ore grades as access to the San
Atanasio vein with higher ore grade was gained.
Quarterly silver production increased 21.9% vs. 3Q22 mainly due
to higher ore grade driven by the previously mentioned factors
which was partly offset by the decrease in volume of ore processed
due to the lower availability of trucks to haul ore to the
beneficiation plant.
Quarterly gold production slightly decreased 1.9% vs. 3Q22
mainly due to the lower volume of ore processed as explained
above.
Year to date silver production increased 14.6% vs. YTD22 mainly
due to the higher ore grade at the San Antonio, Ultima Tierra and
Elisa stopes, mitigated by the lower volume of ore processed.
Year to date gold production decreased 4.5% vs. YTD22 mainly due
to the decrease in volume of ore processed and lower ore grade.
We expect the 2023 silver and gold ore grades to average c.150
g/t and 1.20-1.30 g/t, respectively.
SAN JULIÁN DISSEMINATED ORE BODY (DOB)
Quarterly silver production decreased 24.8% vs. 2Q23 as a result
of the lower ore grade in the periphery of the ore body, lower
volume of ore processed driven by the lower availability of trucks
to haul ore to the beneficiation plant while they undergo
maintenance and to a lesser extent, lower recovery rate.
Quarterly and year to date silver production decreased 11.2% and
18.4% vs. 3Q22 and YTD22 respectively, mainly due to the expected
lower ore grade in the areas in the periphery of the ore body and
structural geological features which slowed down the long hole
drilling cycles.
We continue to expect the 2023 silver ore grade to be in the
range of 140-150 g/t.
HERRADURA TOTAL MINE PRODUCTION
3Q23 2Q23 % Change 3Q22 % Change YTD23 YTD22 % Change
Ore Processed
(t) 3,983,615 5,219,844 (23.7) 5,592,474 (28.8) 15,689,168 15,110,750 3.8
----------- ----------- --------- ----------- --------- ----------- ----------- ---------
Total Volume
Hauled (t) 24,462,202 21,445,659 14.1 28,590,141 (14.4) 75,131,727 92,923,523 (19.1)
----------- ----------- --------- ----------- --------- ----------- ----------- ---------
Production
----------- ----------- --------- ----------- --------- ----------- ----------- ---------
Gold (oz) 72,184 83,037 (13.1) 85,245 (15.3) 262,053 245,889 6.6
----------- ----------- --------- ----------- --------- ----------- ----------- ---------
Silver (koz) 120 136 (11.8) 199 (39.7) 464 585 (20.7)
----------- ----------- --------- ----------- --------- ----------- ----------- ---------
Ore Grades
----------- ----------- --------- ----------- --------- ----------- ----------- ---------
Gold (g/t) 0.73 0.76 (3.9) 0.71 2.8 0.74 0.69 7.2
----------- ----------- --------- ----------- --------- ----------- ----------- ---------
Silver (g/t) 1.51 1.33 13.5 1.71 (11.7) 1.54 1.78 (13.5)
----------- ----------- --------- ----------- --------- ----------- ----------- ---------
Quarterly gold production decreased 13.1% vs. 2Q23 mainly driven
by the lower volume of ore processed due to an electrical fault.
This was mitigated by the higher recovery rate as the cycle in the
leaching pads was normalised following the temporary illegal
stoppage in 2Q23.
Quarterly gold production decreased 15.3% vs. 3Q22 mainly due to
the lower volume of ore processed driven by the factors mentioned
above, mitigated by the higher ore grade and the improved recovery
rate.
However, year to date gold production increased 6.6% vs. YTD22
mainly driven by the increased volume of ore processed and higher
ore grade in the sulphides and positive variations with the
geological model. These factors were partly offset by the lower
recovery rate driven by the temporary illegal stoppage and the
slower pace of irrigation.
The gold ore grade in 2023 is estimated to be in the range of
0.65-0.75 g/t.
NOCHE BUENA TOTAL MINE PRODUCTION
3Q23 2Q23 % Change 3Q22 % Change YTD23 YTD22 % Change
Ore Processed
(t) 0 799,290 N/A 1,811,987 N/A 2,510,639 6,196,064 (59.5)
------ ---------- --------- ---------- --------- ---------- ----------- ---------
Total Volume
Hauled (t) 0 1,829,412 N/A 6,274,060 N/A 8,424,676 19,557,715 (56.9)
------ ---------- --------- ---------- --------- ---------- ----------- ---------
Production
------ ---------- --------- ---------- --------- ---------- ----------- ---------
Gold (oz) 9,642 14,801 (34.9) 19,235 (49.9) 35,520 66,338 (46.5)
------ ---------- --------- ---------- --------- ---------- ----------- ---------
Silver (koz) 2 4 (50.0) 3 (33.3) 10 17 (41.2)
------ ---------- --------- ---------- --------- ---------- ----------- ---------
Ore Grades
------ ---------- --------- ---------- --------- ---------- ----------- ---------
Gold (g/t) 0.00 0.45 (100.0) 0.44 (100.0) 0.47 0.53 (11.3)
------ ---------- --------- ---------- --------- ---------- ----------- ---------
Silver (g/t) 0.00 0.20 (100.0) 0.16 (100.0) 0.17 0.23 (26.1)
------ ---------- --------- ---------- --------- ---------- ----------- ---------
Gold production decreased against all comparable periods as the
mine closure process, which started in May 2023, continued as
planned.
JUANICIPIO - ATTRIBUTABLE
3Q23* 2Q23* % Change 3Q22** % Change YTD23* YTD22** % Change
Ore Processed
(t) 180,460 211,522 (14.7) 101,252 78.2 516,315 269,003 91.9
-------- -------- --------- -------- --------- -------- -------- ---------
Production
-------- -------- --------- -------- --------- -------- -------- ---------
Silver (koz) 2,678 2,954 (9.3) 1,466 82.7 6,892 4,138 66.6
-------- -------- --------- -------- --------- -------- -------- ---------
Gold (oz) 5,289 5,958 (11.2) 3,029 74.6 14,640 9,441 55.1
-------- -------- --------- -------- --------- -------- -------- ---------
Lead (t) 2,150 1,905 12.9 822 161.6 4,868 2,108 130.9
-------- -------- --------- -------- --------- -------- -------- ---------
Zinc (t) 3,227 3,034 6.4 1,361 137.1 7,536 3,402 121.5
-------- -------- --------- -------- --------- -------- -------- ---------
Ore Grades
-------- -------- --------- -------- --------- -------- -------- ---------
Silver (g/t) 523 498 5.0 513 1.9 474 556 (14.7)
-------- -------- --------- -------- --------- -------- -------- ---------
Gold (g/t) 1.32 1.25 5.6 1.22 8.2 1.23 1.42 (13.4)
-------- -------- --------- -------- --------- -------- -------- ---------
Lead (%) 1.33 1.05 26.7 0.93 43.0 1.07 0.93 15.1
-------- -------- --------- -------- --------- -------- -------- ---------
Zinc (%) 2.25 1.92 17.2 1.81 24.3 1.92 1.76 9.1
-------- -------- --------- -------- --------- -------- -------- ---------
* Includes ore processed as part of the initial tests during the
commissioning of the Juanicipio plant and ore processed at the
Fresnillo and Saucito beneficiation plants.
** Ore processed at the Fresnillo and Saucito beneficiation
plants.
Attributable quarterly silver and gold production decreased 9.3%
and 11.2% vs. 2Q23 respectively, due to the lower volume of ore
processed as a result of adjustments to the mill operations.
Notwithstanding, full nameplate capacity was reached in 3Q23.
Quarterly silver and gold ore grades increased vs. 2Q23 and 3Q22
driven primarily by the extraction of ore from an area with higher
silver and gold grades. However, these stopes are expected to be
depleted in October and areas with lower silver and gold grades
will be mined from November onwards.
SILVERSTREAM
Quarterly Silverstream production decreased 7.6% vs. 2Q23 mainly
due to the lower ore grade partly offset by the higher volume of
ore processed and recovery rate.
Quarterly Silverstream production decreased 16.1% vs. 3Q22
mainly due to a lower ore grade and lower volume of ore processed
partly compensated by the higher recovery rate.
Year to date Silverstream production remained flat -1.0% vs.
YTD22 as a result of the lower recovery rate partly offset by the
higher ore grade and volume of ore processed.
Silver production in 2023 is estimated to be in the range of
2.5-3.5 moz.
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 eight operating mines, all of them in Mexico -
Fresnillo, Saucito, Juanicipio, Ciénega, Herradura,
Soledad-Dipolos(2) , Noche Buena and San Julián (Veins and
Disseminated Ore Body) and four advanced exploration projects -
Orisyvo, Rodeo, Guanajuato and Tajitos 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) Au:Ag ratio of 80:1
(2) Operations at Soledad-Dipolos are currently suspended.
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.
- pg
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END
DRLFEISMIEDSESS
(END) Dow Jones Newswires
October 25, 2023 02:09 ET (06:09 GMT)
Fresnillo (LSE:FRES)
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부터 3월(3) 2025 으로 4월(4) 2025
Fresnillo (LSE:FRES)
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부터 4월(4) 2024 으로 4월(4) 2025
