Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Fresnillo silver production stable in fourth quarter
(Sharecast News) - Mining firm Fresnillo reported a 0.9% increase in fourth quarter silver production on Wednesday, to 13,548 kiloounces (koz). The FTSE 100 company said Silverstream production, however, decreased 8.6% to 612 koz, resulting in total silver production of 14,161 koz, reflecting a modest 0.4% increase.
Gold production in the same quarter jumped 15.1% to 152,605 ounces, while lead production increased 9.1% to 15,895 tonnes.
Conversely, zinc production experienced a slight dip of 0.8%, totalling 28,844 tonnes during the period.
For the full year of 2023, silver production, including Silverstream, amounted to 56,282 koz, reflecting a 4.7% increase compared to the prior year.
In contrast, gold production for the year decreased 4%, reaching 610,646 oz.
Lead production saw a substantial 9.2% increase, totalling 57,833 tonnes, while zinc production rose by 8.6%, reaching 107,705 tonnes.
The board put the increased silver production for the full year down to the ramp-up at Juanicipio and higher ore grades at San Julián Veins.
However, that was partially offset by lower ore grades at San Julián (DOB) and Fresnillo.
It said the relatively stable quarterly silver production was due to the increase in production at Saucito and San Julián Veins being counterbalanced by decreased volume and lower ore grades at Fresnillo and San Julián (DOB).
Gold production in the fourth quarter benefited from higher ore grades at Herradura and increased volumes of ore processed.
The decline in gold production was due to reduced ore processing at Herradura and the closure of Noche Buena.
By-product production of lead and zinc exhibited positive trends throughout the year, driven by contributions from Juanicipio and higher volumes of ore processing at Saucito.
"We achieved our full year guidance of 105.1 million silver equivalent ounces," said chief executive officer Octavio Alvídrez.
"Notably gold, lead and zinc production were within our guided ranges.
"Silver production was up 4.7% year on year driven by the ramp up at Juanicipio and higher ore grade at San Julián Veins, albeit it was slightly below expectations."
Alvídrez said the company overcame a number of operational challenges, as it successfully ramped up production at its new Juanicipio mine, reaching full nameplate capacity.
"We continued to see the impact of inflation and the revaluation of the Mexican peso affecting costs across the business.
"Our priorities for 2024 are clear - safety is key and we will continue working hard to instil a true culture of safety across our operations.
"We will continue to identify cost reduction initiatives to address inflation, while we will also focus on efficiencies across all our mines."
At 0835 GMT, shares in Fresnillo were up 4.64% at 503.2p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.