Fresnillo tops gold production targets

Mexican miner Fresnillo said gold production had exceeded expectations in 2012 after its Noche Buena mine performed better than forecast.

Mexican miner Fresnillo said gold production had exceeded expectations in 2012 after its Noche Buena mine performed better than forecast.

The annual gold production of 473,034 ounces, up 5.4% year on year, was above the 460,000 ounce target, also aided by the ramp-up at the Saucito mine.

However, the record haul over the year was in contrast to fourth quarter results, when gold production was down 20.6% on the 2011.

This was mainly due to slower recovery at Soledad-Dipolos, causing an increase in the inventories of gold contained at the pads, as well as lower ore grades at Herradura.

The firm said silver production reached 41Moz, in line with its guidance, as the ramp-up at Saucito offset an anticipated natural drop in silver ore grade at its Fresnillo mine.

Quarterly attributable silver production was 10.6Moz, slightly above the fourth quarter of 2011.

Looking to 2013, the company expects silver production to remain stable at 41Moz, while gold production continue to grow to reach 490,000 ounces.

Its exploration budget is to be increased to $270m, up 15% on the $234m spent in 2012.

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Properties for sale for around £400,000
Houses for sale

Properties for sale for around £400,000

From a converted church in Banffshire with views towards the Cairngorms National Park, to a period property in the Georgian market town of Beverley, e…
2 Apr 2021