Fresnillo reiterates guidance after solid Q3 output

Mexico-focused precious metals miner Fresnillo has left full-year production guidance unchanged after a solid third-quarter output performance.

Quarterly silver production totalled 14.4m ounces, down 1.5% on the second quarter but 2.4% ahead of last year, with year-to-date production up 1.2% on 2023.

Gold output was up 20.6% over the three months at 156,800 ounces, and 18.2% higher year-on-year, but year-to-date production is down 6.6%.

The company said it continues to expected full-year silver production to hit somewhere between 55moz and 62moz, while gold output is predicted to be between 580koz and 630koz.

When expressed in silver equivalent ounces, total production for 2024 is forecast at 101moz to 112moz, more or less in line with the 105.1moz mined in 2023.

"In silver, Saucito and San Julián Veins have performed very well, helping to offset slightly lower output at Fresnillo," said chief executive Octavio Alvídrez.

"In gold, we have delivered a rapid recovery at Herradura after the mine plan was impacted by heavy rains earlier in the year, with gold production increasing 40% quarter on quarter, and at Ciénega we have delivered a strong increase in gold output year to date, testament to the outstanding work of the team on the ground."