logo-loader

Fresnillo cuts full-year gold production guidance

Last updated: 08:43 21 Oct 2020 BST, First published: 07:50 21 Oct 2020 BST

Fresnillo PLC - Fresnillo cuts full-year gold production guidance

Fresnillo PLC (LON:FRES) has cut full-year gold production guidance to 745-775,000 ounces from 785-815,000 previously.

The miner said it is due to fewer workers at Herradura due to COVID-19, lower-than-expected ore grades at the dynamic leaching plant and restricted access at the Noche Buena mine.

READ: Fresnillo profits spike as strong gold and silver prices offset COVID-19 production shortfall

Silver production guidance was maintained at 51-56mln ounces.

In the three months to September 30, the Mexican precious metals firm produced 13.3mln ounces of silver and 172,000 ounces of gold.

By-product lead and zinc production decreased 6.4% and 1.5% respectively compared to last year, driven primarily by lower ore grades at Fresnillo, mitigated by higher ore grades at Saucito.

Shares slipped 4% to 1,279.5p on Wednesday morning.

--Adds shares--

Chesnara reports strong 2023 results with improved cash generation and...

Chesnara PLC (LSE:CSN) chief executive Steve Murray discusses the company's full-year results for 2023 with Proactive's Stephen Gunnion, describing them as strong and particularly highlighting £53 million in commercial cash generation and a dividend coverage of around 150%. The company has...

13 minutes ago