Fresnillo Reports Third Quarter 2023 Production Results and Safety Incidents
Production Highlights:
- Silver: Q3 attributable silver production reached 14.1 moz, a 5.1% decrease from Q2 2023, primarily due to lower ore grade and processed volume at multiple sites. However, production rose by 3.8% compared to Q3 2022, thanks to the Juanicipio mine's ramp-up.
- Gold: Attributable gold production was 132.6 koz, down by 13.0% from the previous quarter and 16.7% from Q3 2022, reflecting challenges at Herradura and decreasing yields at Noche Buena.
- By-products: Increases were noted in the production of lead and zinc, attributed to higher ore grades at certain sites and the ongoing development at Juanicipio.
Safety Performance:
The company mourns the loss of two contractors following incidents at Saucito mine and Tajitos exploration project. Comprehensive investigations are underway, emphasizing the necessity for reinforced safety protocols across all operations.
2023 Outlook:
Fresnillo maintains its 2023 guidance, anticipating silver production between 57.0 to 64.0 moz and gold production from 590 to 640 koz. The company prepares for ongoing cost inflation and currency challenges impacting the financial landscape.
