Fresnillo records strong, but lower-than-expected FY results

LSE-listed, Mexico-focused miner Fresnillo achieved record silver production, and strong gold production in 2018, despite it being a challenging year for the company. Silver production for the year was 61.8-million ounces, including Silverstream, up 5.3% on 2017, mainly owing to the first full year of operations at Phase 2 of San Julián. Gold production for the year was 923 000 oz, up 1.3% compared with 2017, mainly owing to the higher ore grade and recovery rate at Saucito, the contribution of the new Pyrites plant at Saucito and the higher ore grade at Fresnillo.