Fresnillo CEO Octavio Alvídrez pledged to continue to focus on cost controls despite a huge financial boost from higher gold and silver prices.Pre-tax profits were lifted by a 27% rise in average gold prices and 10% for silver in H1 to around US$1,677/oz and US$16.80/oz respectively – but prices have since surged above US$1,900/oz and US$23/oz.“We concentrate, especially now, on really what we can control, and that is costs,” Alvídrez told the company’s H1 earnings call.“Of course higher metal prices have a very good effect and will be reflected in our financial results, but we continue... with the cost control initiatives at all of our operations despite the fact that we have had very good advantages from external factors.”London-listed Fresnillo shifted to cash preservation mode as the COVID-19 pandemic spread in March, which included efforts to reduce sustaining capex across its portfolio of six Mexican mines.These efforts, along with higher lead and zinc output and cost deflation linked to the drop in the Mexican peso against the US dollar, helped reduce all-in sustaining costs in H1, which fell 6.0% to US$964/oz gold equivalent or by 18.4% on a silver equivalent basis, to US$9.65/oz.The company will continue to seek to divide profits equally between growth opportunities and dividends to shareholders, the CEO added.Adjusted revenue rose 5.3% to US$1.125bn on higher gold and silver prices, partly offset by lower production.The company reported a 20.3% dip in net profits to US$56.5mn, mainly due to the adverse effect on deferred taxes of a 21.9% drop in the Mexican peso’s value against the greenback.Fresnillo saw only muted impacts from COVID-19, with underground mines continuing to operate with a reduced onsite workforce, despite lockdown measures which saw most Mexican mines Mining at the Herradura and Noche Buena open pit gold mines was suspended for six weeks, while processing continued.Fresnillo maintained 2020 silver guidance of 51-56Moz after producing 26.8Moz in H1.Gold guidance has been cut to 785,000-815,000oz from 815,000-900,000oz, mainly due to COVID-19’s impact on operations in the Herradura district. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.MAG Silver Reports Second Quarter Financial ResultsOrex Minerals Announces $5.5 Million Investment by Eric SprottSantacruz Silver to Sell Zacatecas Property to Seasoned Mining TeamCanasil Announces $1,000,000 Non-Brokered Private Placement to Expand Drill Programs on Mexican Silver-Gold ProjectsOrex Closes $1 Million First Tranche of Private PlacementMAG Silver Announces 19.9% Interest in Reyna Silver Corp. (formerly Century Metals Inc.)Orex Minerals Grants Stock Options and Announces Investor Relations ContractOrex Minerals Announces Non-Brokered Private Placement of up to $2 MillionCalzada Legaria No 549, Torre
30 and earnings before interest, taxes, depreciation and amortization (Ebitda) grew 53% to $470 million, comfortably beating expectations. Fresnillo Monthly Elliott Wave Analysis 08.06.2020
It operates through the following segments: Fresnillo, Saucito, … - Fresnillo’s first-quarter output of precious metals was in line with its expectations, the company said Wednesday. Agence France-Presse/Getty Images The company ‘s main operations are in Mexico, a country it describes with significant geological resources, strong potential for continued growth, a skilled workforce and solid infrastructure, and a mining history spanning more than 500 years. For the best Barrons.com experience, please update to a modern browser.
Silver is usually a byproduct, meaning most production comes from mines that primarily dig out zinc, lead, copper or gold. 5.
As the world’s largest silver miner, Fresnillo deserves a look from any bullish silver investor. Fresnillo holds one of the largest precious metals land reserves in Mexico. The average realized gold price increased 27% to $1,676 per ounce compared with the previous year, the company said, while the average silver price climbed 10% to $16.8 per ounce. Fresnillo plc has a strong and long tradition of exploring, mining, a proven track record of mine development, reserve replacement, and production costs in the lowest quartile of the cost curve for silver.
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