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(Kitco News) – Fresnillo (LSE: FRES), the world’s largest silver producer, announced today that in Q3 2023, its attributable silver output was 14.1 million ounces (including Silverstream), up 3.8% from Q3 2022, mainly driven by Juanicipio ramp-up and higher ore grade at San Julián Veins.
In a press release, Fresnillo said it has successfully completed the safe ramp-up of the company’s new Juanicipio mine, which is now running at nameplate capacity in line with the forecast timeline.
Fresnillo’s Q3 2023 attributable gold production of 132.6 thousand ounces was down 16.7% from Q3 2022, primarily due to the decrease in the volume of ore processed at Herradura, lower gold production at Noche Buena and lower ore grade and recovery rate at Saucito.
The company’s Q3 2023 attributable by-product lead production of 14,575 tonnes increased by 8.6% compared to Q3 2022 due to the ramp-up at Juanicipio, higher ore grade and recovery rate at Saucito and higher ore grade at San Julián (DOB).
Attributable by-product zinc production of 29,073 tonnes was up 13.7% from Q3 2022, driven by the higher ore grade and recovery rate at Saucito and the ramp-up of Juanicipio.
Importantly, the company said that its 2023 guidance remains unchanged. Attributable silver production is expected to be in the range of 57.0 to 64.0 million ounces (including Silverstream), while attributable gold production is expected to be in the range of 590 to 640 thousand ounces.
Fresnillo also noted that cost inflation and the revaluation of the Mexican peso versus the US dollar are expected to continue to impact costs for the remainder of the year.
Fresnillo is the world’s largest primary silver producer and Mexico’s largest gold producer. Fresnillo has eight operating mines, all of them in Mexico, one development project, and four advanced exploration projects, as well as a number of other long term exploration prospects. Fresnillo has mining concessions and exploration projects in Mexico, Peru and Chile.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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