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Fresnillo Q1 silver output dips on lower ore grades

Steel News - Published on Fri, 15 Apr 2011

Reuters reported that Fresnillo Plc silver output declined in the Q1 due to lower ore grades.

The Mexican precious metals miner said silver production fell 2.2% to 10.1 million ounces including output from the Silver stream agreement. The FTSE 100 miner said it was taking measures to increase the volume of ore processed at Fresnillo its largest mine to compensate for lower grades.

Mr Jaime Lomelin CEO of Fresnillo said that we are on track to achieve our target of producing 44 million ounces of silver including Silver stream in 2011. Strong silver prices are expected to offset lower production in the Q1. Spot silver prices rose 22% over the quarter and have since touched 31 year high of USD 41.93 an ounce.

Gold output jumped 13.3 percent to 96,407 ounces a record for the Q1 but fell 4.4% from the Q1 of 2010. Lead and zinc production increased 16.8% and 16.3% from a year earlier. During the quarter, Fresnillo finished construction of the Saucito mine and started commercial production there on April 1.

(Sourced from Reuters)

(Sourced from Reuters)

Posted By : admin on Fri, 15 Apr 2011
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