Fresnillo says on track to meet FY guidance

(Sharecast News) - Gold and silver miner Fresnillo said it was on track to meet full year guidance after strong second quarter production.

The Mexico-based company said quarterly attributable silver production of rose 8.4% quarter on quarter to 14.6 million ounces.

Gold production was down 7.7% to 130,000 ounces mainly driven by the lower recovery rate and decrease in ore grade at the Herradura operation and lower ore grade at Saucito, partly mitigated by the higher ore grade at Fresnillo and the contribution from Noche Buena.

Fresnillo forecast 2024 attributable silver production in range of 55 - 62.0 million ounces and attributable gold production to be in range of 580 to 630 koz.

Total production was expected to be 101-112 million ounces this year.

Reporting by Frank Prenesti for Sharecast.com