By Rory Gallivan
LONDON–Mexican precious metal miner Fresnillo PLC (FRES.LN) Thursday reported a decline in gold production for the quarter ended Sept. 30 as ore grades fell.
Quarterly attributable gold production fell 9.8% compared with the year-earlier period to 114,359 troy ounces, said London-listed Fresnillo, the world’s largest primary silver producer and Mexico’s second-largest gold producer.
Fresnillo’s quarterly silver production rose 7.6% to 11.1 million ounces.
The company has delayed giving full-year production guidance until a suspension of an explosives permit is lifted at one of its mines.
It said it expects the suspension–at the request of Mexico’s defense ministry–at its Herradura mine will be lifted next week.
Fresnillo said it remains on track for full-year silver production of 41 million ounces.
Shares closed Wednesday at 938 pence apiece valuing the company at 6.91 billion pounds ($11.04 billion).
Write to Rory Gallivan at [email protected]; Twitter: @RoryGallivan
