Fresnillo says silver output hits record

PRECIOUS metals miner Fresnillo posted record silver and gold production in the second quarter yesterday, boosted by its Saucito and Soledad-Dipolos mines in Mexico, at a time when the gold price is at a record high.

Total silver production, including silver sold from the Sabinas mine under its Silverstream agreement, rose 7.2 per cent to 11.4m ounces, while its gold output jumped 20.6 per cent to 110,070 ounces. Excluding Silverstream, it produced 10.5m ounces of silver.

Numis had expected production to be flat on the first quarter at 9.1m ounces of silver, excluding Silverstream, and 96,000 ounces of gold.

Shares in the world’s largest primary silver producer closed up 4.93 per cent yesterday at 1,595p.