Thumbs up: Fresnillo feeling confident about 2018, although further exploration might have to wait
It may be a fair bit off, but miner Fresnillo has a good feeling about 2018.
At the mining company's AGM later today, chairman Alberto Bailleres is expected to say: "Fresnillo remains a low cost producer, and given current and projected market prices for silver and gold, we remain confident in achieving our 2018 production targets. We believe that value creation requires sustainable growth through disciplined and ongoing investment in new projects and exploration."
The market has not been kind to miners as of late, with Bailleres also expected to say: "2015 saw continued pressure on precious metals producers, raising long-term strategic questions for the industry."
Bailleres is not a blind optimist either, as he will be pointing out that, to enable the company to reach its 2018 targets, it will have to slash its exploration budget and postpone certain capital expenditures.
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"While we do not see an imminent end to the current volatility, we remain committed to our long-term strategic goals: to profitably and sustainably maintain the Group's position as the world's largest primary silver company and a leading gold producer in Mexico," Bailleres will say.
Of course, Bailleres is also likely to be wary of the current temperament of shareholders. Fellow mining company Anglo American only narrowly got away with its executive pay suggestions at its AGM last month, where 41.6 per cent of shareholders voted down the remuneration report.
In line with the recently published annual report, Fresnillo chief executive Octavio Alvidrez is currently due total pay of $1.2m (£820,000) for his work in 2015, while Bailleres stands to gain $46,000.
The mining company's AGM is due to take place at noon today in London.