Business
Annual General Meeting Statem
Annual General Meeting Statem.
About this update from Fresnillo Plc
[{"type":"text","content":"\n RNS Number : 6799M Fresnillo PLC 28 May 2010 \n \n\n Fresnillo Plc\n28 Grosvenor Street\nLondon W1K 4QR\nUnited Kingdom\nwww.fresnilloplc.com\n \n \n \n28 May 2010\n \nAnnual General Meeting Statement \n \nFresnillo plc will hold its Annual General Meeting today at 11.30 am in London, and Mr Alberto Baillères, Chairman, will make the following comment: \n \n\"It is a privilege to be able to report that Fresnillo delivered another year of strong performance in 2009. We continued to build on the commitments that we made at the time of our initial public offering in 2008, despite very volatile global markets and a sharp recession in many western economies.\n \nSilver production reached record levels, rising 8.8% over 2008 to 37.9 million ounces. At the same time a number of cost reduction and efficiency projects were completed, and progress at our exploration and development sites was on target.\n \nThe result was an 18 per cent increase in total revenues to US$849.9 million, while net profit rose 140 per cent to US$308 million.\n \nSince the end of the year, we have further emphasised our leadership position with the start-up of operations at Soledad-Dipolos. This is just the latest milestone in our sustainable growth plan.\n \nThe current year has also started well. Gold production in the first quarter exceeded our expectations, due to the better than expected initial operating results at Soledad-Dipolos. Silver production has also increased. Work has continued at our development project at Saucito during the period and the progress we have made has been encouraging. Meanwhile, the exploration programme at Noche Buena has been completed. We are now carrying out a calculation of reserves and we will shortly launch a pre-feasibilit...