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Fresnillo plc - 2Q Production
Fresnillo plc - 2Q Production.
About this update from Fresnillo Plc
[{"type":"text","content":"\n RNS Number : 7552V Fresnillo PLC 16 July 2009 \n \nFresnillo Plc\n28 Grosvenor Street\nLondon W1K 4QR\nUnited Kingdom\nwww.fresnilloplc.com\n\n16 July 2009\n\nProduction Report \nfor the three months ended 30 June 2009 \nOverview \n\n\nRecord quarterly attributable silver production of 9.6 million ounces, up 6.7% Year on Year. \n\n\nStable attributable gold production of 68,000 ounces for the quarter as expected, with Herradura achieving new record production.\n\n\nManagement remains confident of achieving its full year 2009 production target levels.\n\n\nSoledad and Dipolos is on track for start up in Q1 2010. Engineering is complete, construction is ahead of schedule and personnel have been hired and trained. \n\n\nConstruction of the Saucito project is on track and the drilling programme has increased resources. A pre-feasibility study will be presented to the Board on 5 August.\n\n\nLower costs, mainly due to a favourable exchange rate and lower input costs on some items. The trend in input costs is expected to continue over the remainder of the year.\n\n\nThe annual wage negotiation was successfully concluded at Ciénega mine, completing all negotiations with the Unions for the year 2009. \n\n\n\nJaime Lomelín, Chief Executive Officer, said:\n'I am very pleased with our record silver production for the quarter and the stabilisation of our gold production. The production of all metals was in line with the Company's budget, and the drilling and exploration programmes are, in most cases, delivering encouraging results. At the Soledad and Dipolos project, we are well ahead of our development schedule and at Saucito we expect to deliver the pre-feasibility study for Board approval on 5 August. Despite the current economic climate, volatile commodities prices and several challenges presented during this year, the Company has met its production, development and exploration targets for the period. This excellent result is further evidence of the management's experience, dedication and ability to face economic cycles and adversities.'\n Total Production \nFresnillo plc attributable production\n\n\n\n\n\n\n\n2Q 09\n\n\n2Q 08\n\n\n1Q 09\n\n\nYTD 09\n\n\nYTD 08\n\n\n\n\nSilver prod'n (kOz)\n\n\n9,587\n\n\n8,989\n\n\n9,218\n\n\n18,805\n\n\n17,438\n\n\n\n\nGold prod'n (kOz)\n\n\...