Business
Full Year 2017 Preliminary Results
Full Year 2017 Preliminary Results.
About this update from Fresnillo Plc
[{"type":"text","content":"\n \nRNS Number : 9902F Fresnillo PLC 27 February 2018 \n \n\nFresnillo plc \n\nFinancial results for the year ended 31 December 2017\n\n \nFresnillo plc today announced its financial results for the full year ended 31 December 2017. Octavio Alvídrez, CEO said: \n\"I am pleased to report another resilient performance, built on the foundations of our consistent, conservative, sustainable long term strategy. \nWe celebrate 10 years as a public company in 2018. Since 2008, we have paid US$2.5 billion in dividends, never not paid an interim and final dividend throughout this period and invested over US$4 billion in both existing operations and growing our portfolio of quality assets. Our IPO target for gold production of 750koz was reached in 2015, three years ahead of plan, while the 65moz objective for silver is on track to be achieved in 2018. Our commitment to delivering shareholder value remains. \nIn 2017, silver production was a record 58.7 moz following the first complete year of San Julián (phase I) operating at full capacity and the start of operations at San Julián (phase II). We also achieved a solid gold production performance of 911.1 koz, exceeding our forecast range. \nA strong operating performance and relatively stable precious metals prices have offset some cost inflation and we have delivered sound financial results. Adjusted revenues were up 9.2% to US$2,230 million, with a 32.0% increase in profit for the year. As a result, the Board was pleased to recommend a final dividend of 29.8 US cents per share, bringing the total paid for the year to US$297.7 million. \nCore to our organic growth strategy is ensuring we deliver the potential of our existing assets while expanding our development pipeline. We made good progress in 2017. Operations at the Fresnillo mine continue to strengthen, performance has improved year-on-year and we expect an increase in ore throughput in 2018. The successful completion of San Julián (phase II) was a significant milestone and is expected to make a meaningful contribution to 2018 production now it is operating at full capacity. Construction of the Pyrites Plant project has continued and the Dynamic Leaching Plant at Herradura is on track. We expect to commission both projects in 2018. We also expect to approve the feasibility study of Juanicipio in the first half of 2018 an...