Business
Half-year Report
Half-year Report.
About this update from Fresnillo Plc
[{"type":"text","content":"\n\n Fresnillo plc\n21 Upper Brook Street\nLondon W1K 7PY\nUnited Kingdom\nwww.fresnilloplc.com\n \n30 July 2024\n \nFresnillo plc interim results\nfor the six months to 30 June 2024\n \n \nOctavio Alvídrez, Chief Executive Officer, commented:\n \n\"I am pleased to report an increase in profitability over the period, driven by a steady production performance combined with careful cost management and higher gold and silver prices. As a result, we are able to confirm an increase in dividends to our shareholders in line with our policy.\n \n \n\"We remain confident in the outlook. We are on track to meet full year production guidance and we are committed to managing our operations efficiently without compromising on the safety of our people or on continued investment into our longer term growth pipeline.\"\n \n \n \n \nFirst half highlights\n \nFinancial highlights (1H24/1H23 comparisons)\n· Adjusted Revenues[1] of US$1,560.2m, up 9.0%; mainly due to higher gold and silver prices, and increased volumes of silver, zinc and lead sold, partly offset by a decreased volume of gold sold.\n· Revenues of US$1,488.3m, up 10.8%.\n· Adjusted production costs[2] of US$844.2m, up 9.1% over 1H23 primarily due to longer haulage distances and deeper mines which increased maintenance costs, contractors and diesel consumption - mainly at Herradura and Fresnillo; the revaluation of the Mexican peso vs. the US dollar; cost inflation; and the higher volumes of ore processed at some of our mines.\n· Cost of sales of US$1,095.9m, up 3.3% mainly as a result of the higher adjusted production costs and increased dep...