Business
Production Report 4Q
Production Report 4Q.
About this update from Fresnillo Plc
[{"type":"text","content":"\n RNS Number : 5222F Fresnillo PLC 14 January 2010 \n \n\n\n\n14 January 2010\nProduction Report \nfor the three months ended 31 December 2009 \nOverview \n\n\nQuarterly attributable silver production of 9.36 million ounces, up 10% year on year. \n\n\nRecord quarterly attributable gold production of 80,080 ounces, up 26% year on year and above expectations.\n\n\nRecord annual attributable silver production of 37.9 million ounces, up 9%, plus a further 3moz from Silverstream.\n\n\nAnnual attributable gold production of 276,584 ounces, up 5%.\n\n\nFirst dore bar poured at Soledad and Dipolos in December, with commercial production to begin in January 2010, ahead of schedule and below budget. \n\n\nConstruction of the Saucito project remains on track. \n\n\nSeveral cost reduction and efficiency projects complete with results expected to be seen from 1Q2010. \n\n\nOutlook for 2010\n\n\nSilver production expected to be in line with the record set in 2009.\n\n\nAttributable gold production expected to increase by 16% to 320,000 ounces as Soledad and Dipolos ramps up in Q1 2010. \n\n\nConstruction of Saucito will continue ahead of planned start-up in 2011.\n\n\nCost control initiatives and operating efficiencies will continue to deliver operational and financial benefits.\n\n\nExploration budget to be increased to US$75.7 million, up 54% on the approximately US$49m spent in 2009.\n\n\nGrades expected to remain stable across all operations throughout the year.\n\n\nJaime Lomelín, Chief Executive Officer, said:\n\"We continue to focus on operational excellence across our asset base which is illustrated in the new record production levels we set and the success of our ongoing cost reduction programmes. The next step up in production will be from Soledad and Dipolos which will begin commercial gold production in January and is ahead of schedule and below budget. Saucito will follow and is expected to begin silver production in 2011. Exploration continues to b...