Business
Update on San Julián
Update on San Julián.
About this update from Fresnillo Plc
[{"type":"text","content":"\n \nRNS Number : 0488D Fresnillo PLC 01 July 2016 \n\n Fresnillo plc\n21 Upper Brook Street\nLondon W1K 7PY\nUnited Kingdom\nwww.fresnilloplc.com\n \n1 July 2016\n \nFresnillo plc\nUpdate on San Julián\nFresnillo plc (the \"Company\") is pleased to announce that construction of the San Julián project phase 1, including testing of the facilities and initial processing of ore, has been completed on time and on budget. \n \nAfter a few days of testings and starting to feed the mill continuously, a minor technical failure occurred, which led to a malfunctioning of the lubrication system, causing wear of the mill pads. This kind of event is often experienced during the start-up of a new project, but it was quickly identified and is being addressed. The Company now expects the milling facility to be up and running regularly towards the first week of August, at which point the mill will gradually be taken up to full capacity. \n \nDespite this technical issue, the Company confirms its guidance of 775-790 koz of gold and 49-51 moz of silver for 2016 as the higher than expected volumes produced at Saucito will compensate for the shortfall production at San Julián. The US$515 million San Julián silver-gold project has an expected average production of 10.3 million ounces of silver and 44,000 ounces of gold per year once phase 2 is commissioned by year-end and it reaches full capacity.\n \nFor further information, please visit our website www.fresnilloplc.com or contact:\n \n\n\n\n\nFresnillo plc \nLondon Office &nb...