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Fresnillo says 2019 is challenging, cuts production guidance
Jul. 17, 2019 2:32 PM ET|About: Fresnillo Plc (FNLPF)|By: Vandana Singh, SA News Editor
Fresnillo (OTCPK:FNLPF) cut its annual production targets, amid due to lower grades and delays in the construction of a leaching pad at its Herradura mine in Mexico
The company revised its 2019 silver guidance to between 55M - 58M ounces, down from previous range of 58M - 61M ounces.
Lowered gold production outlook in the range of 880,000 - 910,000 ounces, as compared to prior guidance of 910,000 to 930,000 ounces.
During the three months to June 30, Fresnillo?s silver production fell 6% Y/Y to 14.4M ounces and gold production was down 5.4% to 221,307 ounces.
The company also flagged a negative cost impact of ~$135M for 1H due to accounting re-classifications and growth initiatives.
Shares dropped by ~5% to the bottom of the FTSE 100
Now read: Fresnillo Investors Still Wearing Silver Goggles »