Fresnillo profit hit by lower Silver price last year
In a statement, Fresnillo said the main reason for the profit slump is drop in silver price and it will focus on costs in what it expects to be a challenging economic environment this year.
In a statement, Fresnillo said the main reason for the profit slump is drop in silver price and it will focus on costs in what it expects to be a challenging economic environment this year.
A 10 percent lower average realised silver price in 2012 impacted its bottom line, said the company. It was also affected by lower grades at its flagship Fresnillo mine, higher depreciation and a jump in exploration expenses.
The company made a profit of $1.04 billion in 2011 London-listed Fresnillo, also Mexico's second-largest gold miner, had said in January that it met annual production targets and expected silver output to be stable in 2013, while anticipating growth in its gold business.
Silver production contracted to 40.93bn ounces in 2012 from 41.87bn ounces one year earlier. Gold production rose by 5.4% to 473,034 ounces from 448,866 ounces.
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