Fresnillo 1st Half Pretax Profit Rises 52%

By Ian Walker Features Dow Jones Newswires

Fresnillo Plc (FRES.LN) Tuesday reported a 52% rise in first-half pretax profit, driven by the successful ramp-up of the San Julian mine since it started production in the second half of 2016 and operational improvements made at the Fresnillo mine.

Continue Reading Below

The Mexican-based precious metals mining company added that the turnaround plan at the Fresnillo mine continues to progress, with ore processed increasing for the fourth consecutive quarter.

For the half year ended June 30 Fresnillo made a pretax profit of $387.4 million, compared with $255.1 million a year earlier, on revenue that rose to $1.07 billion from $959.4 million.

The board reiterated that it is on track to achieve its 2017 production guidance of 58 million to 61 million ounces of silver and 870,000 to 900,000 ounces of gold.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

Continue Reading Below

August 01, 2017 02:59 ET (06:59 GMT)