Fresnillo Reports Silver and Gold Equivalent Production for 2022
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Fresnillo Reports Silver and Gold Equivalent Production for 2022

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Karin Dilge By Karin Dilge | Journalist and Industry Analyst - Mon, 03/06/2023 - 16:21

Fresnillo produced 53.7 million oz of silver equivalent in 2022, in line with its production guideline. Production was slightly above the complete platform of 2021, which received the support of Juancipio and higher volumes of mineral processing in Fresnillo. This compensated for the low ore grade in San Julián. 

The company’s 4Q22 silver-equivalent production of 12.5 Moz was 7.8% less than 3Q22. A more solid performance at the Fresnillo and San Julián mines compensated for the lower production in other mines and the decrease in silverstream production. 

During 4Q22, silver-equivalent production decreased by 3% compared to the same period in 2021 due to a performance decrease of the mineral and lower ore grades in San Julián and Ciénega, mitigated by higher volumes of mineral processing and higher grades in Fresnillo. 

Meanwhile, production of gold-equivalent reached 635,900oz in 2022, 15.3% less than in 2021. This was mainly due to a lower recovery rate as the processing volume of sulfur increases as well as a lower ore grade in Herradura and a volume decrease of the processed mineral and lower ore grades in Noche Buena, Saucito and Ciénega. 

Moreover, the quarterly production of gold equivalent stood at 168,000 oz, 5.5% more than in 3Q22 due to an increase in the volume of minerals deposited in Herradura, which was partially compensated by lower volumes of the processed mineral and a lower recovery rate in Noche Buena and a lower grade and mineral production decrease in Saucito. 

The quarterly gold equivalent production in 4Q22 increased 11.7% in comparison to 4Q21, boosted by higher deposited mineral volumes and a lower ore grade in Noche Buena. 

Octavio Alvídrez, Director General, Fresnillo, saw solid results during 4Q22, an annual production aligned with the company’s guidelines. “Silver production especially was propelled by a solid performance in our Fresnillo mine, which shows constant improvement and the continuous contribution of our new Juanicipio project compensating the lower ore grades expected in San Julián.”

The Juanicipio project is 56 percent owned by Fresnillo and 44 percent by MAG Silver. It is being constructed, developed and operated by Fresnillo. It consists of two main vein systems: the Valdecañas vein system and the Juanicipio vein, which are significant silver-gold epithermal structures. Juanicipio is expected to produce 11.7 million oz of silver and 43,500oz of gold annually over an initial operational life of 12 years, reported Fresnillo.

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