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MEXICO CITY - Fresnillo (LON:FRES) plc, the world’s largest primary silver producer, today announced a solid financial performance for the full year ended December 31, 2024. The company’s adjusted revenue increased by 26.9% to US$3.64 billion, while EBITDA more than doubled to US$1.55 billion, reflecting higher precious metal prices and operational efficiencies.
The company delivered silver production in line with guidance and gold production slightly ahead, with lead and zinc production also showing strong growth over the year. The full commissioning of the San Carlos shaft at the Fresnillo mine has been a significant step in improving efficiencies and optimizing mine plans.
In line with its dividend policy, Fresnillo is returning US$192.3 million to shareholders as the final ordinary dividend and an additional US$308.0 million as a one-off special dividend. These, together with the interim ordinary dividend, bring the total distribution to shareholders for 2024 to US$547.5 million, marking the company’s highest return.
CEO Octavio Alvídrez stated, "Our financial position remains strong, with a net cash position of $458.3 million, allowing us to continue investing in the future while delivering returns to shareholders."
Looking ahead, Fresnillo remains committed to responsible growth, further cost optimization, and advancing its exploration pipeline to ensure long-term value creation for stakeholders. The company’s outlook for 2025 includes an anticipated capex of approximately US$530 million, primarily focused on mining works, sustaining capex, and the deepening of the Jarillas shaft at Saucito.
Based on a press release statement, Fresnillo plc has also announced changes to its Board Committee composition, effective March 4, 2025. Ms. Rosa Vázquez has been appointed as an additional member of the Audit Committee, and Ms. Georgina Kessel has been appointed as an additional member of the Remuneration Committee.
The company’s commitment to sustainability has led to a positive economic impact[1] of US$2,152.5 million in 2024, with a continued focus on reducing its Total (EPA:TTEF) Recordable Injury Frequency Rate (TRIFR) and Fatality rate to the International Council on Mining and Metals (ICMM) range by 2026.
For further information, please visit Fresnillo plc’s website at www.fresnilloplc.com.
[1] Economic Value Distributed is considered to be a social performance measure and includes wages, taxes, and payments to suppliers.
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