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Investing.com -- Fresnillo PLC (LON:FRES), the world’s largest primary silver producer and Mexico’s largest gold producer, on Wednesday reported third quarter production figures in line with expectations, with the company on track to meet its full year guidance.
Gold production is trending toward the upper end of the company’s projected range, while silver production declined as anticipated.
Quarterly attributable silver production totaled 11.7 million ounces (including Silverstream), representing a 6.6% decrease from the second quarter and a 19.1% decline compared to the same period last year. The reduction was primarily due to the cessation of mining activities at San Julián DOB, lower ore grades at multiple sites, and decreased processing volumes.
Gold production reached 151,256 ounces in the third quarter, down 4.1% from the previous quarter and 3.5% lower than the third quarter of 2024. However, year-to-date gold production of 465,096 ounces showed a strong 8.8% increase compared to the same period last year, driven mainly by higher ore grades at Herradura resulting from improved selectivity.
"Production performance is in line with our expectations, and we are on track to meet our full year guidance, with gold trending towards the upper end of the range," said Octavio Alvídrez, Chief Executive Officer. "We remain focused on achieving our priorities in the last quarter of the year. The safety of our people is key, while our continued focus on running our operations as efficiently as possible will enable us to further capitalise on the consistently strong precious metals prices."
The company maintained its 2025 production outlook, projecting attributable silver production between 47.5 and 54.5 million ounces (including Silverstream) and gold production between 550,000 and 590,000 ounces.
By-product lead production increased 1.4% quarter-on-quarter to 15,359 tonnes, while zinc production fell 12.9% to 24,735 tonnes compared to the previous quarter. Both metals showed significant YoY declines, with lead down 13.3% and zinc falling 23.4% from the third quarter of 2024.