Fresnillo PLC (LSE:FRES) boosted silver production at its Mexican operations by 1.2% to 53.7mln ounces in the year to 31 December 2022. Gold production fell by 15% to just under 636,000 ounces.
Overall, the company generated US$2.4bn in revenue last year, down 10% on 2021.
Profit before tax was 59% lower at US$248.6mln.
Fresnillo’s chief executive Octavio Alvridez called the performance “resilient”.
“Our financial results were impacted by industry pressures included volatile precious metal prices and higher cost inflation, while our workforce continued to feel the impact of the pandemic and caused delays to our development programme,” he added.
Alvridez also cited new labour laws in Mexico regarding contractors as a factor in the profits drop.
The final dividend for 2022 is set at US$0.133 per share.