Fresnillo Plc (LON:FRES) expects to produce between 51mln to 56mln ounces of silver in 2020, as well as between 815,000 to 900,000 ounces of gold.
The FTSE 100-listed precious metals company characterized the medium-term outlook as “stable” for 2020, with a return to silver growth set for 2021.
The statements came as Fresnillo reported results for the full year to December 2019.
Revenues were broadly flat at US$2.1bn, while pre-tax profit dropped by 63% to US$178mln.
"2019 was a more challenging year as expected, but we remain determined and optimistic for the future,” said Fresnillo chief executive Octavio Alvídrez.
“Production did not meet our expectations in 2019. Total silver production fell by 11.6% to 54.6mln ounces as a result of the expected lower ore grade at Saucito as well as lower than expected ore grades at Fresnillo and San Julián Veins and Disseminated Ore Body. Gold production of 875,900 was down compared to 2018 due to the expected lower production from Noche Buena and a lower ore grade at San Julián veins.”