https://newsletter.mw.creamermedia.com
Gold
Gold
gold

Fresnillo says operational issues at Sabinas mine affecting silver production

12th November 2024

By: Reuters

  

Font size: - +

Precious metals miner Fresnillo said on Tuesday that the Sabinas mine, owned by Mexico's top silver miner Industrias Penoles, was experiencing operational difficulties, affecting silver production.

Shares in the FTSE 100 miner fell more than 5% in early trade.

Fresnillo did not disclose the nature of the operational issues at the Mexican mine.

The Sabinas mine is the mineral source as part of the Silverstream agreement between Fresnillo and Penoles, signed in 2007.

The Silverstream contract comprises a series of 12 agreements between Fresnillo and Penoles, following which the London-listed miner has the right to receive all proceeds from the payable silver.

The company also said discussions are ongoing with Penoles to assess the extent of the issues and any associated impact on the contract.

Fresnillo, which primarily produces silver and gold, said there was a reasonable likelihood that the issues might lead to "significant adjustments" to the Silverstream agreement.

Last month, Fresnillo said its 2024 production outlook remained in line with its previous forecast after posting a 1.5% quarter-on-quarter drop in silver output for the third quarter.

Edited by Reuters

Comments

Showroom

Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

An image of Valterra CEO Craig Miller
Valterra Platinum makes its debut on the JSE
28th May 2025 By: Tasneem Bulbulia

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.29 0.367s - 126pq - 2rq
Subscribe Now