MEXICO CITY(BullionStreet): Mexico's Fresnillo announced an increase in silver and gold production for the quarter ended 31 March 2013.
The FTSE 100-listed mining company said it's gold production decreased by 3.5 per cent year-on-year while silver performed better and increased by 2.6 per cent.
The company also said it is evaluating cost-saving initiatives after the recent market slump in silver and gold prices.
A year ago Fresnillo, the world’s biggest primary producer of silver, was enjoying the impact of silver’s strong run.
However the company said it remains committed to its long-term goals of producing 68 million troy ounces of silver and 500,000 ounces of gold a year by 2018, but will do so with a view to maximizing benefits for all our stakeholders.
The company also confirmed that it remains on track to achieve this year's production target of 41 million ounces of silver in 2013, broadly flat on year, once the 4 million ounces from the Silverstream contract is taken into account.
Fresnillo is also targeting a 3.6% rise in gold output to 490,000 ounces this year as the company's Noche Buena mine continues to ramp up production.
Fresnillo's shares are down 42% since the beginning of the year, closing at 1074 pence a share on Wednesday.
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