MEXICO CITY (dpa-AFX) - Fresnillo Plc (FRES.L) believes that it would continue to strengthen its precious metals position. While the company's ore resource inventory is strong, reserve replenishment and exploration of new projects would continue to underpin its long-term growth strategy. The board has authorised a risk capital investment in exploration budget of $360.4 million for 2012, which is more than double the 2011 expenditure.
The company, having exceeded its original goal for attributable gold production set at the time of the initial public offering at 400,000 ounces by 2018, now aims to grow this level of production to 500,000 attributable ounces of gold by 2018, as well as 65 million attributable ounces of silver, with reserves of 5.0 million ounces of gold and 650 million ounces of silver.
The company has achieved adjusted revenue of $2.31 billion, up 56.6% over 2010, and EBITDA of $1.54 billion, up 62.8%. Attributable net profit before the Silverstream revaluation effects was $787.3 million, a 48.3% growth.
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© 2012 AFX News
