Fresnillo cautious on 2021 outlook despite soaring profits
Saucito mine. (
Mexico-focused precious metals miner Fresnillo (LON:FRES) reported on Tuesday an increase in full-year pre-tax profit thanks to strong gold and silver prices, but said it remains cautious due to the pandemic situation in the country, where it has seven operations.
The company, Mexico’s largest gold producer, cut its full-year gold production outlook twice in 2020 due to covid-19 restrictions, which hit its Herradura and Noche Buena mines significantly.
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Pandemic-related measures resulted in total gold production for 2020 decreasing by 12.1% to 769,600 ounces, which was within the company’s revised forecast.