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Fresnillo Meets 2023 Production Target, Expects Stable Production in 2024


Fresnillo, the world’s leading silver producer, achieved its overall production goal for 2023, despite falling short on silver output. The company anticipates maintaining a steady level of production this year.

Silver Output

Fresnillo produced 56.3 million ounces of silver in 2023, surpassing the previous year’s output of 53.7 million ounces. However, this figure fell below the targeted range of 57.0 million to 64.0 million ounces. The increase in production was attributed to the ramp-up at Juanicipio and higher ore grade at San Julian.

Gold Output

Gold production declined from 635,926 ounces to 610,646 ounces, primarily due to reduced production at Noche Buena as the mine approached the end of its lifespan. The company had initially aimed for an output range of 590,000 to 640,000 ounces.

Overall Output

Despite not meeting the silver-production guidance, Fresnillo successfully achieved its overall production target for 2023 by producing 105.1 million silver-equivalent ounces, falling within the anticipated range of 104 million to 115 million ounces.

Production Outlook for 2024

In the coming year, Fresnillo projects a total silver production between 55.0 and 62.0 million ounces. The company also expects gold production in the range of 580,000 to 630,000 ounces. When expressed in silver-equivalent ounces, production is projected to be between 101 million and 112 million ounces.

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