Fresnillo plc made its debut on the London Stock Exchange in 2008 following a successful, profitable and decades-long track record as a mining company with proven expertise in the mining value chain, from exploration through to mine development and operation.
Our world-class precious metal assets include the largest primary silver mine in the world, in addition we have an exceptional portfolio of development projects and exploration prospects.
As the industry faces cyclical challenges, we are confident that our extensive management experience, attractive country environment, low-cost production, commitment to exploration investment throughout the metals cycle, and a financially sound balance sheet have positioned us to thrive over the long term.
Our continuous and growing investment in exploration in recent years has resulted in a strong pipeline of projects at all stages of exploration and development, ensuring long-term organic growth and advancing our strategic objectives to produce annually 65 moz of silver and 50 koz of gold by 2018. We are well positioned in the precious metals industry with a low cost production profile, rich resource base, robust growth pipeline and strong cash position.
The Group maintains the largest land area of concessions for precious metals exploration and mining in Mexico. Our primary focus in on high potential silver and gold projects that can be developed into low-cost world class mines or cluster of mines. Central to our land acquisition and exploration efforts are community relations. The support of local governments, non-governmental organisations and community leaders in essential to the successful progression of any project.
We maintain strict and consistent investment parameters in terms of tonnage, ore grade and production costs, with an eye towards consolidating our mining districts. Projects that meet these criteria are advanced through a disciplined development process.
Our business model is dependent on community support and constructive labour relations, sound environmental management and exemplary safety and healthy performance. A core pillar of our strategy is strengthening the Group's sustainability framework. I see our safety performance as the most challenging development of the year and consider our work in reinforcing safety conditions as the single most important effort. That said, I am pleased with our performance in operational efficiency and competitive cash costs, our progress at development sites, and the significant advancement of our growth platform as a result of the increase in total ore resources.
We remain committed to identifying and evaluating partnership and acquisition opportunities that align with our strategy and add value. I also believe that our ongoing focus on increasing productivity, containing costs, expanding the resource and reserve base, and strengthening our growth pipeline while investing in our people and communities will create ongoing and sustainable value for our shareholders and all our stakeholders.