Ownership: JV: 56% Fresnillo plc, 44% MAG Silver
Location: Zacatecas, Fresnillo District
Facilities: Underground mine and flotation plant
Commercial Production: 2H20
Avg. Annual Anticipated Production (Total): 11.7 moz silver, 43.5 koz gold
Indicated & inferred resources (Dec-18): 268.2 moz silver, 1.54 moz gold
Estimated Pre-operative Capex: US$395m

The Juanicipio project is a joint venture with MAG Silver of which we own 56%. This standalone project, to be constructed, developed and operated by Fresnillo plc, is located in the Fresnillo District, eight kilometres from our Fresnillo mine and first identified as a potential silver/gold project over ten years ago. Juanicipio’s mineral zones are located in silver-gold rich sulphide shoots of the veins. 

The Juanicipio deposit consists of two main vein systems; the Valdecañas vein system and the Juanicipio vein, which are significant silver-gold epithermal structures. The Valdecañas vein system displays the vertical grade transition typical of the principal veins in the Fresnillo district, observed as a change from silver and gold-rich zones at the top to increased lead and zinc in the deeper reaches. 

The feasibility study was concluded in 2H18 and drilling activities over the last 12 months have given us greater understanding of the potential at Juanicipio – endorsing the value of our strong, continuing commitment to exploration across all price cycles and in all economic environments.


  • Construction has begun, with completion expected late 2020, subject to finalising detailed engineering and securing the remaining permits.

  • Total average annual anticipated production of 11.7 moz silver, 43.5 koz gold, with an initial life of mine of 12 years.

  • Considerable further exploration opportunities within the license area with potential to scale-up operations in the future.

  • Estimated pre-operative capex of US$395m as of 01-Jan-18, which does not reflect expenditures incurred since that date.


  • During the period, development of the mine continued reaching 22.7 km. We have made further progress in engineering and commenced earthmoving and preparation for the construction of the beneficiation plant.

  • Juanicipio is expected to contribute a total average annual production of 11.7 moz silver and 43.5 koz gold, with an initial life of mine of 12 years.

Full release - Juanicipio JV announcement »