Ownership: JV: 56% Fresnillo plc, 44% MAG Silver
Location: Zacatecas, Fresnillo District
Facilities: Underground mine and flotation plant
Commercial Production: 2H20 (flotation plant: mid-2021)
Avg. Annual Anticipated Production: 11.7 moz silver, 43.5 koz gold
Total Budgeted Capex: US$440m (Fresnillo: US$246.4 million)

Juanicipio project is a joint venture with MAG Silver of which Fresnillo owns 56%. This standalone project, to be constructed, developed and operated by Fresnillo plc, is located in the Fresnillo District, 14 kilometres from our Fresnillo mine and first identified as a potential silver/gold project over ten years ago.

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. 

Capex was revised from US$395m to US$440m to reflect additional actual expenditure recently incurred by the JV partners on the underground project, and bringing forward full construction costs for two large life of mine ventilation shafts, plus some sustaining capital, to facilitate early start to underground works.



  • Development and stope ore from Juanicipio continued to be processed in the Fresnillo and Saucito flotation plants. On an attributable basis, Juanicipio produced 1,344 koz of silver and 3,269 oz of gold in 1Q22.
  • As previously disclosed, the construction of the Juanicipio plant was delivered on schedule during 4Q21. We remain focused on complying with the requirements from the state-owned electricity company and the energy regulator to complete the tie-in to the national power grid. We continue to expect this in mid-2022.
  • Once the required permits have been granted, we expect to ramp up operations to 85%-90% capacity by the end of the year.



  • Juanicipio plant construction was completed towards the end of 2021, as planned though the tie-in to the national power grid was not granted by Comisión Federal de Electricidad (CFE), the state-owned electrical company, before year end as expected.
  • The mill commissioning timeline was therefore extended by approximately six months to comply with new requirements from Centro Nacional de Control de Energía. (CENACE), the state regulator.
  • Juanicipio is set to be an increasingly major influence in our operations later this year, with annual silver and gold production expected to average 11.7 moz and 43.5 koz respectively over the life of mine.


Full release - Juanicipio JV announcement »

Full release - Juanicipio Commissioning Update »