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 ore from Juanicipio continued to be processed through the Fresnillo and Saucito flotation plants during the quarter. On an attributable basis, 1,328 koz of silver and 3,143 oz of gold were produced in 2Q22.
  • As reported in previous quarters, the construction of the Juanicipio plant was delivered on schedule in 4Q21. The tiein of the plant to the national electricity grid at Juanicipio is expected in the coming weeks. Commissioning of the plant and ramp-up of operations will follow soon after.

Full release - Juanicipio JV announcement »

Full release - Juanicipio Commissioning Update [September] »