One of Mexico’s largest open-pit gold mines; producing 55.0% of the Group’s total gold (2022) and generating 24.4% of total adj. rev.

Ownership: Minera Penmont (100% Fresnillo plc)
Location: Sonora
Commodity: Gold
Operational since: 1997
Facilities: Open-pit, heap leach & Merrill-Crowe plants; two dynamic leaching plants (DLP)
Workforce: 2,230 employees, 708 contractors
Mine Life: 10.9 (2021: 11.8)

Quarterly Production

  1Q23 4Q22 % change 1Q22
Ore processed (t) 6,485,710 7,084,437 (8.5) 4,216,598
Total vol. hauled (t) 29,223,867 27,446,767 6.5 32,784,771
Gold (oz) 106,832 103,826 2.9 77,602
Silver (koz) 208 191 9.1 218
Ore grades        
Gold (g/t) 0.73 0.71 3.7 0.69
Silver (g/t) 1.72 1.35 27.4 2.25



Drilling commenced


Construction commenced


Commercial production


Gold (oz)

349,715 (FY22) % (17.0) Change

Silver (koz)

776 (FY22) % (16.2) Change

Gold ore grade (g/t)

0.69 (FY22) % (9.2) Change

Ore deposited (kt)

22,195 (FY22) % 9.3 Change

Financial Highlights

Adjusted Revenue (US$m, FY22)

634.9 % (17.6) Change

Segment Profit (US$m, FY22)

127.9 % (55.2) Change

Captial Expenditure (US$m, FY22)

105.3 % 134.0 Change

Exploration (US$m, FY22)

19.2 % 1.1 Change


  • Quarterly gold production increased 2.9% vs. 4Q22 mainly driven by the higher recovery rate resulting from the increased irrigation of inventory as leaching pad 14B is accessed, and higher ore grade, partly offset by the lower volume of ore processed driven by the failure of the main transformer at the dynamic leaching plant, which is temporarily being replaced by a lower capacity transformer while the main transformer is repaired.

  • Quarterly gold production increased 37.7% vs. 1Q22 mainly due to the increase in volume of ore processed and higher ore grade mainly as a result of a positive variation with the geological model. This was partly offset by the lower recovery rate driven by gold contents in solution still in the leaching process.

  • Adjusted production costs impacted by increase in waste material hauled charged to costs, rather than capitalised, despite 20.6% decrease in total volume of waste material hauled (capitalised and charged to costs). This is because in 1Q22 the total stripping ratio of c. 6.8 was significantly higher than prevailing average stripping ratio for life of the mine (LOM) (under IFRIC 20 stripping costs above the average LOM stripping ratio are capitalised), this higher stripping ratio was due to need to prepare and gain access to mineral benches; whereas 1Q23 the 3.5 total stripping ratio was only slightly higher than the prevailing average stripping ratio for LOM, thus decreasing the portion of volume being capitalised.

  • The gold ore grade in 2023 is estimated to be in the range of 0.65-0.75 g/t.