Herradura (incl. DLP)

One of Mexico’s largest open pit gold mines, producing 52% of the Group’s total gold (FY15) generating 28.1% of total adjusted revenue

Ownership: Minera Penmont (100% Fresnillo plc)
Location: Sonora
Commodity: Gold
Operational since: 1997
Facilities: Open-pit, heap leach & Merrill-Crowe plants; DLP
Workforce: 1,228 employees, 394 contractors
Average ore grade in reserves: 0.73 g/t Gold
Total Reserves: 5.2 moz Gold
Mine Life: 8.6 (2015: 9.2)

Quarterly Production

  3Q17 3Q16 % change 2Q17
Ore processed (t) 6,337,573 6,208,336 2.1 6,551,791
Total vol. hauled (t) 33,433,070 28,255,782 18.3 31,063,542
Gold (oz) 131,738 123,258 6.9 116,267
Silver (koz) 157 161 -2.5 104
Ore grades        
Gold (g/t) 0.75 0.78 -3.9 0.66
Silver (g/t) 1.20 1.27 -5.4 0.87



Drilling commenced


Construction commenced


Commercial production


Gold (oz)

520,366 (FY16) % 30.5 Change

Silver (koz)

638 (FY16) % 21.3 Change

Financial Highlights

Adjusted Revenue (US$m, FY16)

656.1 % 47.1 Change

Segment Profit (US$m, FY16)

369.9 % 68.9 Change

Captial Expenditure (US$m, FY16)

78.8 % (34.3) Change

Exploration (US$m, FY16)

30.7 % 158.0 Change

Perfomance Highlights: (3Q17)

  • Quarterly gold production increased vs. 3Q16 as a result of the larger reduction in gold inventories at the leaching pads compared to the reduction in inventory level in 3Q16 and, to a lesser extent, increased volumes of ore processed. This was offset by the lower ore grade.
  • Year to date gold production decreased when compared to the same period of 2016 as a result of the lower ore grade at Herradura and the expected smaller decrease in gold inventories at the leaching pads compared to the larger reduction in inventory levels during 2016. However, these factors were partly mitigated by the higher volume of ore processed.
  • Quarterly gold production increased 13.3% vs. 2Q17 as higher ore grade from the Valles area was processed and to a lesser extent, higher volumes recovered due to increased irrigation of new mineral layers deposited on the leaching pads. These factors were partly offset by the lower volumes of ore processed.
  • Inventory levels are expected to continue decreasing at Herrradura in 4Q17, albeit at a lower pace.