Herradura

One of Mexico’s largest open-pit gold mines; producing 56.1% of the Group’s total gold (2021) and generating 27.1% 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: 1,629 employees, 1,129 contractors
Mine Life: 12.6 years (2019: 11.7)

Quarterly Production

  4Q22 3Q22 % change 4Q21
Ore processed (t) 7,084,437 5,592,474 26.7 4,271,069
Total vol. hauled (t) 27,446,767 28,590,141 (4.0) 33,115,154
         
Production        
Gold (oz) 103,826 85,245 21.8 69,177
Silver (koz) 191 199 (4.0) 168
         
Ore grades        
Gold (g/t) 0.71 0.71 0.0 0.65
Silver (g/t) 1.35 1.71 (21.1) 1.91

History

1991

Drilling commenced

1997

Construction commenced

1998

Commercial production

Production

Gold (oz)

421,535 (FY21) % (0.9) Change

Silver (koz)

926 (FY21) % (29.1) Change

Financial Highlights

Adjusted Revenue (US$m, FY21)

770.8 % (1.0) Change

Segment Profit (US$m, FY21)

285.3 % (28.8) Change

Captial Expenditure (US$m, FY21)

54.4 % 80.1 Change

Exploration (US$m, FY21)

19.0 % 8.0 Change

4Q22

  • Quarterly gold production increased 21.8% vs. 3Q22 due to increased volumes of ore processed as a result of positive variations with the geological model and faster recovery from ore deposited on the lower layers of leaching pad 14B.

  • Quarterly gold production was up 50.1% vs. 4Q21 due to the increased volume of ore processed for reasons explained above, and a higher ore grade driven by the positive variation with the geological model.

  • Full year gold production decreased 17.0% vs. FY21 as a result of the expected decrease in ore grade and lower recovery rates as higher volumes of sulphide ore are processed, partly mitigated by the increase in volume of ore processed for the factors explained above.

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