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.



  • Mineralised material from Juanicipio continued to be processed through the Fresnillo and Saucito flotation plant during the quarter. On an attributable basis, Juanicipio produced 1,042 koz of silver and 3,020 oz of gold in 4Q22, and 5.2 moz of silver and 12,461 oz of gold in 2022.
  • As reported in December, the final testing of the downstream power distribution and control systems was completed and the entire electric system energised. Commissioning of the Juanicipio plant is ongoing. We expect a gradual ramp up with the objective of reaching full nameplate capacity in the third quarter of 2023. As reported, ore will be processed at the Juanicipio plant and can also continue to be processed at our nearby Saucito and Fresnillo operations if required.

Full release - Juanicipio JV Apr-19 announcement »

Full release - Juanicipio Commissioning Dec-22 Update »