One of our most important assets; contributing 23.4% to total silver production in 2021 and generated 21.0% of total adjusted rev.

Ownership: 100% Fresnillo plc
Location: Zacatecas 8km SW of the Fresnillo mine
Commodity: Silver, Gold
Operational since: 2011
Facilities: Underground mine and flotation plant
Workforce: 1,015 employees, 2,363 contractors
Milling Capacity : 7,800 tpd/2,600,000 tpy
Mine Life: 7.3 (2020: 5.2)

Quarterly Production


  2Q22 1Q22 % change 2Q21
Ore processed (t) 512,739 495,419 3.5 660,039
Silver (koz) 3,043 2,738 11.1 3,454
Gold (oz) 16,785 16,388 2.4 24,760
Lead (g/t) 5,180 4,264 21.5 7,650
Zinc (g/t) 8,367 7,299 14.6 11,722
Ore grades        
Silver (g/t) 205 193 6.3 190
Gold (g/t) 1.31 1.29 1.8 1.51
Lead % 1.19 0.98 20.5 1.35
Zinc % 2.12 1.81 17.0 2.43



Drilling commenced


Construction commenced


Commercial production 1H11


Silver (koz)

12,439 (FY21) % (19.9) Change

Gold (oz)

88,440 (FY21) % 4.2 Change

Lead (t)

24,615 (FY21) % (13.9) Change

Zinc (t)

37,469 (FY21) % (12.4) Change

Financial Highlights

Adjusted Revenue (US$m, FY21)

594.5 % 0.2 Change

Segment Profit (US$m, FY21)

321.3 % (1.2) Change

Captial Expenditure (US$m, FY21)

101.2 % 37.9 Change

Exploration (US$m, FY21)

18.7 % 34.5 Change


  • Quarterly silver production increased 11.1% vs. 1Q22 mainly due to a higher ore grade and an increased volume of ore processed.

  • Quarterly silver production decreased 11.9% vs. 2Q21 as a result of the lower volume of ore processed driven by the residual impact of the labour reform in Mexico. This was mitigated by the higher ore grade due to improved dilution control, as well as successfully regaining access to certain areas of the mine that were impacted by the localised seismicity in previous quarters, and an improved recovery rate due to more efficient grinding in the mill circuit.
  • First half silver production decreased 12.4% vs. 1H21 due to a lower volume of ore processed, mitigated by a higher ore grade, for reasons explained above.

  • We continued our recruitment and training campaigns with the target of gradually reducing the shortage of personnel through the second half of the year. However, as explained in the prior quarters, we continue to expect some variability in the ore grade and volumes of ore processed in 2022 driven by the need for additional development of the mine in order to recapture operational flexibility following high levels of localised seismicity and shortages of personnel reported last year.

  • Quarterly by-product gold production increased 2.4% vs. 1Q22 driven by the higher volume of ore processed, offset by a lower recovery rate.

  • Quarterly and first half by-product gold production decreased 32.2% and 35.7% vs. 2Q21 and 1H21, respectively, due to a lower volume of ore processed for reasons explained above and a lower ore grade.
  • Full year 2022 silver ore grade is expected to remain between 175-195 g/t, while the gold ore grade is estimated to remain around 1.10-1.20 g/t.