Our performance

1H16 Highlights

  • Silver production of 25.2 moz (including Silverstream), up 6.1%, and gold production of 448 koz, up 23.0%
  • Profit for the period of US$165.6m, up 116.9%
  • Basic and diluted EPS US$22.7 cents per share, up 118.3%
  • Cash generated from operations of US$475.2m, up 50.9%
  • Strong balance sheet maintained - cash, cash equivalents and short-term investments of US$701.2m
  • Interim dividend of US$63.4m (8.6 US cents per share) declared reflecting Board’s confidence in the Company’s financial position and outlook; no change to previously stated policy
  • Construction of the leaching plant (stage 1) at San Julián completed, with production expected to re-start in the coming days
  • Centauro Extension project and resumption of Pyrites project approved by the Board
  • Full year gold production guidance raised to 850-870 koz from 775-790 koz; full year silver production remains on track (49-51 moz, including Silverstream)

Total Production

  4Q16 4Q15 % change 3Q16 YTD 16 YTD 15 % change
Silver (koz) 12,247 11,336 8.0 10,607 45,677 43,023 6.2
Silverstream (koz) 1,069 830 28.8 1,168 4,625 3,955 16.9
Total Silver (koz) 13,316 12,166 9.5 11,775 50,303 46,977 7.1
Gold (oz) 268,104 215,892 24.2 219,840   935,513 761,712 22.8
Lead (t) 13,003 12,675 2.6 12,473 48,144 42,413 13.5
Zinc (t) 16,989 14,625 16.2 14,476 56,845 46,022 23.5

Financial Performance

 20082009201020112012201320142015
Total attributable silver production incl Silverstream (Moz) 34.8 41.3 42.1 41.9 41.0 43.0  45.0 47.0
Attributable Gold Production (koz) 263.6 276.6 369.0 448.9 473.0 425.8 596.0 761.7
EBITDA (in millions of US$) 337.4 496.6 945.0 1,538.5 1,315.3 729.8 567.3 547.5
Cash flow from operating activities before changes in working capital (millions of US$) 405.8 548.8 983.6 1,612.1 1,356.7 750.2  568.5  537.3

Key Commitments and Targets

  1. Maximise the potential of existing operations:
    Fresnillo: Stabilise the rate of development at 4,500 metres per month, improve ore grade and production levels; advance engineering on the capacity optimisation project
    Produce 49-51 moz of silver, 775-790 koz of gold, increase efficiency and control costs
  2. Deliver growth through development projects:
    San Julián: Commission flotation plant to process ore from the disseminated ore body (phase 2) in 4Q16
    Pyrites plant: Continue detailed engineering works and commence construction
  3. Extend the growth pipeline:
    Deploy US$135-140 million in exploration investment
  4. Advance and enhance the sustainability of our operations:
    Continue to strive for zero fatalities, continuous improvement in safety
    Conclude advancement of HSECR system towards its 2016 targets