Fresnillo’s 2013 Profit Down 69.5 Percent

Fresnillo plc (LSE:FRES) announced yesterday its 2013 financial results, commenting that its silver production, including the Silverstream contract, rose 4.3 percent. Meanwhile, the company’s attributable gold production sank by 10 percent.

However, the company’s profit for the year took a big hit, falling 69.5 percent, to $261 million.

As quoted in the press release:

Fresnillo’s 2013 results were impacted primarily by a combination of lower precious metals prices, the lower gold production which arose from the legal dispute surrounding explosives permits at the Minera Penmont operations, and the non-cash loss generated by the Silverstream revaluation. As a result, revenues, EBITDA and net profits were lower than in 2012.

Against that backdrop we continue to be focused on operational efficiency and seeking the best performance and returns from our quality assets. We remain confident in our ability to deliver on our strategy now and in the future.

Click here to read the full Fresnillo plc (LSE:FRES) press release.