Floated in may '08 at a share price of 525p. Shares in issue Dec '08 717,160,000.
Based in Mexico & listed on the LSE FTSE 250 index. (FTSE100 March '09)
Miner of Gold, silver, Zinc & Lead in Mexico
Produces approx 3m Oz silver, 280k Oz gold, 20k tons Zinc, 17k tons lead p.a.(2008)
Fresnillo has three producing mines, all of them in Mexico - Fresnillo, Ci�nega and Herradura; two advanced development projects - Fresnillo II, Soledad & Dipolos; and three exploration prospects - San Juan, San Julian, Orysivo, as well as a number of other long term exploration prospects and, in total, has mining concessions covering approximately 1.3 million hectares in Mexico.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

BMO Chief Economist Doug Porter warned that interest rates could move higher sooner rather than later in 2015. His 2015 outlook for gold is that it will trade, broadly speaking, where it is today. His assumption for next year is $1,190 per ounce. If the market perceives inflation is becoming a concern, it would be constructive for the gold price. (source)

Erica Rannestad, senior analyst, precious metals demand, Thomson Reuters GFMS, agreed that gold prices will likely be lower in the first half of the year because of the Fed’s expected action, which she called “the top driver” for gold-price direction. She said gold prices will likely consolidate in 2015, and lists and a 2015 average price $1,175, with prices trending higher in the second half of the year. (source)

Rob Haworth, senior investment strategist, U.S. Bank Wealth Management, said the following: “Looming Federal Reserve interest rate increases in the second half of 2015 and the stronger U.S. dollar will keep pressure on gold prices through the year. The gold market could see rallies if demand improves for physical gold, but weaker growth in much of the world will temper such prospects.” (source)

TD Securities said gold prices in the first half of 2015 could also find pressure from the slow growth in China and Europe, along with the sharp drop in crude oil prices, which is disinflationary. “Less inflation tends to lift real rates and reduce demand from investors, who buy gold and silver as a hedge. Lack of investable petrodollars, after the recent oil price collapse, also negatively hit demand for real assets and may lift Treasury yields just as the Fed will no longer be there to pick up the slack now that it ended its QE-inspired asset purchase program.” (source)

Citi Research estimates the average price for gold at $1,220 in 2015.

TD Securities lists its average 2015 gold price at $1,225.

Natixis forecast gold at $1,140.

JP Morgan revised its gold price forecast 4% lower to $1,220 per ounce, citing lower inflation, reduced inflation expectations, higher US interest rates and a stronger US dollar. “While seasonal, physical buying emerged in Asian markets in September after a drop in price, many headwinds strengthened at the same time. The Asian gold consumer – a major supportive factor last year – proved to be very price sensitive and has been unwilling to step into the market at prices above $1,260. Gold investors, in both Western and Asian countries, have also been largely absent from the market for the majority of this year.” (source)

In an interview with Mineweby, S&P credit analyst Jarrett Bilous said: “We have a relatively stable gold price at $1,200 through 2015-16, and that incorporates our expectation for relatively modest US inflation below 2% through 2016. But we also believe that gold prices will remain particularly susceptible to shifts toward higher US interest rate expectations and a stronger US dollar. We are not forecasting a gold price below $1,200, but there’s certainly the potential that prices could weaken given that, at $1,200 per ounce, the price of gold is close to 50% higher than it was in 2008 when the US started cutting interest rates to support the US financial system. We are expecting at that price, gold will remain highly volatile. It is certainly possible that gold will drop below $1,100. But below that level there’s a lot of capacity in the industry that would not be profitable and would be generating negative free cash flow. So it’s questionable how long certain mines would remain open if prices were to remain consistently below that level.”

Fresnillo : *UBS CUTS FRESNILLO PRICE TARGET TO 950 PENCE - 'BUY'


more or less in line with my Chart target.

Looks like post 153 is a load of nonsense.

Loads errrrrrr money doodlemug.

23 Jan 2015 Fresnillo PLC FRES JP Morgan Cazenove Overweight 893.25 915.00 1,110.00 1,190.00 Retains

SP TARGET 1190p

and thats just for starters....

We all know how accurate brokers are......

Yep but you have to take them all and if all have a positive rating then its worth taking note.

Market Outlook The market ran out of steam and the traders are now more in agreement about the bearishness. The evidence is strong enough to prompt the closing of long positions. The bearish pattern that was previously identified is finally confirmed and a SELL signal is generated. You still have time to follow the signal and then you may start checking other securities for a bullish bet.

British Bulls

On the way back down to sub 700p ?

StockMarketWire.com
Fresnillo's full year silver production - including Silverstream - rose to 45.0 Moz - 4.9% up on 2013 and ahead of guidance of 43.0 Moz guidance. Fourth quarter output rose to 12.3 Moz up 15.5% on a year ago.

The 4.9% increase on 2013 was mainly a result of higher ore throughput at Saucito due to the additional material processed from the development activities at Saucito II, maintenance efficiencies at the original Saucito beneficiation plant, and an increase in the volume of ore processed at Ciénega.

A higher contribution from the Silverstream of 4.6 Moz, resulting from increased production at Sabinas (+17.8% vs. 2013) due to a higher recovery rate and a higher ore grade, also helped boost silver production.

These factors more than compensated for the expected lower ore grade at Fresnillo resulting from the natural decline in ore grades which was further affected by the higher dilution in some of the San Mateo and San Carlos stopes and delays in the preparation of certain stopes, as well as the lower than expected silver ore grade at Ciénega.

Quarterly silver production excluding the Silverstream increased 17.6% vs. 4Q13 as a result of increased ore processed and a higher ore grade at Saucito. However, this was partially offset by less ore being processed at Fresnillo and a lower ore grade at Ciénega resulting from the increased dilution at San Ramón. Similarly, quarterly silver production increased 11.6% when compared to the previous quarter as a result of higher ore processed and ore grade at Saucito.

Full year gold production comfortably met revised guidance of 590 koz, but decreased 2.4% on 2013, mainly as a result of the stoppage of operations at Soledad-Dipolos due to the court order regarding the Ejido "El Bajío" litigation process.

The expected lower ore grade at Ciénega due to the depletion of both higher gold ore grades and wider stopes also contributed to this decrease in gold production.

In addition, production was impacted by the heap leaching process remaining in ramp-up at Herradura. This affected the speed of recovery, the excess of suspended solids in solution resulting from the start-up of the new dynamic leaching plant (DLP), and the need to increase processing capacity at Herradura.

However, an increase in ore deposited at Noche Buena and a higher contribution from Saucito supported gold production levels.

Chief executive Octavio Alvídrez said: "I am pleased to report an increase of nearly five percent in silver production in 2014, to 45 million ounces, ahead of our guidance of 43 million ounces, reflecting higher ore throughput at Saucito and an increased contribution from the Silverstream. In gold, we comfortably met our revised production target following the acquisition of the Penmont minority from Newmont, producing 596 thousand ounces over the year.

"Within our growth project pipeline, I am very pleased to report that operations at Saucito II successfully commenced both on time and on budget in the fourth quarter, and we also saw the start-up of the dynamic leaching plant at Herradura. Looking to 2015, the construction of the leaching plant at San Julián continues, and we are on track to commence production in the fourth quarter.

"2014 was of course not without its challenges, in particular at our Fresnillo and Herradura mines, but we begin 2015 confident that we are taking the necessary actions to allow for increased production at the Herradura mine, and at Fresnillo we are expecting to see the benefits of the measures we have implemented in order to control dilution and improve contractor efficiency to deliver more stable production."

Excelent.

BRIEF – Fresnillo says FY silver production exceeds guidance
28 Jan 2015 - 07:11

Jan 28 (Reuters) – Fresnillo Plc

Full-year silver production (including Silverstream) of 45.0 mln ounces, up 4.9 pct versus. 2013 and ahead of 43.0 mln ounces guidance
Full-year attributable gold production of 596,000 ounces, in line with revised guidance of 590,000 ounces
4th qtr gold production of 173,000 ounces up 77.4 percent versus 4th qtr 2013 due to Herradura being fully operational
On track to reach 2018 production target of 65 mln ounces silver and 750,000 ounces gold
Sees 2015 silver production expected to be in range of 45-47 mln ounces including 3.5 mln ounces from Silverstream
Sees 2015 gold production expected to be in range of 670,000-685,000 ounces
2015 exploration budget of approximately $170 million
In 2015, average silver ore grade at Saucito is expected to be around 290 g/t
Source text for Eikon: ... Further company coverage: FRES.L

((Bengaluru Newsroom +91 806 749 1136);

29 Jan 2015 Fresnillo PLC FRES JP Morgan Cazenove Overweight 910.00 910.00 1,190.00 1,180.00 Retains

SP TARGET 1180p

Trading Update: http://www.moneyam.com/action/news/showArticle?id=4977012

Financial results for the year ended 31 December 2014

Fresnillo plc today announced financial results for the full year ended 31 December 2014. Octavio Alvídrez, CEO said:
"In 2014 we have delivered a reasonable performance considering the lower silver and gold prices that impacted the industry as a whole. This has again demonstrated that the quality of our assets, the strength of our balance sheet and our conservative approach to creating sustainable value places Fresnillo in a strong position amongst precious metals producers.

Our annual silver production of 45 million ounces was ahead of guidance and in gold we met our revised production guidance following the Penmont acquisition, producing 596 thousand ounces over the year.

2014 was of course not without its operational challenges, in particular at Fresnillo and Herradura. We are confident that the initiatives we put in place during the year at these mines will result in improved production in 2015. In addition, in 2014 we saw the start-up of the dynamic leaching plant at Herradura which will contribute to a decrease in cash costs at the mine, and we made excellent progress at our development projects in 2014, with the commissioning of Saucito II in December on time and on budget.

Furthermore, the acquisition of the 44% stake of Penmont further strengthened our position in the highly prospective Herradura district and allowed us to increase our 2018 gold production target from 500 thousand ounces to 750 thousand ounces. Our 2018 silver production target of 65 million ounces remains in place.

As we enter 2015, our focus will remain on delivering operational efficiencies, generating improvements in productivity, maintaining our cost position and margins in our current operation; as well as investing in growth projects. Our strong balance sheet will support our growth plans."


2014 Highlights
Maintaining operational excellence
· Record annual silver production (including Silverstream) of 45 Moz; up 4.9% vs. 2013 and ahead of 43.0 Moz guidance due mainly to increase in ore processed at Saucito and Silverstream contribution
· Annual gold production of 596 Koz in line with revised guidance post Penmont acquisition; a 2.4% decrease vs. 2013 due to the stoppage of operations at Soledad-Dipolos
· Silver grades at Fresnillo continued to decline but measures implemented to control dilution and improve contractor efficiency will deliver improved production in the second half 2015
· Technical and capacity issues associated with ramp-up of operations at Herradura impacted production, but mine expected to reach steady state in 2015 due to measures taken in 2014
· Ciénega mill capacity optimised resulting in an 8% increase in ore processed, partially offsetting expected lower gold ore grades
· Start-up of Herradura dynamic leaching plant in March 2014
· Production at Noche Buena ramped up and reached expanded capacity during 2014
· Maintained focus on cost control to retain position as a low cost producer
· Key safety indicators continued to improve in 2014

Delivering growth through the cycle
· Operations commenced at Saucito II on time and on budget; set to produce 8.4 Moz silver and 35 koz gold annually at full capacity
· San Julián on track to start production in 4Q15; expected average annual production of 10.3 Moz silver and 44 koz gold at full capacity
· US$450 million acquisition of 44% stake in Penmont to consolidate our position in one of Mexico's most prospective gold belts
· Extensive greenfield and brownfield exploration programmes continued to deliver positive results, most notably at Herradura, Orisyvo and Guanajuato
· 2014 exploration expenditure of US$184.5 million, delivered a 21.3% and 45.0% increase in silver and gold reserves despite lower price assumptions; gold resources grew 1.7% and silver resources declined 6.2% on exploration results

Delivering positive earnings and returns in a low price environment
· Adjusted revenue of US$1,545 million
· Gross profit and EBITDA of US$521.1 million and US$567.3 million
· Profit from continuing operations of US$245.6 million
· 2014 financial results impacted by higher adjusted production costs and adverse effects of non-cash exceptional items including foreign exchange loss and higher deferred taxes
· Basic and diluted EPS from continuing operations of US$0.147; adjusted EPS of US$0.074
· Strong balance sheet maintained; cash, cash equivalents and short-term investments of US$449.3 million at 31 December 2014
· 2014 final dividend of 3 US cents per share - equivalent to approximately US$22.1 million was recommended by the Board

Numis retains buy on Fresnillo, target raised from 900p to 1000p.

StockMarketWire.com
Fresnillo's silver production - including Silverstream - rose to 12.4 moz in the three months to the end of March, 18.9% up on a year ago.

The company said said this was due to increased ore volume processed and higher ore grade at Saucito, more than offsetting lower production at Fresnillo.

Quarterly gold production rose to 182 koz, up 62.4% on a year ago mainly due to Herradura being fully operational post the temporary explosives permit suspension which affected the comparator quarter, and the dynamic leaching plant at the mine now in operation, together with an increased contribution from Saucito.

Quarterly gold production was 4.9% on the previous three months, mainly reflecting the ramp-up at Herradura.

The companys ays it is on track to achieve 2015 production guidance of 45-47 moz silver, (including 3.5 moz from the Silverstream), and 670-685 koz gold.

Chief executive Octavio Alvídrez said: "We have had a strong start to 2015, producing over 12 million ounces of silver and 182 thousand ounces of gold in the quarter. We have improved development work at Fresnillo and started to see the results of the measures being taken to solve the challenges faced at Herradura.

"Silver production increased nearly 20% on the first quarter of 2014, boosted by higher production levels from Saucito as Saucito II ramps up successfully following its commissioning on time and on budget in late 2014 and we continue to make efficiency improvements. Gold production increased over 60% on the first quarter of 2014, with Herradura and its dynamic leaching plant fully operational.

"Looking ahead, we have seen continued progress at our San Julián development project, with stage 1 on schedule for commissioning in late 2015, and stage 2 to follow in 2016. I am confident that we remain on track to achieve our 2015 production guidance of 45-47 million ounces of silver and 670-685 thousand ounces of gold."

Looks like silver price may now have begun to recover, and gold, ( I do not know why )
.... - irrespective of dollar weakness /strength.
Plus FRES production now going well with higher silver and gold production target for the future.

Maybe a share to watch for impending recovery from recent lows towards past much higher share price = one to tuck away for the next twelve months.

Also a hedge against EU unpopularity, almost certain EU Greece exit, and unpopular actions such as spending cuts, tax rises, etc at the beginning of our new term of Conservative Govt.