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.
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Watching this very carefully with the price of gold under attack by shorters.

StockMarketWire.com
Fresnillo's full year silver production was at the top end of its guidance range, with 47 moz, a 4.4% increase on 2014.

This was mainly due to higher ore throughput at Saucito, more than offsetting the lower production at Fresnillo

Fourth quarter silver production increased 10.2% vs. 3Q15 due to higher ore grade and ore throughput at Saucito.

Full year gold production of 762 koz exceeded the revised gold production guidance of 715-730 koz, surpassing the 2018 gold production target of 750 koz; this was as a result of the dynamic leaching plant being fully operational following its start-up in March 2014 and Herradura being fully operational post the temporary explosives permit suspension which affected 2014 production.

Quarterly gold production increased 24.5% vs. 4Q14 mainly due to the start-up of the second Merrill Crowe plant at Herradura as well as higher overall average speed of recovery at the leaching pads. Increased volume of gold recovered, higher ore deposited and ore grade at Noche Buena also contributed to increase production.

Chief executive Octavio Alvadrez said: "I am pleased to report full year silver production at the top end of our guidance range, with 47 moz, a 4.4% increase on 2014. This was mainly driven by the ramp-up of Saucito II and a higher ore grade at Cianega, which more than offset lower production at Fresnillo.

"We continue to see the results of the measures we implemented to address the development delays at Fresnillo gradually come through, with grades and production levels increasing for a second consecutive quarter. The mine showed particular signs of improvement in the fourth quarter, and in 2016 I am confident of a turnaround, with a double digit increase in ore milled expected. In gold, production of 762 koz (+27.8%) not only exceeded our revised guidance of 715-730 koz (increased from 670-685 koz in July), but surpassed our long term 2018 target of 750 koz. This resulted from Herradura and its dynamic leaching plant being fully operational for the year, and achieving steady state as processing capacity increased following the installation of a second Merrill Crowe plant at the mine.

"In terms of our development pipeline, San Julian is on track for stage 1 commissioning in the second quarter of 2016 and stage 2 commissioning by year end, whilst detailed engineering works continue at the Pyrites plant. Looking ahead, we are expecting increases in both silver and gold production in 2016, with ranges of 49-51 moz and 775-790 koz respectively."

Incredable -
Good quarterly production report out today -
gold price steady / up a little being 50% in value of turnover,
silver price holding steady other 50% of turnover
Good forward looking production anticipated

Share now back to 2009 price, after touching £20 per share in 2011/12

Some say gold and silver have now bottomed out and over worst

Broker forecast yesterday target over £10 per share

Deutsche Bank today reaffirms its hold investment rating on Fresnillo PLC (LON:FRES) and cut its price target to 560p (from 570p).

Another gold miner benefiting from the stronger gold price.

sold short 10,000 this morning at 862.62 - but it went higher - sod
Hope it drops back somewhat -

kirky - you've been very quiet of late ..... hope you didn't get (too) burned on that short and that you are currently long

i see the results are out today, and certainly at first glance they don't look great, though of course it has been a year of pretty depressed precious metal prices

however, gold is currently on a roll which of course reflects in miners' prices

not surprisingly, sp has dipped today (sell on the news) but gold still holds at just below $1240

kirky's input might be useful! :-)

Got out of short some weeks ago at a loss. I have thought that FRES was overbought for a month or more. I have been struggling against rise in gold price and what I thought to be an excessive rise in FRES price.
A fall in FRES price today, as I expected, but I am not in market now and still nursung my recent loss. I still think FRES is now well overpriced but I seem to be struggling against the gold price bulls. May get in and short again as broker recommendations will be issued after Shareholders Meeting today. FRES still well overvalued at £980 I believe ( yield is now about 0.367 % ( can get 1.10% on cash in a savings account ).
Maybe share price should be nearer to £4 - 5 a share, or even less !

Fresnillo plc today announced its financial results for the full year ended 31 December 2015.
http://www.moneyam.com/action/news/showArticle?id=5223274

Octavio Alvídrez, CEO said:
"I am pleased to report a solid overall performance against a backdrop of continued global economic uncertainty and weak precious metals prices. Silver production was at the top end of our guidance, whilst in gold we surpassed our long term 2018 target. Our performance was driven by substantial operational progress during the year: we ramped up Saucito II, reached steady state at Herradura, and have begun to see the results of the measures we have put in place to solve development delays at Fresnillo.

Development projects advanced largely according to plan, with commissioning of phase 1 at San Julián due in the second quarter of 2016, and we have continued to invest in exploration to advance projects and prospects where we have identified strong potential.

We maintained a strong financial position, ending the year with a healthy cash balance, and without impairments. Weaker precious metals prices clearly impacted financial performance, but this was offset by higher volumes; we continued to generate sound profit margins and substantial cashflow from operating activities.

Our 2015 performance underlines the quality of our assets, our low-cost and flexible operations, and the benefits of a disciplined approach to investment, maintenance of a strong balance sheet and a clear commitment to sustainable business practices. We are confident in our ability to build on these solid foundations to deliver long-term value for our shareholders, balancing growth and returns whilst maintaining the strong financial position which allows us to optimise performance in current market conditions.

In light of the weak precious metals price backdrop, we reduced 2015 capital expenditure and exploration spend from budgeted levels, and have similarly reduced these budgets for 2016, deferring certain investments whilst favouring those which accelerate cashflow generation as part of our contingency plan. We will continue to focus on further cost reductions, productivity improvements and value preservation measures as we work towards our 2016 production targets."

Broker recommendations published today 2 March
Numis target 800p from 850p before
Citigroup target N/A Buy
Barclays target 700p Equal weight from 700p before
No major excitement and enthusiasm here

Fresnillo may have made a loss for 2015 except for weakness in Mexican Peso
which helped bring down their mining costs materially.

Average price realized for gold was US$ 1126.50
. . . . silver . . 15.60

We may see better average realization prices in 2016, but
will Mexican peso continue its weakness ?

We now need to look for quarterly production reports, see the Peso - $ rate movement, and of course gold / silver prices.

Remember that mines are generally a wasting asset with a limited life,
so mining Co's should at least yield more than many other investments.

Deutsche Bank today reaffirms its sell investment rating on Fresnillo PLC (LON:FRES) and raised its price target to 790p (from 750p).

I do not understand why it is holding current price and moves up to £10 sometimes.
Someone must be mad to buy at that price
Maybe some fear that we are heading for a global melt down ???

Gold and silver prices are not steaming ahead.
Mexican peso to dollar little changed since 31 Dec, so no material cost saving anticipated.
Negligible yield for wasting asset mining company
FRES probably worth about £8 per share or less.
I am short 10,000 shares but the bugger will not yet collapse.
I will hold my short a bit longer

According to Money AM statistics - if they are correct

FRES PE ratio = 103.54 = years to get your share price back by FRES earnings

FRES yield = 00.35 = about 300 years to get your cash back via dividend yield

!! IN100 YEARS THE GOLD AND SILVER WILL MOST PROBABLY BE ALL MINED OUT
ANYWAY

Which nobheads are buying into this as an investment ??????

Down 4.7% today - closed my short too soon, but about broke even.

Pleased as I was down about £3,600 yesterday with it.

??????????????? Do not know what to do now, as I still think it is overpriced but do not want to go short again, at current price. Maybe I just watch it for a day or so ??????

Surely as the markets are nervous atm, gold is seen as a safe haven, which should push up FRES regardless of the fundamentals. Betting against the market seems pretty risky to me. As you say, if we knew the answer we would all be rich by now!!!

gold has come off $26 today .... indeed, it was down $30 at one point

FRES is down 4.5% today, though FRES also produces silver, so it is not a straight correlation to the gold price. Presumably some people prefer to hold physical gold, others ETFs and others gold producers.

it has just been pointed out to me that gold is probably down due to a few hawkish comments coming from the fed chaps
thus, if interest rates are indeed set to rise sooner rather than later, gold falls and $ gets stronger

Yes this one is very susceptible to sentiment regarding interest rates, and consequently those who move into gold to hedge against low and lower rates.

Lower interest rates often mean higher gold price, but also one needs to watch the £ / $ movements, as lower $ may mean higher gold price.
Also when FT index rises or falls FRES does not necesserely follow index.
Not so straight forward trading in this one I think.


Also if Mexican peso falls then FRES may make cost savings
I still trade FRES on a daily basis - sometimes long sometimes short,
Turnover by value seems to be about 50% silver and 50% gold

It has been dropping for the past 3 or 4 trading days

Could easily be down to 850p soon