Fresnillo plc

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Fresnillo plc
Type Public company
Traded as LSEFRES
Industry Mining
Founded 2008
Headquarters London, UK (corporate), Mexico City, Mexico (operational)
Key people Alberto Bailleres (Chairman of the board), Octavio Alvidréz (CEO)
Products Precious metals
Revenue US$1,615.2 million (2013)[1]
Operating income US$488.1 million (2013)[1]
Profit US$261.0 million (2013)[1]
Parent Industrias Peñoles
Website www.fresnilloplc.com

Fresnillo plc is a Mexican-based precious metals mining company incorporated in the United Kingdom and headquartered in Mexico City. Fresnillo is the world's largest producer of silver from ore (primary silver) and Mexico's second-largest gold miner.[2] The first Mexican firm to have its primary listing on the LSE,[3] Fresnillo is a constituent of the FTSE 100 Index.

History[edit]

Formerly a wholly owned operating division of Industrias Peñoles, a minority stake in the company was spun off on the London Stock Exchange in a May 2008 IPO, with a secondary listing on the Mexican Stock Exchange on the same day.[4]

On 15 August 2012, Octavio Alvidréz took over as Chief Executive from Jaime Lomelín, following a handover period.[5]

Operations[edit]

The company operates three gold and silver mines in Mexico: the largest in terms of silver output is located near the city of Fresnillo in Zacatecas, with the other mines at Cienega in Durango and Herradura in Sonora. In 2007 Fresnillo produced 34.3 million ounces of silver and 279,614 ounces of gold, as well as around 20 tons each of zinc and lead as by products from the three mines. Industrias Peñoles retained the rights to its primary base metals mines when Fresnillo was spun off.[6] The company also has 21 active exploration projects located across the country,[6] and has signalled plans to use the money raised in its IPO to expand into Peru and Chile.[7]

References[edit]

  1. ^ a b c "Preliminary Results 2013". Fresnillo. Retrieved 9 March 2014. 
  2. ^ "Mexico's Industrias Penoles to spin off Fresnillo in London IPO". Forbes. 11 April 2008. Archived from the original on 24 May 2011. Retrieved 21 September 2008. 
  3. ^ Fleming, Sam (28 August 2008). "Mexican to make waves on the Footsie". Daily Mail (UK: This is Money). Retrieved 21 September 2008. 
  4. ^ "Fresnillo IPO to raise US$900 million". Metals Place. 14 April 2008. Retrieved 24 March 2012. 
  5. ^ "Fresnillo CEO Jaime Lomelín Retires - Quick Facts". RTT News. 26 June 2012. Retrieved 28 November 2012. 
  6. ^ a b "Production volumes: annual". Fresnillo. Retrieved 21 September 2008. [dead link]
  7. ^ Bream, Rebecca (9 May 2008). "Fresnillo suffers 6% fall during London debut". Financial Times. Retrieved 21 September 2008. 

External links[edit]