{"id":1167387,"date":"2020-02-24T06:55:34","date_gmt":"2020-02-24T12:55:34","guid":{"rendered":"https:\/\/www.mining.com\/?p=1014891"},"modified":"2020-02-24T06:55:34","modified_gmt":"2020-02-24T12:55:34","slug":"fresnillo-to-kick-off-production-at-juanicipio-ahead-of-schedule","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1167387","title":{"rendered":"Fresnillo to kick off production at Juanicipio ahead of schedule"},"content":{"rendered":"<p>Mexico-focused precious metals miner Fresnillo (LON:FRES) <a href=\"http:\/\/otp.investis.com\/clients\/uk\/fresnillo2\/rns\/regulatory-story.aspx?cid=191&amp;newsid=1374526\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said on Monday<\/a> that it expected to begin production at&nbsp;its&nbsp;56%-owned Juanicipio silver and gold project in Zacatecas in mid-2020, at an additional cost of $45 million.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The project, in which Canada\u2019s MAG Silver (TSX: MAG) holds a 44% interest, is now expected to reach 85% of planned capacity in the fourth quarter of 2021, compared to previous guidance of 65%.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Mine is expected to produce 11.7 million ounces of silver and 43,500 ounces of gold a year over an 12 year-life.<\/p>\n<\/blockquote>\n<\/figure>\n<p>Bringing the mine\u2019s production date<br \/>\nforward means that Fresnillo will have to spend $440 million, 11% more that the<br \/>\n$395 million estimated in January 2018 .<\/p>\n<p>Juanicipio, located only eight<br \/>\nkilometres from the company\u2019s Fresnillo mine, is expected to produce 11.7<br \/>\nmillion ounces of silver and 43,500 ounces of gold annually over an initial operational<br \/>\nlife of 12 years.<\/p>\n<p>Fresnillo,&nbsp;which <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mining.com\/fresnillo-shares-dive-as-it-cuts-2019-production-cites-challenging-times\/\" >cut its full-year production forecasts four times last year<\/a>, has been striving to cut&nbsp;capital investment and costs after core profits almost <a href=\"https:\/\/www.mining.com\/fresnillo-shares-collapse-as-profits-fall-short-despite-precious-metals-prices-rally\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">halved in the first six months of 2019<\/a>.<\/p>\n<p>The company, one of the 100 business with the highest market capitalization listed on the London Stock Exchange, is the world\u2019s largest primary silver producer and Mexico\u2019s second largest gold miner.<\/p>\n<p>Fresnillo, which floated in London in 2008, is 75% owned by Mexican billionaire Alberto Bailleres.&nbsp;The company\u2019s flagship mine is Saucito, the&nbsp;world\u2019s largest silver operation. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Operations at the Mexican silver and gold project will begin in mid-2020, at an additional cost of $45 million.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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