Mexico - Mine-layer Fresnillo will produce up to 300000 golden ounces in 2009
01-10-2008 newspaperThe Mexican mine-layer Fresnillo Ltd, the biggest producer of silver refined in the world, said Wednesday that continued with his aggressive expansion plans, although other companies of the sector are enduring the financial crisis in the United States.
Fresnillo, the precious metals unit of also Mexican Peñoles, said that his solid position of cash and his low level of debt will allow him to continue with his plans to duplicate the silver production about 2017.
“Our business is a business of long time of maturation, we cannot stop what we already have”, said Jaime Lomelín, executive director of Fresnillo.
“Our expansion projects cannot stop, not also our projects to lower costs”, he added.
The company has plans of approximately 35 produce millions of silver ounces and between 280000 and 300000 golden ounces in 2009, the same levels of this year.
The manager said that the silver and the gold might turn into sure investment options, even if the prices of other metals fall down for the weakness of the demand in the global economies in deceleration.
Lomelín also said that they continue with his plans to open a new exploration project in a place called Fresnillo II, a massive deposit of silver in the center of Mexico that was explored for the first time approximately 500 years ago.
“We have enough cash to go forward and now it is well, it is an opportune hour to buy team”, he said.
The actions of Peñoles raised on Wednesday more than one 12 per cent to 146.17 weight for title, for the high prices of the silver.
01-10-2008
