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31-07-2012 11:27:00

Fresnillo Eyes $680 Million Capex In 2012; $500 Million a Year Over Next 4-5 Years

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By Alex MacDonald

LONDON--Mexican precious metals producer Fresnillo PLC (FRES.LN) has allocated $680 million to capital expenditure this year, and expects to spend about $500 million a year in the next four to five years as it seeks to expand its silver and gold production capacity.

CEO Jaime Lomelin, who is retiring after four years at the helm of Fresnillo, said about $200 million of this year's total capital spend would be attributed to sustainable capital expenditure. The remainder would be spent on exploration and development of its growth projects, which includes its San Julian, Centauro deep, and Herradura projects.

Fresnillo is aiming to grow attributable gold production to 500,000 troy ounces by 2018 from a forecast 460,000 ounces in 2012, and attributable silver production to 65 million ounces from a forecast 41 million ounces in 2012.

-Write to Alex MacDonald at alex.macdonald@dowjones.com

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(END) Dow Jones Newswires

July 31, 2012 05:27 ET (09:27 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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