LONDON (ShareCast) - (Sharecast News) - Fresnillo delivered a sharp increase in profitability in 2024, it noted in an update on Tuesday, supported by stronger precious metal prices, improved operational efficiency, and a disciplined focus on costs.
Adjusted revenue rose 27% to $3.6bn, while gross profit more than doubled to over $1.2bn, helped by higher gold and silver prices, operational improvements and the devaluation of the Mexican peso.

Gold production exceeded guidance thanks to gains at Fresnillo, Saucito and Herradura, while silver output was in line with expectations.

The miner, which was holding its annual general meeting, returned $547.5m to shareholders, including a special dividend of 41.8 cents per share, in addition to a total ordinary dividend of 32.5 cents.

Fresnillo also flagged encouraging developments in its exploration portfolio, including at Rodeo, Tajitos and Guanajuato, and expressed confidence that at least one prospect could enter development within two to three years.

Chairman Alejandro Baillères struck an optimistic tone on Mexico's political climate, citing a more constructive relationship with the new government and improved dialogue with the private sector.

He added that Fresnillo remained focused on expanding its renewable energy use, improving sustainability practices, and progressing exploration in Mexico, Chile and Peru.

At 0846 BST, shares in Fresnillo were up 0.58% at 1,032p.

Reporting by Josh White for Sharecast.com.

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