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Fresnillo Falls Most on Record After Cutting Production Outlook

  • Top silver miner slumps and reports a drop in profit
  • Fresnillo misses out on rally in silver and gold prices
Workers monitor unprocessed silver along a conveyor belt at the Fresnillo silver mine in Zacatecas, Mexico.

Workers monitor unprocessed silver along a conveyor belt at the Fresnillo silver mine in Zacatecas, Mexico.

Photographer: Susana Gonzalez/Bloomberg

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Fresnillo Plc, a Mexican silver and gold miner controlled by billionaire Alberto Bailleres, isn’t seeing many benefits from a surge in precious metal prices.

The company is one of the few pure play silver producers, but has been dealt a blow by operational setbacks. On Tuesday, the company reported a 69% plunge in its first half profit, signaling production in 2020 may decline further following a decrease this year. The shares sank as much as 22% in London, the most since its listing in 2008.