The Phaserl


LARGEST SILVER PRODUCER: Facing Losses at Current Prices

by Steve St. Angelo, SRSRoccoReport:

The largest silver mining company in the world just came out with their first half financial results and the figures were dismal. Fresnillo’s first half profits declined a staggering 60% compared to the same period last year. However, at current metal prices the largest silver producer in the world could be experiencing losses the second half of the year.

According to their 1H 2013 Report, Fresnillo’s attributable profit declined an amazing 60% compared the first half of 2012. Furthermore, you will notice that as revenues declined, cost of sales increased:

Fresnillo received the following realized prices for gold and silver during the first half of 2013:

Silver = $24.67

Gold = $1,471

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