Last checked at 6 Dec 2011 07:00
6 December 2011
Declaration of $300m Second Interim Dividend
Fresnillo PLC is pleased to announce that it will pay a second interim dividend of $300m equivalent to 41.85 US cents per share on 30 December 2011 to shareholders on the register on 16 December 2011.
The second interim dividend has been agreed by the Board of Fresnillo, following a comprehensive review of the company's current and future financial requirements. Given the strength of underlying precious metal prices in 2011 Fresnillo is expected to have sufficient cash on its balance sheet at year end after the payment of the second interim dividend and even allowing for the significant capital expenditure programme in 2012 and beyond.
Fresnillo's existing dividend policy, which takes into account the profitability of the business and underlying growth in earnings of the Fresnillo Group, as well as its capital requirements and cash flows, while maintaining an appropriate level of dividend cover, remains in place.
Fresnillo chief executive Jaime Lomelin said: "Even allowing for a significant capital expenditure programme over the next few years to fund the exploration and development operations that will deliver our future growth ambitions, the strong financial performance of the company during 2011 means that we are in a position to pay a Second Interim Dividend."
For further information, please visit our website www.fresnilloplc.com or contact:
Fresnillo plc London Office Arturo Espínola, Head of InvestorRelations |
Tel: +44 (0)20 7399 2470 |
Mexico City Office Gabriela Mayor | Tel: +52 55 52 79 3203 |
Brunswick Group Carole Cable David Litterick
| Tel: +44 (0)20 7404 5959 |
About Fresnillo plc
Fresnillo Plc is the world's largest primary silver producer and Mexico's second largest gold producer, listed on the London Stock Exchange under the symbol FRES.
Fresnillo has five producing mines, all of them in Mexico - Fresnillo, Ciénega, Herradura, Soledad-Dipolos and Saucito; two development projects -Noche Buena (new gold mine) and San Ramón (a satellite for the Ciénega gold mine); and five advanced exploration prospects - San Julián, Centauro Deep, Juanicipio, Orysivo and Las Casas as well as a number of other long term exploration prospects and, in total, has mining concessions covering approximately 2.1 million hectares in Mexico.
Fresnillo has a strong and long tradition of mining, a proven track record of mine development, reserve replacement, and production costs in the lowest quartile of the cost curve for both silver and gold.
Fresnillo's goal is to maintain the Group's position as the world's largest primary silver company, producing 65 million ounces of silver and over 400,000 ounces of gold by 2018.