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Fresnillo says gold down but on track to meet guidance

Reuters - UK Focus

LONDON, April 16 (Reuters) - Mexican precious metals miner Fresnillo (Other OTC: FNLPF - news) said on Wednesday it remained on track to hit production guidance despite a near 30 percent fall in gold output in the first quarter compared to the same period last year.

The miner said gold production continued to be hit by a ban on the use of explosives at one of its mines due to a land dispute with the community. The ban has since been lifted with production expected to ramp up to normal levels in the second quarter, it said in a statement.

Fresnillo produced 10.4 million ounces of attributable silver, up 3.5 percent on the period last year, and 82,653 ounces of attributable gold.

The miner said it remained on track to deliver full-year guidance of 43 million silver ounces and 450,000 attributable gold ounces.

(Reporting by Stephen Eisenhammer; editing by Jason Neely)