Fresnillo profit down on lower precious metal prices

LONDON, March 4 (Reuters) - Mexican precious metals miner Fresnillo (Other OTC: FNLPF - news) reported a 64 percent drop in pre-tax profit, falling short of analyst expectations, hit by tumbling gold and silver prices last year and a ban on the use of explosives at one of its mines.

The miner said pre-tax profit for 2013 was $419 million on revenue of $1.6 billion.

A Thomson Reuters I/B/E/S poll of analysts estimated profit before tax of $520 million on revenue of $1.6 billion.

The miner said it was on track to produce 43 million ounces of attributable silver and 450,000 ounces of attributable gold in 2014.

Fresnillo's share price which halved last year, hit by falling gold and silver prices, has seen a recovery of late and is up 30 percent so far this year, helped by a rising gold price and cost reductions at the company.