UK Markets open in 7 hrs 15 mins
  • NIKKEI 225

    28,871.78
    +324.80 (+1.14%)
     
  • HANG SENG

    20,040.86
    -134.76 (-0.67%)
     
  • CRUDE OIL

    88.23
    -1.18 (-1.32%)
     
  • GOLD FUTURES

    1,794.30
    -3.80 (-0.21%)
     
  • DOW

    33,912.44
    +151.39 (+0.45%)
     
  • BTC-GBP

    20,031.11
    -220.23 (-1.09%)
     
  • CMC Crypto 200

    571.41
    -19.35 (-3.28%)
     
  • Nasdaq

    13,128.05
    +80.87 (+0.62%)
     
  • ^FTAS

    4,155.09
    +5.19 (+0.13%)
     

Miner Fresnillo's half-year profit slumps on lower gold output

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) - Miner Fresnillo said on Tuesday its half-year profit fell by more than a third due to lower gold output and a dip in silver prices, sending the company's shares down more than 7%.

The London-listed company, whose stock was the top loser on the FTSE 100 index, also warned of a hit from inflation and supply-chain bottlenecks in the coming months.

Gold production sank 28% to 308,800 ounces in the first half because of lower ore grades and a fall in the volume of ore processed at Fresnillo's Herradura and Saucito mines in Mexico.

Core profit for the six months ended June 30 fell 38.5% to $459.1 million. The drop also reflected a nearly 14% decline in average realised silver price to $22.8 per ounce.

(Reporting by Muhammed Husain in Bengaluru; Editing by Aditya Soni)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting