Completion of acquisition

RNS Number : 5908T

Fresnillo PLC

07 October 2014

 



Fresnillo Plc

28 Grosvenor Street

London W1K 4QR

           United Kingdom

www.fresnilloplc.com

7 October 2014

Fresnillo plc

Completion of acquisition of Newmont Mining's 44% interest in the Penmont Joint Venture

Further to the announcement made by Fresnillo plc (the "Company") on 12 September 2014 relating to the proposed acquisition by the Company of Newmont's 44 per cent. interest in the Penmont JV (the "Transaction"), the Company announces that all conditions precedent to completion of the Transaction have been satisfied or waived and the acquisition completed on 6 October 2014 for a total cash consideration of US$450 million.

London Office                                                                    Tel: [phone]

Gabriela Mayor, Head of Investor Relations

Floriana Michalowska

Mexico City Office                                                              Tel: [phone]

Ana Belem Zárate                                                                     

Bell Pottinger                                                                      Tel: [phone]

Daniel Thöle

Marianna Bowes

About Fresnillo plc

Fresnillo plc is the world's largest primary silver producer and Mexico's second largest gold producer, listed on the London and Mexican Stock Exchanges under the symbol FRES. 

Fresnillo has six operating mines, all of them in Mexico - Fresnillo, Saucito, Ciénega (including the San Ramón satellite mine), Herradura, Soledad-Dipolos¹ and Noche Buena; two development projects - Saucito II and San Julián; and four advanced exploration prospects - Centauro Deep, Juanicipio, Orisyvo and Las Casas Rosario as well as a number of other long term exploration prospects. In total, Fresnillo plc 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 750,000 ounces of gold by 2018.

¹ Operations at Soledad and Dipolos are currently suspended.

 

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