VANCOUVER, British Columbia, Dec. 27, 2021 (GLOBE NEWSWIRE) -- Fresnillo plc (“Fresnillo”) and MAG Silver Corp. (“MAG Silver”) today provide a commissioning update on the Juanicipio Project (56% / 44% Fresnillo and MAG Silver, respectively).
The Juanicipio Project team delivered the Project for plant commissioning on schedule despite the recent changes to labour contracting legislation and having successfully mitigated most COVID-19 related issues over the past two years, a testament to the dedication of the operational and development teams on the ground. However, the ‘Comisión Federal de Electricidad’ (“CFE”), the state-owned electrical company, has just notified Fresnillo, the Juanicipio Project operator, that approval to complete the tie-in to the national power grid cannot yet be granted and the mill commissioning timeline will therefore be extended by approximately six months. This is directly related to knock-on effects of the pandemic on the CFE’s operations, predominantly related to a lack of CFE staff which limits its ability to oversee three key tasks to: review the existing installation; supervise physical connection to the active power grid; and approve required blackout prevention devices. As operator, Fresnillo will continue to engage closely with the CFE and ‘El Centro Nacional de Control de Energía’ (“CENACE”) to do all that it can to expedite these necessary approvals. Although there remains uncertainty regarding the timing for connecting the Juanicipio Project to the power grid, the current estimate, which continues to be subject to potential COVID-19 related realities, is that full load commissioning activities will be approved sometime after the first week of May 2022. Stoping and mineralized mine development at Juanicipio will continue. In order to minimize any potential adverse effect, Fresnillo will make available any unused plant capacity at its Minera Fresnillo and Minera Saucito operations to process mineralized material produced at Juanicipio during this period, and if possible matching commissioning and ramp up tonnages that were previously expected. The effect on cashflow generation from Juanicipio therefore will also be mitigated while CFE approvals are pending. “As an industry, we continue to manage the ongoing impact of the pandemic and while frustrating for all concerned, we recognize this situation is beyond the control of all parties,” said Octavio Alvidrez, Chief Executive of Fresnillo plc. “The health and safety of our people and all our partners remains our priority. We thank the CFE for their engagement and will continue to work closely with them to accelerate grid connection as quickly as we can. Meanwhile, we will continue to process mineralized development material by using any excess capacity available at the Minera Fresnillo and Minera Saucito plants, minimizing any impact on future cashflow generation.” “We are very fortunate to be able to process mineralized material from Juanicipio through the excess capacity available at the Minera Fresnillo and Minera Saucito plants, which should minimize the economic impact of the electrical connection timing,” said George Paspalas, President and CEO of MAG Silver. “The Juanicipio Project team has managed through stringent COVID-19 protocols to make the process plant effectively ready for start-up. However, approvals for the electrical connection for the Project have been affected by governmental COVID-19 restrictions that have severely limited the CFE in carrying out their reviews and final sign-off. We look forward to the CFE resuming normal activities, so we can flip the switch on our plant!”
Fresnillo plc is the world's largest primary silver producer and Mexico's largest gold producer, listed on the London and Mexican Stock Exchanges under the symbol FRES.
Fresnillo plc has seven operating mines, all of them in Mexico - Fresnillo, Saucito, Ciénega (including the San Ramón satellite mine, Las Casas Rosario & Cluster Cebollitas), Herradura, Soledad-Dipolos1, Noche Buena and San Julián (Veins and Disseminated Ore Body), three development projects - the Pyrites Plant at Fresnillo, the optimisation of the beneficiation plant also at Fresnillo and Juanicipio, and three advanced exploration projects – Rodeo, Orisyvo and Guanajuato, as well as a number of other long term exploration prospects.
Fresnillo plc has mining concessions and exploration projects in Mexico, Peru and Chile.
Fresnillo plc has a strong and long tradition of exploring, mining, a proven track record of mine development, reserve replacement, and production costs in the lowest quartile of the cost curve for silver.
Fresnillo plc's goal is to maintain the Group's position as the world's largest primary silver company and Mexico’s largest gold producer.
1 Operations at Soledad-Dipolos are currently suspended.
For further information, please visit our website: www.fresnilloplc.com or contact:
Fresnillo plc London Office Gabriela Mayor, Head of Investor Relations Patrick Chambers
Mexico City Office Ana Belem Zárate
MAG Silver Corp. is a Canadian development and exploration company focused on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district scale, silver-dominant projects in the Americas. Its principal focus and asset is the Juanicipio Project (44%), being developed with Fresnillo Plc (56%), the operator. The Project is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where the operator is currently developing an underground mine and constructing a 4,000 tonnes per day processing plant. Underground mine production of mineralized development material commenced in Q3 2020, and an expanded exploration program is in place targeting multiple highly prospective targets at Juanicipio. MAG is also executing a multi-phase exploration program at the Deer Trail 100% earn-in project in Utah.
Fresnillo plc Forward Looking Statements
Information contained in this announcement may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those regarding the Fresnillo Group's intentions, beliefs or current expectations concerning, amongst other things, the Fresnillo Group's results of operations, financial position, liquidity, prospects, growth, strategies and the silver and gold industries are forward-looking statements. Such forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance and the actual results of the Fresnillo Group's operations, financial position and liquidity, and the development of the markets and the industry in which the Fresnillo Group operates, may differ materially from those described in, or suggested by, the forward-looking statements contained in this document. In addition, even if the results of operations, financial position and liquidity, and the development of the markets and the industry in which the Fresnillo Group operates are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in regulation, currency fluctuations (including the US dollar and Mexican Peso exchanges rates), the Fresnillo Group's ability to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources or reserves, changes in its business strategy and political and economic uncertainty.
LEI: 549300JXWH1UV5J0XV81
MAG Silver Corp. Forward Looking Statements
Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.
This release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address our expectations with respect to the timing and success of plant pre-commissioning and commissioning activities, processing rates of development materials, future mineral production, and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, impacts (both direct and indirect) of COVID-19, timing of receipt of required permits, changes in applicable laws, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the MAG Silver’s filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward-looking statement will come to pass, and investors should not place undue reliance upon forward-looking statements.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov
LEI: 254900LGL904N7F3EL14
The big shareholder groups in Genuine Parts Company ( NYSE:GPC ) have power over the company. Large companies usually...
Our call of the day says investors have been selling high-beta names too hard, because they're about to enter their biggest month.
Innovation stocks have entered “deep value territory,” Wood says.
Two blue-chip value stocks, a growth at reasonable price stock, a growth stock with upside potential, and a COVID-19 pandemic play make up a list of five stocks to buy for 2022.
The dividends for such stocks are pretty much their only attraction. On the other hand, you can find dividend stocks that are anything but boring and stodgy. Here are three dividend stocks that soared more than 50% in 2021 and are still great buys.
Investing in stocks can be a risky endeavor. Buying a stock does not guarantee an investor a return on that investment. For that matter, it does not even guarantee an investor a return of their initial investment.
Abbott Laboratories (NYSE: ABT) shares have gained around 26% in 2021. Despite the big payout bumps, Abbott only needed around 33% of the free cash flow its operations generated over the past year to make dividend payments. Despite pandemic pressure, medical-device segment sales during the first nine months of 2021 rose 24.5% year over year to $10.6 billion.
My three stocks to avoid last week were on the move -- as Cintas, Beyond Meat, and GameStop were down 1%, 2%, and 2%, respectively -- averaging out to a 1.7% decline. This week, I see AMC Entertainment (NYSE: AMC), GameStop (NYSE: GME) and Robinhood Markets (NASDAQ: HOOD) as stocks that you may want to consider steering clear from. Last week should've been great for AMC shareholders.
Web 3.0 is widely considered to be the next frontier of internet technology, making the metaverse a golden macrotrend for retail investors. The metaverse refers to an easily scalable real-time virtual reality or mixed reality world, comprising several interoperable, immersive, and interactive 3D environments. The metaverse is also expected to maintain all relevant information about payments, identity, and history across user sessions.
These last few weeks of 2021 have seen increased market volatility. Along with Omicron fears, the market fluctuations have come just as Wall Street is digesting the fact of a new Fed policy in the New Year, including the tightening up of monetary policy and at least one, probably more, interest rate hikes. The Fed’s easy money has been supportive for the better part of the past decade or more, and investors are rightly wondering how the market will adapt. Looking ahead, Wedbush’s Daniel Ives is
Since the Great Recession officially ended in 2009, growth stocks have been the driving force on Wall Street. Low lending rates, massive government spending, and the Federal Reserve providing an abundant pool of cheap capital have incentivized businesses to hire, innovate, and acquire other companies. The chickens are now coming home to roost in terms of runaway inflation, and though the Fed has indicated rate hikes are coming to combat high prices, effects won't be felt right away.
Shares of Peloton Interactive (NASDAQ: PTON) are falling 3.4% in early-morning trading Monday, continuing the decline it was on during the holiday-shortened week last week. Analysts at UBS (NYSE: UBS) slashed their price target for the connected fitness equipment maker because they believe its subscription numbers will be softer than the already weak figures Wall Street had built a consensus around. Peloton's fiscal first-quarter earnings report in November showed a rapid, unexpected deterioration in its revenue growth rate, with sales rising just 6% from the year-ago period.
The recent bout of market volatility has many investors feeling anxious. As you prepare for the next market crash -- and no one knows when it will happen -- it makes sense to keep a watch list of stocks and a cash position in your portfolio that you can use to buy those stocks when they go on sale. Cloudflare (NYSE: NET) is at the top of my watch list.
If you have $100 at the ready not needed for bills or emergencies and a brokerage that allows fractional share purchases, you have enough to buy into the following pair of no-brainer stocks right now. Palantir Technologies (NYSE: PLTR) is the Liam Neeson of data analytics stocks: It has a very particular set of skills that were acquired over a very long career. The U.S. military is also a prime customer, using Palantir's technology to coordinate millions of troops around the world.
China's BYD will look to top the 100,000 vehicles mark, after setting a sixth monthly EV sales record. Nio stock rose.
DraftKings is one of the top IPO stocks to watch, as gambling legalization gains steam. Here is what the fundamentals and technical analysis say about buying DKNG stock now.
Stocks rose ahead of the traditional Santa Claus rally. Tesla is still rising. AMD leads stocks flashing buy signals.
This mix of industrial and renewable energy companies could be a great way to generate passive income next year.
Moderna is fighting a shareholder proposal asking the vaccine maker to open up its pricing criteria for Covid-19 vaccines in low-income countries.
In the meantime, many are generating gushers of cash flow, which they're using to pay big-time dividends. Two lucrative income streams that aren't likely to go away anytime soon are those paid by Kinder Morgan (NYSE: KMI) and Williams Companies (NYSE: WMB). Natural gas pipeline giant Kinder Morgan currently offers a dividend yield of 7%.