Fresnillo PlcOTCPK - Current
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  • Apr. 8, 2015, 5:46 PM
    • McEwen Mining (NYSE:MUX) fell 5.6% in today's trade after yesterday's news that 900 kg of gold-bearing concentrate containing 7K oz. of gold - ~$8.4M in potential revenue - was stolen from its refinery in Mexico's Sinaloa state.
    • Armed robberies of significant quantities of gold are not common, but operators in northern Mexico have been targeted in the past as the region is associated with cartels and gangs.
    • The robbery raises concerns about other companies with exposure in northern Mexico, which include AGI, AUQ, CDE, PPP and TGD; among those with operations nearby are GG, PAAS, GPL, OTCPK:FNLPF and OTCQX:SMNPF.
    | Apr. 8, 2015, 5:46 PM | 8 Comments
  • Oct. 3, 2014, 11:24 AM
    • Among a number of rating changes made by RBC today, the team throws in the towel on its Outperform call on Kincross Gold (KGC -4.1%), downgrading to Sector Perform and cutting the price target to $4.50 from $5.50. Also downgraded is Lake Shore Gold (LSG -7.6%) - to Underperform from Sector Perform.
    • Getting a little help from an upgrade as gold tumbles below $1,200 per ounce, is AuRico Gold (AUQ -0.3%) - now an Outperform thanks to attractive valuation, declining costs, and lower capital intensity. Also upgraded to Outperform is Fresnillo (OTCPK:FNLPF -8.3%), while Newmont Mining (NEM -1.3%) is boosted to Sector Perform from Underperform.
    • The GDX is down 3.1% on the session.
    • Previously: Stocks and dollar higher, bonds and gold lower following jobs number
    | Oct. 3, 2014, 11:24 AM | 7 Comments
  • Sep. 12, 2014, 3:54 AM
    • Fresnillo (OTCPK:FNLPF) says it will buy the 44% stake it doesn't already own in its Penmont joint venture from Newmont Mining (NYSE:NEM), and expects the $450M deal to add to earnings immediately.
    • "Acquiring full control of the Herradura and Noche Buena mines and the key exploration assets in the JV should enable us...to increase our target of reaching 500K ounces of attributable gold production by 2018 to 750K ounces," says Fresnillo CEO Octavio Alvidrez.
    | Sep. 12, 2014, 3:54 AM
  • Aug. 6, 2013, 3:22 PM
    • It's worse for the sliver miners than the gold miners today after Fresnillo (FNLPF.PK -5.6%) reported a 61% decline in H1 profit and investors decide 2.6x book value and a 26.4 PE ratio is too expensive with silver (SLV -0.9%) slipping below $20 per ounce.
    • Fresnillo makes up 12% of the Global X Silver Miners ETF (SIL -6.3%) and 5.5% of the iShares MSCI Global Silver Miners ETF (SLVP -3.1%), but isn't a top-weighted stock in the PureFunds ISE Junior Silver ETF (SILJ -6.5%).
    | Aug. 6, 2013, 3:22 PM | 2 Comments
  • Mar. 1, 2011, 4:44 PM
    Despite generating far more cash than it needs to operate or fund expansion, Fresnillo (FNLPF.PK -1.9%), the world's largest silver miner has little interest in "corporate activity." M&A often “look(s) good on paper, but then you discover later all the skeletons in the closet," says its CEO.
    | Mar. 1, 2011, 4:44 PM