Miner Fresnillo expects lower annual output as third-quarter production drops

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(Reuters) – Precious metals miner Fresnillo Plc <FRES.L> said on Wednesday annual silver and gold production would be at the lower end of an already reduced target range, after reporting a fall in output for the third quarter due to lower ore grades.

Fresnillo’s silver production slumped 14.5% to 13,283 kilo ounces (koz) for the three months ended Sept. 30, while gold production fell nearly 7% to 209.8 koz.

The FTSE 100-listed miner now expects annual output at the lower end of 55-58 million ounces of silver and 880-910 koz of gold.

Fresnillo had slashed the forecasts in July from prior targets of 58-61 million ounces and 910-930 koz.

(Reporting by Shanima A and Muvija M in Bengaluru; Editing by Arun Koyyur)

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