Saturday, February 14, 2015 11:37:12 AM
With that production number Noche is now Fresnillo's #2 gold mining asset. Herradura which has been in production for near 18 years had a good year with 4Q production up 322% due to the explosives issues last year. Still that is impressive and seems to be a result higher grades. Seem to remember they had reached depths and grades that they were considering going underground but did not see that in the report. Did see they are expecting further increases in production for 2015...They are still showing 4.1 years for Mine life so they are at least replacing production.
On balance Fresnillo has a good pipeline so again the need to put Rancho into production in not necessary for them to meet their stated objectives at present. Maybe the key reason why they were lowballing and not interested in getting it into production. The important take away is that Noche at only about 1/5 the size of Rancho remains a very attractive asset. Rancho has lots of upside in its Resources. How many million oz. do we have there and how long could it be mineable at 140,000 gold Au/Eq. a year?
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