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Tuesday
Aug022016

Miner Fresnillo's CEO says silver has bottomed

 

 

Aug 2 Fresnillo Plc's chief executive said the price of silver had bottomed, and added the miner would report a stronger core profit in the second half than the first if prices remained at current levels.

Silver and gold prices jumped to two-year highs in the days following Britain's vote to leave the European Union, buoyed by demand for the metals seen as safe havens in times of volatility.

"We think the price of silver could remain at current levels," CEO Octavio Alvidrez said on a media call on Tuesday.

Fresnillo, which mines silver and gold from six mines in Mexico, reported a 49 percent jump in first-half core profit to $474 million, helped by higher production and gold prices .

Shares in the company rose 1.6 percent on the London Stock Exchange to 1,953 pence, near the top of the FTSE, having nearly tripled this year to their close on Monday.

RBC analysts said the results were positive, adding the company's core profit beat their estimates.

They remained sceptical on the stock, however, keeping their "underperform" rating, citing its elevated valuation. (Reporting by Mamidipudi Soumithri in Bengaluru; Editing by Sunil Nair)

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