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Fresnillo Ltd.

Publié le 09 mai 2011

Hemscott News Alert - Fresnillo PLC

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Mots clés associés :   G Mexico | K Street |
RNS Number : 1646G
Fresnillo PLC
09 May 2011
 

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Fresnillo Plc

28 Grosvenor Street

London W1K 4QR

United Kingdom

www.fresnilloplc.com

 

9 May 2011

 

Fresnillo Plc Comments on Arbitration Decision

 

Fresnillo plc today announced that an Arbitration Panel formed according to the Arbitration Rules of the International Chamber of Commerce has delivered its decision in respect of claims made by Vancouver-based MAG Silver Corp  (TSX: MAG and NYSE:MVG), Fresnillo's joint venture partner in the advanced exploration stage Juanicipio silver project in Mexico.

 

The Arbitration Panel rejected MAG's claims that Fresnillo was deficient in the execution pace or performance of drilling at the project. The Arbitration Panel denied both of MAG's principal demands, specifically: (a) that Fresnillo be ordered to pay damages to MAG of up to US$61 million related to MAG's claims that delays by Fresnillo delayed the start of production; and (b) that Fresnillo be ordered to sell or transfer its equity participation in the Minera Juanicipio joint venture to MAG.

 

The Arbitration Panel upheld certain other MAG claims, including claims related to Fresnillo's announcement in December 2008 that it intended to make an unsolicited bid to acquire MAG.  Fresnillo announced its intention based on the opinion of external legal counsel regarding a certain clause in the JV Agreement. The Arbitration Panel, based on a different interpretation of that clause, ordered Fresnillo to reimburse MAG for legal fees of US$1.86 million incurred by MAG in connection with the announcement of Fresnillo's intended offer.

 

The cost of the arbitration was US$775,000. The Arbitration Panel ruled that each party should pay 50% of the arbitration cost and bear its own legal costs.

 

Jaime Lomelin, Chief Executive Officer, said, "We are pleased that the Arbitration Panel has dismissed MAG's most serious claims. We continue to believe Fresnillo has acted appropriately and in accordance with the terms of the joint venture agreement."

 

For further information on Fresnillo, please visit our website: www.fresnilloplc.com or contact:

 

Fresnillo plc

London Office

Arturo Espinola

Head of Investor Relations                    Tel: +44(0)20 7339 2470

   

Mexico City Office

Gabriela Mayor                                    Tel: +52 55 52 79 3203

 

For European Media:

Brunswick Group

Carole Cable (Partner)                         Tel: +44(0)20 7404 5959

David Litterick (Director)

 

For North American Media:

Longview Communications Inc.

Alan Bayless                                         Tel: +1 604 694 6035

 

About Fresnillo plc

 

Fresnillo plc is the world's largest primary silver producer and Mexico's second largest gold producer, listed on the London and Mexican Stock Exchanges under the symbol FRES.

Fresnillo has five producing mines, all of them in Mexico - Fresnillo, Ci?nega, Herradura, Soledad-Dipolos and Saucito; one development project - Noche Buena; and six advanced exploration prospects - San Ramon, San Juli?n, Orysivo, Centauro Deep, Las Casas and Juanicipio, as well as a number of other long term exploration prospects and, in total, has mining concessions covering approximately 1.91 million hectares in Mexico.

Fresnillo has a strong and long tradition of mining, a proven track record of mining development and reserves replacement, and a low cost of production, being in the lowest quartile of the cost curve for both silver and gold.

Fresnillo's goal is to maintain the Group's position as the world's largest primary silver company, producing 65 million ounces of silver and over 400,000 ounces of gold by 2018.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Fresnillo Ltd.

PRODUCTEUR
CODE : FRES.L
ISIN : GB00B2QPKJ12
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Fresnillo est une société de production minière de zinc et de plomb basée au Mexique.

Fresnillo est productrice de zinc, de plomb, d'argent, de cuivre et d'or au Mexique, en développement de projets d'argent et d'or au Mexique.

Ses principaux projets en production sont CIÉNEGA, HERRADURA, FRESNILLO, SABINAS, SOLEDAD & DIPOLOS, ORISYVO et SAN JUAN - FRESNILLO au Mexique, son principal projet en développement est SAUCITO au Mexique et ses principaux projets en exploration sont SAN JULIAN - FRESNILLO, JUANICIPIO et NOCHE BUENA au Mexique.

Fresnillo est cotée au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 525,3 milliards GBX (628,4 milliards US$, 550,5 milliards €).

La valeur de son action a atteint son plus haut niveau récent le 17 juillet 2020 à 998,60 GBX, et son plus bas niveau récent le 27 septembre 2022 à 713,20 GBX.

Fresnillo possède 736 500 000 actions en circulation.

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LSE (FRES.L)
713,20-0.14%
LSE
GBX 713,20
27/09 17:44 -1,00
-0,14%
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52 sem. b/h var. 52 sem.
622,40 -  986,80 -7,35%
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