Fresnillo Profit Trips on Higher Gold and Silver Prices

Mexico-focused precious metals miner Fresnillo nearly tripled its first-half profit due to higher gold and silver prices, which more than offset lower production. The company's revenue increased by 74.7% to $3.38 billion.

Fresnillo's chief executive, Octavio Alvídrez, attributed the growth in revenue and earnings to stronger realized prices for silver and gold, despite lower grades and sales volumes. The miner was able to fund the acquisition of Probe Gold in January due to its strong financial position.

The company expects 2026 silver production of 42 million to 46.5 million ounces and gold production of 500,000 to 550,000 ounces. Fresnillo also revised its expected capital spending for 2026 to $500 million-$550 million and forecasts exploration spending of about $260 million.