StockMarketWire.com - Mining group Fresnillo reported a fall in annual silver and gold production despite an uptick in the final quarter of last year.

Quarterly silver production increased 3.7% to 13.8m ounces (oz) in the fourth quarter from the third.

But full-year sliver production slipped 11.6% to 54.6m oz on-year as a result of the 'expected lower ore grade at Saucito as well as lower than expected ore grades at Fresnillo and San Julián Veins and DOB,' the company said.

Quarterly gold production increased 11.4% to 233,700 oz in the fourth quarter from the third, but decreased 5.1% for the year, due to 'the expected lower production from Noche Buena and a lower ore grade at San Julian veins,' the company added.

Lead production decreased 3.6% in the fourth quarter from the third and zinc production decreased 2.0%.

Looking ahead, the company said silver production was expected to be in the range of 51-to-56m oz, and gold production expected to be in the range of 815,000-to-900,000oz.

'Though grades remain variable as we update and refine our geological models, we continue to process higher volumes of ore on a consistent basis, and as a result, our 2020 forecasts are unchanged,' Fresnillo said. Story provided by StockMarketWire.com