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Dedicated to Meeting Our Commitments Executive Director, Serving on the Audit the Goals to Which We Held Ourselves Committee Dedicated to meeting our commitments Fresnillo plc Fresnillo Annual Report 2016 Annual Report Fresnillo plc Annual Report 2016 Fresnillo plc is the world’s leading silver miner and one of Mexico’s largest gold producers. Our solid track record in creating long-term value is underpinned by our strong balance sheet, high quality assets, low cost and flexible operations, disciplined approach to development and sustainable business practices. For 2017, we are intensifying our focus on meeting near-term operational commitments, including maximising the potential of our flagship Fresnillo mine, delivering the second phase of the San Julián mine and improving our safety metrics. Fresnillo Today 76 Letter from the Chairman Financial Statements 01 Performance Highlights of the HSECR Committee 157 Independent 02 Who We Are 77 Social and Sustainability Auditor’s Reports 04 Where We Operate Report 167 Consolidated 05 A Strong Growth Pipeline 100 Financial Review Income Statement 06 Chairman’s Statement 168 Consolidated Statement Corporate Governance of Comprehensive Income Strategic Report 113 Chairman’s Letter 169 Consolidated Balance Sheet 10 Advancing Towards our of Governance 170 Consolidated Statement 2018 Production Goals 114 Fresnillo and of Cash Flows 12 Disciplined Growth Through Corporate Governance 171 Consolidated Statement Exploration and Development 116 The Board of Directors of Changes in Equity 14 Safety and Support of 118 Executive Committee 172 Notes to the Consolidated the Workforce 119 Board Structure Financial Statements 16 Chief Executive’s Letter 120 Effectiveness 215 Parent Company Statement 19 Investment Case 124 Relations with Shareholders of Comprehensive Income 20 Market Overview 126 Nominations 216 Parent Company 22 Business Model and Strategy Committee Report Balance Sheet 28 2016 Performance 128 Audit Committee Report 217 Parent Company and 2017 Targets 138 Directors’ Remuneration Statement of Cash Flows 30 Key Performance Indicators Report 218 Parent Company Statement 42 Managing Our Risks 154 Directors’ Report of Changes of Equity 54 Viability Statement 156 Statement of Directors’ 219 Notes to the Parent Company 56 Information Technology Responsibilities Financial Statements 58 Review of Operations 242 Operating Statistics 244 Reserves and Resources 249 Shareholder Information Fresnillo plc Annual Report 2016 01 Performance Highlights Operational highlights TODAY FRESNILLO Silver production Total attributable silver resources • Annual silver production up 7.1% in line with guidance, driven by the start-up of phase I at San 50.3 moz 2,171.5 moz Julián, higher ore grades at Fresnillo and Ciénega and an increased +7.1% +10.2% Silverstream contribution. • Gold production up 22.8% Gold production Total attributable gold resources exceeding the revised guidance primarily due to the reduction of gold inventories at Herradura 935.5 koz 38.4 moz and San Julián phase I start-up. REPORT STRATEGIC • San Julián phase I commissioned, +22.8% +8.2% production already exceeding design capacity. • Gold and silver resources increased Read more about our operations Read more about exploration 8.2% and 10.2%, respectively, gold 1 See pages 58-67 3 See pages 71-75 reserves remained stable and silver reserves decreased 3.2%. • Three fatalities in 2016 and one in early 2017; renewed focus on safety culture throughout the year. Financial highlights GOVERNANCE CORPORATE Adjusted revenue 1 Profit from continuing operations • Adjusted revenue 1 of US$2,045.0 million, up 29.2% over 2015 due to higher volumes and metal prices. $2,045.0m $676.5m • Profit for the year US$425.0 million, up 512.4%. +29.2% +237.5% • Net operating cash flow of US$898.0 million, up 65.4%. Gross profit Adjusted EPS 2 • Capex of US$434.1 million, down 8.6%; exploration expenses of US$121.2 million, down 13.6%; $882.1m $45.3cents US$88.2 million of dividends paid, FINANCIAL STATEMENTS +103.7% +556.5% up 135.1%. • Healthy balance sheet and low 3 EBITDA Total dividends paid leverage ratio; cash position of US$912.0 million, up 82.3%. $1,032.0m $11.9cents +88.5% +133.3% 1. Adjusted revenues is the revenue shown in the income statement adjusted to add back treatment and refining costs and gold, lead and zinc hedging. The Company considers this a useful additional measure to help understand underlying factors driving revenue in terms of volumes sold and realised prices. 2. Adjusted basic and diluted earnings per ordinary share from continuing operations, prior to the revaluation effects of the Silverstream contract. 3. Cash position is comprised of cash, cash equivalents and short-term investments. 02 Fresnillo plc Annual Report 2016 Who We Are Fresnillo plc is the world’s leading silver producer and one of Mexico’s largest gold producers. We are a FTSE 100 company headquartered in Mexico City, with shares trading on the London and Mexican Stock Exchanges. Strategy Business Model We seek to create value for stakeholders Gold and silver mining is the heart across precious metal cycles, focusing of our business model. on high potential silver and gold projects that can be developed into low cost, world-class mines. We generate revenue by selling the metals contained in the ore we extract and process. Maximise the potential We ensure the longevity 1 of our business by of existing operations creating and growing Optimise capacity, replenish reserves, continuously sustained and shared improve productivity and cost structure, and leverage value for all stakeholders. expansion opportunities. See pages 22-27 1 Deliver growth through 2 development projects 2 Develop, build and commission projects that meet stringent criteria for mineral content and associated costs. Extend the growth 3 3 pipeline Invest continuously across price cycles to ensure a pipeline of growth projects at different stages. 4 Advance and enhance the 4 sustainability of our business Prioritise safety and health, responsible environmental stewardship, the wellbeing of our communities, best governance practices and a strong ethical culture. Responsible Mining Practices The Health, Safety, Environment & Community Relations (HSECR) Committee evaluates the effectiveness of management to meet the sustainability challenge, and oversees the culture and ethics programme. See pages 76-99 Deepening of the San Carlos shaft Fresnillo plc Annual Report 2016 03 FRESNILLO TODAY FRESNILLO Alberto Baillères, Chairman Octavio Alvídrez, CEO See pages 6-9 See pages 16-18 STRATEGIC REPORT STRATEGIC Performance Delivering on our production goals, profitably and sustainably. Silver production Gold production moz koz 50.3 935.5 50.3 47.0 42.9 45.0 41.1 935.5 45.7 GOVERNANCE CORPORATE 40.4 43.0 761.7 37.1 39.0 687.5 610.9 595.9 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Graph illustrates silver production from our All figures include 100% of production from own mines, with shaded portion representing the Penmont mines (Herradura, Soledad- additional ounces accrued under the Dipolos and Noche Buena). Silverstream contract. 2016 EBITDA margin 2016 EBITDA FINANCIAL STATEMENTS % m 54.2 US$1,032 2016 Silver production by mine 2016 Gold production by mine Key Key Saucito 44% Herradura 56% Fresnillo 32% Noche Buena 20% Ciénega 10% Saucito 9% San Julián 4% Ciénega 8% Herradura 1% Fresnillo 4% Noche Buena 0% San Julián 3% Silverstream 9% See pages 58-69 See pages 58-69 04 Fresnillo plc Annual Report 2016 Where We Operate Mexico has a long mining history, 6 USA 8 4 with vast geological potential, 11 a skilled workforce, established 5 mining laws and mechanisms for MEXICO creating shared value. We are also exploring growth opportunities 9 elsewhere in Latin America. 7 USA 3 12 1 10 2 1 Mines in operation 1 Fresnillo 2 Saucito 3 Ciénega & San Ramón Satellite Silver reserves 205.5 moz Silver reserves 123.2 moz Silver reserves 66.3 moz Gold reserves 600 koz Gold reserves 860 koz Gold reserves 820.0 koz See pages 58-59 See pages 60-61 See pages 62-63 4 Herradura (Incl DLP) 5 Noche Buena 6 Soledad-Dipolos Gold reserves 5.2 moz Gold reserves 0.9 moz Gold reserves 0.8 moz See pages 64-65 See pages 66-67 Operations at Soledad-Dipolos are currently suspended 2 Development and advanced exploration projects 7 San Julián (Phases I & II) 8 Centauro Extension 9 Orisyvo Silver reserves 135.3 moz Evolution of main pit at Herradura; Silver resources 12.3 moz Gold reserves 420.0 koz resources included therein Gold resources 9.6 moz See page 64 See pages 68-69 See page 74 11 10 Juanicipio Centauro Deep 12 Las Casas, Cebollitas Cluster Silver resources 138.7 moz Indicated and inferred resources: Reported as part of Ciénega Gold 830.0 koz Gold resources 772.0 koz See page 73 See page 72 See page 72 Expected delivery of growth 1 Project 2016 2017 2018 2019 2020 2021 Investment Expected avg. (US$m) annual production 2 10.3 moz Ag 515 San Julián 44 koz Au 3.5 moz Ag Pyrites Plant 155 (Optimisation project) 13 koz Au Extended LoM 110 Centauro Extension of 390 koz Au Fresnillo 9,000 TPD 30 3 moz Ag (Optimisation project) 10 moz Ag 305 3 Juanicipio 30 koz Au 15 koz Au Ciénega 5,000 TPD 55 (Optimisation project) 1.3 moz Ag Centauro Deep 130 65 koz Au Orisyvo 4 350 136 koz Au 1 Estimated. Construction flotation plant, Construction tailings flotation Construction leaching plant, Plant adequation, Plant construction 2 Total average annual production. 3 Represents 100% of the investment (56% Fresnillo plc + 44% MAG Production Development & Construction Permitting, Development & Construction Detailed engineering Silver) according to pre-feasibility study dated June 2012. 4 On hold. Fresnillo plc Annual Report 2016 05 A Strong Growth Pipeline Our goal is to profitably and sustainably TODAY FRESNILLO maintain the Group’s position as the world’s leading silver producer and one of Mexico’s largest gold producers.
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