Fresnillo Reaffirms '10 Average Gold, Silver High Price Outlook

14th Jul 2010 08:36

LONDON (Dow Jones)--Mexican precious metals miner Fresnillo PLC (FRES.LN) reaffirmed Wednesday its expectations that gold and silver prices will remain high in 2010, driven by a combination of strong investment and industrial demand for the two precious metals. Octavio Alvidrez, Fresnillo's head of investor relations, confirmed that Fresnillo still expects silver to average between $16 a troy ounce and $18/oz and gold to stay above $1,000/oz this year. "Our view is still in place but with more certainty," Alvidrez said in a call with reporters. "We are happy to see gold and silver at these levels. With support coming from industrial [demand] in silver and investment demand in silver and gold, we are confident that these prices will be maintained," he added. Fresnillo Wednesday reported record quarterly production figures for both gold and silver for the second quarter ending June 30. Second quarter attributable silver production rose 0.3% on the year to 9.62 million ounces while attributable gold production rose 33.9% to 91,254 ounces in April to June compared with the same period a year ago. Company Website: www.fresnilloplc.com -By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; [email protected] (END) Dow Jones Newswires July 14, 2010 03:36 ET (07:36 GMT)