- Profits knocked by higher operating costs
- Dividend slashed as company sticks to payout policy
Management at Mexican miner Fresnillo (FRES) pointed to “very unique” circumstances for its weakened operating profits in 2023. Movement in the peso added over $100mn (£79mn) to its costs for the year, so fair enough. More interesting was thieves making off with 20,000 ounces (oz) of gold from a mine, a $22mn knock to earnings – a far larger hit than previous thefts. Operating profit came down by half to $142mn.