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Minera Frisco swings to profit in Q2 on forex changes, higher metal prices

Mexico-based Minera Frisco SAB de CV reported net income of 178.6 million Mexican pesos for the second quarter of 2017, swinging from a loss of 1.71 billion pesos the year before.

Net sales in the period increased 13% on a yearly basis to 3.80 billion pesos due to an appreciation of the U.S. dollar against the Mexican peso and an increase in metal prices, the company said July 27.

Gold production decreased 9% year over year to 89,202 ounces in the second quarter due to lower production at the Concheno, San Felipe and Ocampo mines, including a 27% drop at Concheno related to decreased tonnage and gold grade.

Silver production improved 6% to 2.3 million ounces during the quarter, on the back of increased output from the Concheno, Asientos and Ocampo mines, including a 30% increase in silver production at Asientos as a result of improved grades.

Minera Frisco's copper output in the quarter increased 4% to 4,806 tonnes as a 10% increase in copper concentrate production was partially offset by a 27% drop in copper cathode production.

Lead production fell 17% year over year to 4,872 tonnes due to lower grades and tonnage at the Asientos and San Francisco del Oro mines, and zinc production also dropped 17% year over year to 14,993 tonnes as lower grades at the San Francisco del Oro, Tayahua and Asientos mines impacted output.

The company's primary copper expansion project at the Tayahua site continues in a bid to increase copper production.

In the first half of the year, gold output fell 12% year over year to 177,155 ounces, while silver and copper production increased by 3% and 2%, respectively, to 4.6 million ounces and 9,556 tonnes.

As of July 27, US$1 was equivalent to 17.66 Mexican pesos.