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Precious Metals
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Re: SILVER AM--in the 9th inning now...finally and on July 4th weekend.." Why are they spending capital if the industry is so bad? How is Fresnillo making $500 million a year?" They're not making $500 million per year. First half 2022, profits were $141 million - .$16 per share. Silver realized price was $22.8 while gold was $1871 in the first half. Capex was $299 million with the vast majority sustaining expenditures. So their cash flow after capex was about $160 million or about the same as their pat - first half of 2022 Realized gold and silver prices will be a lot less in the 2nd half of 2022. Think they'll be in the red for the 2nd half. Fresnillo has about 900 million shares outstanding. 2022 will be a breakeven year. Fresnillo has been selling around $10. A 15% return is $1.50 per share. Their financial performance has been well below an acceptable level. |
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