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Fresnillo plans London float

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Date: Friday 11 Apr 2008

LONDON (ShareCast) - Mexican gold and silver producer Fresnillo plans to list on London’s main market next month and raise about $900m from the sale of new shares to fund growth and re-pay existing debt.

Existing shareholders will also sell shares worth a similar amount. The company could have a market capitalisation of up to $8bn, making it a potential FTSE 100 candidate, analysts say.

The group produced about 34.4m attributable ounces of silver and 280,000 attributable ounces of gold in 2007 and generated revenues of $647.9m in the year ended 31 December.

“Fresnillo, the world's largest primary silver producer, will offer global investors exposure to not only significant current production but also growth potential,” said chief executive Jaime Lomelin.

“We believe that investors will also be encouraged by Fresnillo's record of cost management and our focus on safety and environmental performance,” Lomelin added.

JPMorgan Cazenove is acting as sole sponsor and financial adviser and sole bookrunner and broker in relation to the global offer. Canaccord Adams, Citigroup Global Markets U.K. Equity and UBS are acting as co-lead managers.