UPDATE 1-Fresnillo names Octavio Alvidrez as new CEO

Thu Jul 26, 2012 5:53am EDT

LONDON, July 26 (Reuters) - Mexican miner Fresnillo , the world's largest primary silver producer, said Octavio Alvidrez would become its new chief executive, taking the reins from Jaime Lomelin, who at 77 is to retire.

Alvidrez, well-known to London's financial community after a spell as head of investor relations at Fresnillo between 2008 and 2010, joins as the company's new boss from Penoles , the Mexican mining company which controls Fresnillo, where he is currently general manager of a zinc mine.

A change at the top of Fresnillo had been expected by analysts given Lomelin's age.

Fresnillo said in a statement on Thursday that Lomelin, who had been boss of the miner since it listed in London in 2008, would remain on the board as a non-executive director.

"It doesn't change our view on the stock. There had to be a change at some point and I think now is as good a point as any. What the new guy brings is probably a positive from the company's perspective," RBC analyst Jonathan Guy said.

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