UPDATE 1-Fresnillo says on track to meet annual targets

Mon Oct 15, 2012 2:36am EDT

LONDON Oct 15 (Reuters) - Mexican miner Fresnillo, the world's largest primary silver producer, posted a 2.6 percent rise in silver production in the third quarter compared to the same period in 2011, and said it was on track to meet its 2012 targets.

Fresnillo posted silver production of 10.3 million ounces in the three months to Sept. 30, and said it was on course for total output of 41 million ounces for the year as a whole.

The company, which is also Mexico's second-largest gold miner, said quarterly gold production rose 5.9 percent compared to the same period last year, to 126,841 ounces, and giving it confidence in meeting its 2012 target of 460,000 ounces.

In July, Fresnillo said that chief executive Jaime Lomelin was retiring at 77 and would be replaced by Octavio Alvidrez, who joined from Penoles, the Mexican mining company which controls Fresnillo.

Shares in Fresnillo, which have risen by 38 percent in the last three months, closed at 1,940 pence on Friday, valuing the firm at 14 billion pounds ($22.5 billion).

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