Introduction Fresnillo PLC (LON: FRES) (FNLPF.PK) is a Mexican based mining company producing mainly silver and gold. Fresnillo has 7 operational mines, 2 development projects, 5 advanced exploration projects and a number of other long term exploration projects. The company's name is derived from the Fresnillo mine in the city of the same name. The Fresnillo site is one of the world's richest silver mines and has been producing as far back as the 16th century. In 2011 the Fresnillo mine accounted for 80% of total silver production and is the company's flagship asset. Touted as one of the world's largest silver miners, many analysts overlook the importance of gold operations to Fresnillo's bottom line. Silver production vastly exceeds that of gold, but gold's much higher price means revenue from each metal is close (52% for silver and 44% from gold). The remaining 4% of revenue comes from zinc and lead which are produced as by products (zinc and lead are often found in deposits with silver).