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14 May 2008
14/05/2008 The London Stock Exchange is delighted to welcome Fresnillo plc to the Main Market.

14 May 2008

The London Stock Exchange is delighted to welcome Fresnillo plc to the Main Market.



Fresnillo is the world's largest primary silver producer and Mexico's second largest gold producer. It is also the first Mexican company to be listed on the London Stock Exchange.


Fresnillo has three producing mines, two development projects, and three exploration projects as well as a number of other long term exploration projects and, in total, has mining concessions covering approximately 1.3 million hectares in Mexico. Fresnillo intends to maintain its position as the world's largest primary silver producer with the aim of approximately doubling production, on a silver equivalent ounce basis, with the next ten years and increasing its gold production, thus further diversifying its precious metals asset base.


Following the successful global initial public offering of new and existing ordinary shares, Fresnillo shares began trading today on the London Stock Exchange under the symbol "FRES" and are eligible for inclusion in the FTSE 100 UK index. The Global Offer represents in aggregate approximately 22.7 per cent of Fresnillo's enlarged issued ordinary share capital and a total offer size of approximately £905 million. Based on the Offer Price of 555 pence per share, the market capitalisation of the Company is expected to be approximately £3,980 million. The gross proceeds from the issue of the new Ordinary Shares are approximately £460 million which Fresnillo intends to use to repay existing debt and to help achieve growth through the delivery of its projects pipeline and expansion of its existing operations.


Commenting on the Admission, Jaime Lomelin, Chief Executive Officer of Fresnillo plc, said:


“Today marks a key milestone for the next stage of growth for Fresnillo. The Board and the Management team are delighted by the level and quality of investor demand in the current market environment. We view this as a sign of confidence in Fresnillo’s exciting future.”


JPMorgan Cazenove Limited acted as sole sponsor and financial adviser and sole global co-ordinator, bookrunner and broker. Canaccord Adams Limited, Citigroup Global Markets U.K. Equity Limited, J.P. Morgan Securities Ltd. and UBS Limited were co-lead managers. 

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