28 Grosvenor Street
London W1K 4QR
26 July 2012
Fresnillo plc Board and Management Changes
· Octavio Alvidréz to be appointed Chief Executive Officer
· Jaime Lomelín to retire after 41-year career with Peñoles and Fresnillo
The Board of Fresnillo plc today announces the retirement of Jaime Lomelín as CEO and is pleased to announce the appointment of Octavio Alvidréz as CEO designate. Mr Alvidréz, 47, has extensive experience within the mining industry and is currently General Manager of the Madero mine, one of Mexico's largest zinc mines and an important operation for Peñoles.
Mr Alvidréz joined Peñoles in August 1998. Since then he has held a number of senior operational and financial positions across Peñoles and Fresnillo, including that of Treasurer, Head of Investor Relations in London and Head of Procurement. He is a graduate of the Universidad de Guanajuato (Mexico), where he gained a degree in Mining Engineering, and holds an MBA from The Wharton School (US).
Mr Alvidréz was the unanimous choice of the Board to succeed Mr Lomelín following a vigorous review process and recommendation by the Nominations Committee. He will formally take on the role on 15 August 2012, following a handover period.
Mr Lomelín, 77, will retire following a 41-year career with Peñoles group companies. He served as chief executive officer of Peñoles for 26 years until the London listing of Fresnillo in 2008 when he took on the role of chief executive officer of Fresnillo. He will remain on the board as a non-executive director and continue to contribute his experience and knowledge.
Alberto Ballières, Chairman, said: "I would like to thank Jaime for his contribution to Peñoles and more recently to Fresnillo plc. Fresnillo's success in the four years since its listing in London is in no small part due to his unwavering commitment to achieving operational excellence. The Board is unanimous in its deep gratitude for his contribution over many years and we wish him all the best in his well-deserved retirement from Fresnillo and new appointment as corporate Director of the Bal Group reporting directly to me as President and Chairman of the Group."
"In his career so far, Octavio has shown that he has all the attributes required to succeed Jaime and to build on what Fresnillo has so far achieved. The Board is delighted to have someone of Octavio's calibre and experience to step into the role. His commitment and determination, combined with strong operational experience and financial performance across the group, give us confidence in the continued success of Fresnillo plc."
Mr Lomelín said: "It has been a great privilege to lead Fresnillo plc through this exciting period of growth. I have been fortunate to have received the support of a strong executive management team. Octavio has an outstanding track record of performance over many years and believe he will be a strong leader of Fresnillo in the future."
Mr Alvidréz said: "Jaime leaves the business in its strongest ever position. I am delighted to be taking on this role and very much look forward to leading the business to its next stage of growth and performance."
For further information, please visit our website: www.fresnilloplc.com or contact:
London Office Tel: +44 (0)20 7399 2470
Arturo Espinola, Head of Investor Relations
Mexico City Office Tel: +52 55 52 79 3203
Octavio Alvidréz: Biographical details
2010-2012: General Manager, Minera Madero, Peñoles
Responsible for all areas, operation and administration of Mexico's largest underground mine, provided leadership, developed human capital and achieved the objectives of the company at the lowest cost while maintained the highest possible safety standards.
2008-2010: Head of UK Office and Investor Relations, Fresnillo
2005-2006: Corporate Treasurer, Peñoles
1996-2005: Raw Materials Manager, Met-Mex Peñoles
1995-1997: International Finance Part Time Professor, ITESM - Monterrey Institute of Technology and Superior Studies
1994-1996: Raw Materials Buyer, Met-Mex Peñoles
About Fresnillo plc
Fresnillo plc is the world's largest primary silver producer and Mexico's second largest gold producer, listed on the London Stock Exchange under the symbol FRES.
Fresnillo has seven operating mines, all of them in Mexico - Fresnillo, Saucito, Ciénega, San Ramón, Herradura, Soledad-Dipolos and Noche Buena; one development project -a dynamic leaching plant to treat high grade gold ore from the Herradura and Soledad-Dipolos mine; and five advanced exploration prospects - San Julián, Centauro Deep, Juanicipio, Orysivo and Las Casas as well as a number of other long term exploration prospects. In total, has mining concessions covering approximately 2.1 million hectares in Mexico.
Fresnillo has a strong and long tradition of mining, a proven track record of mine development, reserve replacement, and production costs in the lowest quartile of the
cost curve for both silver and gold.
Fresnillo's goal is to maintain the Group's position as the world's largest primary silver company, producing 65 million ounces of silver and 500,000 ounces of gold by 2018.