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LONDON (Scrap Monster): World’s second largest silver producer Fresnillo (LON: FRES) said that its gold output reached a record 248,795 ounces in the first half of this year, rose by more than 20% year-on-year while its silver production dropped by 6.5% year-on-year, providing the company with more revenue from gold than silver for the first time.

Mexio-based Fresnillo’s total revenues rose by 2.7% to $1.09 billion in the January to June this year compared to last year’s $1.09bn.

The company is sticking to plans to spend $680 million this year including ramping up production at its Noche Buena mine.

The firm has five operating mines and this year forecasts 41 million ounces of silver produced and 460,000 ounces of gold.