FNLPF - Fresnillo Plc: A Low-Risk Bet On Silver

• FNLPF has posted a strong FY 2020 despite COVID-related challenges.
• The stock witnessed a notable price drop following the recent correction in silver, and gold prices.
• The company's strong fundamentals, near-term growth prospects at Juanicipio, and a favorable long-term outlook for silver supports an investment case in FNLPF.
• However, due to expected delay in mill commissioning that may be triggered by enhanced COVID restrictions in Mexico, and volatile near-term outlook for silver and gold, I expect FNLPF's price recovery to be slow but steady.
• FNLPF maintains an impressive dividend profile compared with peers.

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