Shares in Fresnillo were up on the FTSE 100 in morning trading after the mining group reported a more than doubling of pre-tax profit in 2010.

Total revenue increased in the period 65.8 per cent to $1.4 billion, while pre-tax profit rose 123.5 per cent to over a billion dollars.

Silver production by the miner increased 1.7 per cent to 38.6 million ounces, while gold production soared 33.4 per cent to 368,995 ounces. These record production figures are set to rise to 65 million ounces of silver and 400,000 ounces of gold per year by 2018, Fresnillo said.

The group said it would be paying a final dividend of 35.6 cents per share and that it had net cash of $559.5 million.

Jaime Lomelin, Chief Executive of Fresnillo, "2010 was a year of exceptional performance. The combination of increased production, strong cost control and high metals prices led 2010 to be the best year in the company's history. While continued market volatility and uncertainty regarding the pace of the economic recovery will undoubtedly offer challenges in 2011, I am confident that our focus on increasing productivity, containing costs, expanding the resource and reserve base, and strengthening our growth pipeline will create ongoing and sustainable value to all our stakeholders."

By 11:10 shares in Fresnillo were up 2.82 per cent on the FTSE 100 to 1,639.00 pence per share.

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