Ternium S.A. announced today that its Board of Directors has appointed Máximo Vedoya, Ternium Mexicos Executive Vice President, to succeed Daniel Novegil as Terniums Chief Executive Officer, effective March 1, 2018. After 12 years as CEO and 40 years in the steel industry, Mr. Novegil will retire. Following his retirement, he will remain on Terniums Board of Directors, assuming the role of Vice Chairman.
In the third quarter, we delivered higher production levels resulting in an increase in revenues and operating earnings compared to the prior quarter, stated Keith Neumeyer, President and CEO of First Majestic. In addition, we successfully renegotiated our smelting and refining terms which reflected in a significant 42% savings in treatment costs in the quarter. However, lower lead production at Del Toro and La Parrilla reduced by-product credits, and along with a stronger Mexican Peso, resulted in a slightly higher AISC. We remain focused on developing our key growth projects, most importantly our roaster project, which is expected to significantly increase production levels at La Encantada beginning in the second quarter of 2018.
Brad Langille, President and CEO of GoGold stated, We are very pleased to complete this Transaction with Agnico. We believe GoGold shareholders are well positioned to benefit from the future potential of Santa Gertrudis through our retained royalty. After this Transaction GoGold will be debt free with a strong cash balance which positions the Company well as the Parral Tailings project ramps up to its full production potential, while also allowing us to continue to pursue further opportunities.
Exploration success continues at San Sebastian with the discovery of additional high-grade mineralization that has the potential to extend the mine life. When we restarted San Sebastian we had less than a two-year mine plan and now we see potential through 2020 and beyond. As well, new zones are emerging along both the Middle and Francine veins with similar mineralogy as the Hugh Zone, a 1.5 million ton polymetallic resource, so we see the underground sulphide deposit potentially growing to further extend mine life, said Phillips S. Baker, Jr., President and CEO. At Casa Berardi, the exploration confirms our view of the exploration potential we believed was possible when we acquired the property. The surface program is expanding the open pits and the underground is identifying new lenses with good grades. Finally, drilling at Greens Creek has discovered high-grade mineralization high up in the mine which could enhance Greens Creeks already exceptional mine economics.
The third quarter marked a turning point for La Platosa as we resumed generating cash flow and slashed all-in sustaining costs and mining cost per tonne, stated Brendan Cahill, President and Chief Executive Officer. We began amortizing the costs of the Optimization Plan completed in the second quarter resulting in increased depreciation expense, which has no impact on cash flow, but would otherwise have generated an adjusted net profit. With AISC below $12 at mining rates of 200 tonnes per day, we look forward to further improving results as we increase tonnage going into 2018. With our recently announced financing closing next week, we will also have a greatly improved balance sheet to pursue our exploration plans at Platosa and Miguel Auza.
Endeavour CEO Bradford Cooke commented, Our Third Quarter earnings, cash flow and revenues were down from Q3, 2016 but improved significantly compared to the Q2, 2017. Given that Guanacevi had to deal with new electrical and pump issues due to a lightning strike in July, now partly resolved, we anticipate continued improvement of our operating and financial performance in the Fourth Quarter 2017. Returning Guanaceví to long-term profitability relies in part on developing two new orebodies, Milache and Santa Cruz Sur. Underground ramp access is already underway towards Milache with initial production expected in the second half of 2018. Mine development at Santa Cruz Sur is scheduled to commence this quarter with initial production to coincide with production from Milache. Development of the El Compas mine and refurbishment of the La Plata plant are now well underway, with initial production scheduled to commence by the end of the First Quarter, 2018. We also received the mine and plant permits for Terronera and continue to conduct engineering trade-off studies while we await receipt of the dumps and tailings permits.
“Alamos achieved several milestones in the third quarter including record gold production and our lowest costs and best financial performance in years. This was driven by a breakout quarter from Young-Davidson, which set several new records. We expect this strong performance to continue into the fourth quarter and remain on track to achieve full year production and cost guidance,” said John A. McCluskey, President and Chief Executive Officer.
ARANZ Geo announced today that the company is changing its name to Seequent. The name change and rebrand reflects the companys expansion into a broader range of global industries and markets. Seequent leads the world in visualisation of complex scientific data. It first introduced its Leapfrog® 3D geological modelling software to the mining and minerals industry over 10 years ago. The company has since developed solutions for a wide range of industries including geothermal and renewable energy, civil engineering, and environmental management.
Bacanora CEO Peter Secker said, “Securing access and surface rights for the large and scalable Sonora Project represents another major milestone towards delivering on our objective to develop a world class lithium mining operation at Sonora. Today’s news closely follows the recent Sonora Government Environmental Approval for the Sonora Lithium Project.”
Palamina Corp. today announced the nomination of Alistair Waddell to the board of directors and appointed Donald Mc Iver and Yury Valdivieso to senior management positions. Donald McIver joins Palamina as its new V.P. of Exploration and Yury Valdivieso as Exploration Manager for Peru.
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