Pan American Silver Corp. today announced that it will commence restarting operations at its La Colorada mine in Mexico on October 16, 2023, following a shift change and the transition from care and maintenance activities.
At San Antonio, Osisko Development will continue its efforts on the remaining stockpile processing, which was expected to be completed in the third quarter. The company awaits next steps from the government of Mexico with respect to the permitting process.
Akiba Leisman, CEO of Mako states that “operating improvements, resulting from permits to begin mining Las Conchitas in parallel with San Albino, have significantly improved free cash flow generation from the mine. This allows the Company to rapidly repay debt while investing heavily in exploration. A maiden resource for Las Conchitas is very nearly complete, which will allow the Company to be operating at these levels for year to come.”
“Our production decreased this quarter compared to previous quarters due to lower throughput and ore grades processed at Guanacevi. We mined lower grades due to mine sequencing changes related to access and ventilation, whereas throughput was impacted due to an extended scheduled maintenance program. The mine sequencing is now back to plan, which will result in access to improved ore grades going forward. Additionally, the maintenance program has been executed successfully to minimize operational risks in the mill,” stated Dan Dickson, Chief Executive Officer. “We anticipate improved operational performance and operational efficiency in the last quarter.”
Dale Andres, CEO of Gatos Silver, commented: “The CLG mine achieved strong production results in the third quarter, with the mill equaling the record throughput rate achieved last quarter. Consistent with the first half of the year, silver equivalent production in the third quarter and nine months tracked to the high end of our 2023 production guidance range. We are continuing to progress further life extension opportunities beyond 2030 by advancing conversion drilling of the South-East Deeps inferred resource and ramping up exploration efforts on near mine targets in the Los Gatos district.”
N. Eric Fier, CEO, commented, “Las Chispas continued to perform well in Q3, 2023 with 2.68 million oz AgEq sold for a total of 7.69 million oz AgEq sold in the first nine months of the year. This positions us to deliver on our 2023 guidance of 9.8-10.2 million oz AgEq sold. In August 2023, we filed and launched a Normal Course Issuer Bid and during the remainder of the quarter spent $7.1 million to buy back 1.5 million shares. This demonstrates our financial strength and commitment to return shareholder capital and to continue to invest in our unique and high-quality project.”
Mike Struthers, CEO, commented: “I’m delighted to welcome former colleague Chris Richings to the Luca team. As our new Vice-President Technical, Chris will provide invaluable leadership and direction in all technical disciplines at our mines but will initially focus on improving processes and performance at our Campo Morado Mine. Chris’s engineering study experience will also be invaluable as we examine opportunities to expand production at our Tahuehueto Mine beyond our initial 1,000 tpd goal.”
Orogen Royalties Inc. is pleased to announce that exploration partner Rackla Metals Inc. has exercised their option on the 288 square kilometre Astro gold project in the Northwest Territories, Canada.
Rodrigo Barbosa, Aura’s President and CEO commented, “In this quarter, we experienced a significant rise in production volumes in all our operations. Also, a standout accomplishment this quarter was Almas’s ramp-up, which exceeded industry benchmarks. As our operations thrived, we finalized and released a highly accretive Feasibility Study, secured funding and commenced construction at Borborema. We, at Aura team, are focused and building a solid track record in order to achieve our 450,000 Oz annualized by the end of 2025.”
“Completion of the project loan marks a step forward in our deep-rooted commitment to creating shareholder value and executing on our strategic vision to foster economic growth, environmental responsibility, and to positively impact lives by promoting local development”, said Dan Dickson, Endeavour’s CEO. “ING and Societe Generale are tier one lenders to the mining industry, and we are grateful for their partnership and support towards executing this vision. We look forward to unlocking all these benefits as we advance Terronera towards production.”
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