Guanacevi Mine Produced 2.1 Million Silver Equivalent Ounces, A 22% Increase Over The Prior Quarter
Due to record production at the Guanacevi mine, Endeavour Silver…
Due to record production at the Guanacevi mine, Endeavour Silver Corporation produced 2.1 million silver equivalent ounces in the third quarter, a 22 percent increase over the same period the previous year.
The production increases the total amount of silver equivalent ounces for the nine months ending September 30, 2021, to 6.1 million silver equivalent ounces. The firm raised its consolidated production estimate for 2021 to 7.7-8.0 million silver equivalent ounces to reflect its continuing excellent performance at Guanacevi, which has resulted in better than anticipated grades and tonnage milled. According to the firm, silver equivalent output at each mine is on pace to achieve or surpass production targets for 2021.
A mid-tier precious metals mining business, Endeavour Silver owns and runs two high-grade underground silver-gold mines in Mexico — Guanacevi and Bolanitos — producing high grades of silver and gold. As a potential leading silver producer, it is presently progressing the Terronera mine project toward a development decision and investigating its exploration and development assets portfolio in Mexico and Chile.
Under prior announcements, the firm has halted operations at El Compas owing to the depletion of available reserves. According to the company, this asset accounts for less than 5 percent of total consolidated output in 2021 and will have no impact on its ability to meet or exceed its production targets for this year.
You Might be interested in
- Mining shutdowns as a result of the Coronavirus pandemic hurt silver production the most, gold the least – report.
- Alicanto Minerals Upper on Securing Tenure Covering Sweden’s Historic High-Grade Sala Silver Mine
- Uranium, Nuclear Subs & the Australian Big Stick
- Demand for essential minerals continues to grow, which poses a problem for Nevada’s mining workforce
In the third quarter, representing a 39 percent increase over the same period the previous year, 1,305,399 ounces of silver were produced by Endeavour Silver. The rise in silver output at the Guanacevi mine, which increased by 46 percent, was the driving force behind the increase. Increased throughput and better silver and gold grades contributed to the mine producing at a record rate during the third quarter. These proceeds helped to mitigate the adverse effects of the mine’s cessation of operations. A 47 percent increase in silver equivalent ounces produced at the Guanacevi mine resulted in a 3 percent rise in gold output year over year. The El Compas mine was closed due to the cessation of operations. The lower ore grades at Bolanitos resulted in processed tons being more than anticipated. The Bolanitos mine’s silver and gold output rose by 11 percent and 8 percent, respectively, in the third quarter of this year.
The firm raised its consolidated production estimate for the year, citing excellent results at Guanacevi. The company now expects to produce 7.7-8.0 million silver equivalent ounces. Earlier, the firm had forecast silver equivalent output at 6.1-7.1 million ounces, higher than the previous estimate. The Guanacevi mine is expected to produce 5.0-5.2 million silver equivalent ounces, higher than the prior estimate of 3.7-4.5 million ounces.
During the third quarter, the firm sold 699,540 ounces of silver and 9,925 ounces of gold. After the quarter, the company held a bullion inventory of 1,030,304 ounces of silver and 1,211 ounces of gold and a concentrate inventory of 37,100 ounces silver and 2,028 ounces gold, as well as concentrate inventory as well as a cash reserve of $1.5 million. During the price drop over the quarter, management continued to withhold metal from the sale to sell the inventory should precious metal prices recover.
For $10 million, the firm finalized the purchase of the Bruner Property in Nye County, Nevada, adding an advanced stage gold development property in a favorable jurisdiction to its portfolio during the third quarter of the year.