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SEMAFO: Boungou Mine On Track For 2H 2018 Commissioning

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SEMAFO Inc. (TSX, OMX: SMF) reports that construction of the open-pit Boungou Mine in Burkina Faso is  progressing according to plan for commissioning in the second half of 2018. As of June 30, development was on schedule with $69 million spent and construction of the mine 35% completed, the company says. Erection of the leach and water tanks had begun, along with work on the power plant and fuel depot. A water-storage facility has been excavated and is ready to collect 2017 rainwater. Construction of the resettlement village was 65% complete. The company reports that 1,540 personnel, including contractors, were employed on site, 93% of whom are Burkinabe.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Orvana Posts Company-Record Quarterly Gold Production

Monday June 17, 2017 08:45

Orvana Minerals Corp. (TSX: ORV) reports the highest production in its history during the company’s fiscal third quarter. Consolidated gold output was 26,414 ounces, while gold-equivalent production was 35,292 ounces, an increase of 27% from the prior quarter. The company says it is on track to meet fiscal 2017 production guidance. Gold and copper production at the El Valle Mine in Spain increased by 15% and 24%, respectively, compared to the second quarter due to higher recoveries and tonnes milled. The Don Mario Mine in Bolivia completed its first full quarter of commercial production from the re-commissioned carbon-in-leach circuit, achieving a 48% increase in gold production from the prior quarter. "The recent significant investments we have made into our operations are resulting in consistent quarter-over-quarter improvements in our production results,” says Jim Gilbert, chairman and chief executive officer.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Sierra Metals Reports 3% Year-Over-Year Decline In 2Q Output

Monday June 17, 2017 08:45

Sierra Metals Inc. (TSX, BVL: SMT; NYSE MKT) reports a modest year-over-year decline in output during the second quarter, although production from the Yauricocha Mine in Peru posted the third strongest quarter ever. The company also operates the Bolivar copper and Cusi silver mines in Mexico. Silver-equivalent production was 2.7 million ounces in the second quarter, a 3% decrease from the same period a year ago. Copper-equivalent production was 23.1 million pounds, also a 3% decrease.The dip in production was due to lower throughput, lower head grades and lower recoveries of all metals, except gold recoveries at Bolivar; and lower throughput, lead and zinc head grades, and silver and lead recoveries at Cusi, Sierra Metals says. This was partially offset by higher throughput, higher copper and zinc head grades, and higher recoveries of all metals, except gold, at Yauricocha. "We are working to increase tonnage at Bolivar with the procurement of new equipment and through the exploration and development of higher-grade ore sources, which are expected to come into the mine plan early next year," says Igor Gonzales, president and chief executive officer of Sierra Metals. 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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