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Santacruz Silver Reports 3Q Loss, Silver Eq Production Up

Tuesday December 02, 2014 11:25 AM

Santacruz Silver Mining Ltd. (TSXV:SCZ) reports a net loss of $1.05 million, or 1 cent per share, during the third quarter of 2014, an improvement from a net loss reported during the second quarter of 2014 totaling $1.57 million, or 2 cents per share. Revenue rose quarter-on-quarter to $3.16 million while silver equivalent production also rose q-o-q to 192,400 ounces, the company says, at all-in sustaining cash costs of $23.68 per silver equivalent ounce – down over $6 q-o-q. "The cash cost per equivalent ounce of silver sold has decreased more than 18% when compared to the second quarter of 2014, and we expect that this figure will decrease even further in subsequent quarters as production keeps ramping up and efficiencies are taking place,” says Arturo Préstamo, president and chief executive officer of Santacruz. “We have just started the commissioning of the third ball mill and expect it to be running at specifications by mid-December, taking Rosario's milling capacity up to 450-500 tons per day. This will allow us to further reduce our costs going forward." Silver equivalent ounces sold rose 26.4% q-o-q to 188,100 ounces, the company says.

By Alex Létourneau of Kitco News aletourneau@kitco.com

 

Harmony Ringing Up New Mine Plan For Kusasalethu

Tuesday December 02, 2014 10:31 AM

Harmony Gold Mining Co. Ltd. (NYSE:HMY)(JSE:HAR) will implement a new mine plan at its troubled Kusasalethu mine, located near Carletonville, South Africa, after consistently recording losses since September 2012. The company says they’ve been putting effort into restoring the mine back to profitability, but “engineering infrastructure and water reticulation failures in the past year have exacerbated the underperformance at the mine” which also includes illegal mining activity. “Kusasalethu has not returned to profitability after various setbacks,” says Graham Briggs, chief executive officer of Harmony. “We need to be both decisive and mindful in our actions so that we preserve the viability of this mine for several decades to come. Without these actions, this mine will not survive and that would indeed be a tragedy for our company, our employees, our communities and our country.” The company says Kusasalethu began a “Section 189 consultation process in terms of the Labour Relations Act and will seek to engage with representative unions in evaluating various options. The parties will, over the next 60-day consultation period, consider a number of avoidance measures that may include offering voluntary separation and, early retirement packages to employees and seek to transfer as many employees as possible to vacancies that exist elsewhere in the company. Kusasalethu currently employs about 6 300 people (including contractors).”

By Alex Létourneau of Kitco News aletourneau@kitco.com

 

Stillwater To Delist From TSX

Tuesday December 02, 2014 10:26 AM

Stillwater Mining Co. (NYSE:SWC)(TSX:SWC.U) will be voluntarily delisting from the Toronto Stock Exchange follow the close of markets on Dec. 5. “The company's decision to delist from the TSX was based on low trading volume of its shares over a sustained period of time, which does not justify the administrative costs associated with maintaining a dual listing,” the company says. “Following its delisting from the TSX, Stillwater's shares will continue to trade on the New York Stock Exchange under the symbol SWC. Canadian investors will be able to continue trading shares of Stillwater Mining Co. on the NYSE.” Stillwater is North America’s largest platinum group metals producer.   

By Alex Létourneau of Kitco News aletourneau@kitco.com

 

 

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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