Endeavour Silver To Cut Production Rate At El Cubo Mine
Endeavour Silver Corp. (NYSE: EXK; TSX: EDR) will reduce the production rate at the El Cubo mine in Mexico next year and lay off 240 workers, the company reports. Due to the current short mine life at El Cubo, the company says it plans to cut the production rate to approximately half of the capacity of 1,500 tonne per day, meaning higher operating costs than 2018, while continuing to explore for new reserves to extend the mine life. Endeavour says more details will be provided when the company issues its 2019 consolidated production and cost guidance in January. The mine will continue to run at three shifts per day but the plant will move to one shift per day next year, Endeavour says. Some idled mining equipment at El Cubo has been shipped to the El Compas mine, which is being commissioned as Endeavour’s fourth mine.