Gran Colombia Gold CEO: 2019 Output Could Exceed Guidance
Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!
(Kitco News) - Gran Colombia Gold Corp.’s (TSX: GCM) year-to-date output is higher than it was during the same period in 2018, and the company’s chief executive said the producer could be setting itself up to top 2019 production guidance.
The company said Tuesday that it produced 18,528 ounces of gold in May, which brought the total for the first five months of 2019 to 99,601 ounces. This was up 14% over the first five months of 2018.
Gran Colombia’s trailing 12 months’ gold production at the end of May was 230,136 ounces, up almost 6% over 2018 annual production and above the top end of the company’s guidance range for 2019 of between 210,000 and 225,000 ounces.
“We have gotten off to a stronger start in 2019 than in other years, setting us up to potentially exceed production guidance for the year,” said Lombardo Paredes, chief executive officer. “We will continue to monitor our operating performance and reassess our guidance when we report our mid-year production results.”
Segovia operations continued to exceed expectations in May with production of 16,363 ounces, the company said. This brought the total for the first five months of 2019 to 89,120 ounces, up 15% over the first five months of 2018.
Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia, where it is currently the largest underground gold and silver producer with several mines at its Segovia and Marmato operations.