Endeavour Silver full-year precious metal production drops 27%
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The mid-tier Mexican miner announced its Q4 Friday. In 2019 the company's full-year production was 4.018 million ounces of silver and 38,907 ounces of gold.
A number of the company's mines fell short. In November El Cubo Mine was put on temporary care and maintenance when exploration programs failed to replace reserves and find new resources;. Final closure is being evaluated.
In Q4 both Guanacevi and El Compas mines had poor results. El Compas had lower grades due to orebody variation. At Bolanitos mine output declined year-on-year because "...the mine plan had to be re-sequenced to allow for blending of high and low arsenic ores." The company said the mine was then plagued with equipment availability issues and then mine development fell behind.
Guanacevi was a bright spot. Endeavour said operational changes improved mine outputs and allowed access to higher-grade ores.
Bradford Cooke, Endeavour CEO, is looking ahead.
“The Company’s performance last year was negatively impacted by operating issues at all four mines," said Cooke. "We made sweeping changes to the mining operations in Q2 and Q3 and as a result, we are finally seeing production turning around, led by Guanacevi. Endeavour expects higher production at each of its three mines in 2020.
“We continued to advance our Terronera and Parral projects, with additional engineering trade off studies completed for Terronera and continued exploration drilling at Parral during the Fourth Quarter. A final updated Pre-Feasibility Study for Terronera is being completed this month and an initial Preliminary Economic Assessment at Parral is expected in Q1, 2020.”
Endeavour Silver was up 1% Friday to C$2.84 as of 11:53 a.m.