Gran Colombia reports record gold production in 2019
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(Kitco News) - Gold production in the final three months of 2019 capped off a record year for Colombia’s only gold miner.
Gran Colombia Gold Corp. said that it produced 65,237 ounces of gold in the final quarter of the year.
The strong end of the year helped push the company’s gold production to a record level for the year at 239,991 ounces, up 10% compared to 2018.
“We are very pleased with our fourth-quarter production results driven by both an increase in tonnages processed at our high-grade Segovia Operations as well as an improvement in grades at Marmato. This stellar fourth-quarter performance enabled us to achieve the top end of our guidance range for 2019, setting a new high-water mark for annual production at 240,000 ounces of gold,” said Lombardo Paredes, chief executive officer of the mid-tier gold miner.
Not only did the company see strong production in the fourth quarter of last year, but a higher gold prices helped improve its cash flow, the company said.
As of the end of December, Gran Colombia’s cash balance stood at $84 million, up from $63 million at the end of the third quarter and $36 million at the end of 2018, the company said.
The company said that its Segovia Operations produced 58,180 ounces of gold in the fourth quarter; for the year, the mine produced a record 214,241 ounces of gold.
Meanwhile, at the Marmato Operations, gold production for the quarter rose to 7,057 ounces. For the full year, Marmato produced 25,750 ounces of gold, near the top end of the company’s guidance range and representing a 3% increase over 2018.