Golden Minerals commissions Rodeo mine ahead of schedule
(Kitco News) - Golden Minerals (NYSE: AUMN; TSX: AUMN) announced Wednesday it has begun gold production at its Rodeo gold project located in Durango State, Mexico, roughly two weeks ahead of schedule and on budget.
The company said it has transported the first loads of Rodeo’s gold-containing material by road to its nearby Velardeña oxide mill for processing last week. The mill has begun processing the material and anticipates a first pour of gold-silver doré bars within two weeks.
Initially, Rodeo material will be processed at a rate of about 200 tonnes per day (tpd). The company estimates that with the installation of a new regrind mill, daily mill throughput is expected to increase to about 450 tpd by the end of Q1 2021.
President and CEO Warren Rehn commented, “I’m very pleased to announce that Golden Minerals has officially transitioned to gold-silver producer from exploration company. Despite the Covid-19-related uncertainties of the past year, we’ve been able to develop this project and put it into production ahead of schedule and on budget. Rodeo is expected to generate significant free cash flow for us that will be used, in part, to further work at our larger, silver-gold Velardeña properties. Rodeo’s production is the first step toward the company achieving sustainable, long-term profitability.”
Golden Minerals is a Delaware corporation based in Golden, Colorado. The company is primarily focused on advancing its Rodeo and Velardeña properties in Mexico.