Gran Colombia meets 2020 guidance despite 8% production decline
(Kitco News) - Gran Colombia Gold (TSX: GCM) announced today that it produced a total of 19,958 ounces of gold in December 2020 bringing the total for the fourth quarter of 2020 to 57,265 ounces compared with 65,237 ounces in the fourth quarter of 2019.
For the full-year 2020, the company produced a total of 220,194 ounces of gold, which is within its annual guidance range of between 218,000 and 226,000 ounces.
The company said that 2020 was the fifth consecutive year that Gran Colombia has met or exceeded its annual production guidance. The company produced a total of 239,991 ounces of gold in 2019.
At the end of December 2020, Gran Colombia had a cash position of approximately US$90 million.
CEO Lombardo Paredes commented, “Our Segovia operations had another steady quarter, finishing the year within guidance as expected. We have now produced a total of approximately 1.3 million ounces of gold from Segovia in the 10 years since we acquired the mining title and the head grade has averaged 13.8 g/t over that period of time, establishing Segovia as one of the highest-grade underground global gold mines. The Marmato operations continued to gain momentum in the fourth quarter of 2020 with the implementation of the optimized mine plan in the existing upper mining operations and commencement of the planned plant expansion to be completed in the third quarter of 2021.”
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 in operation at its high-grade Segovia operations. Gran Colombia also owns approximately 53.5% of Caldas Gold, an owner of Marmato project in Colombia.