Gatos Silver's revenue is up 223%, but realized price on precious metals falls
Gatos Silver (NYSE/TSX:GATO) said today that the company generated $121.5 million in revenue during 2020, representing a 223% increase from 2019 due to higher metal prices and production rates in 2020.
Gatos Silver is an exploration, development and production company that discovered a new silver and zinc-rich mineral district in southern Chihuahua State, Mexico. The company recently built and commissioned its first operating mine and mineral processing plant at the Cerro Los Gatos deposit.
The company highlighted record production of 652,739 ore tonnes from the Los Gatos Joint Venture.
Gatos Silver said that record silver, gold, zinc and lead metal recoveries were achieved at the CLG processing plant. The company said it had two consecutive profitable quarters to end 2020.
Fourth-quarter tonnes mined was up 199,347 compared to 164,510 in the third quarter.
The average realized prices of precious metals was down comparing the company's 4Q and 3Q: $23.66 compared to $24.15 for silver. Gold was down from a high of $1,907 to $1,850.