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Jaguar Mining's Q1 2021 production dropped over COVID-19 emergency in Brazil

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(Kitco News) - Jaguar Mining (TSX: JAG, OTCQX:JAGGF) today announced that the company’s consolidated gold production decreased 14% to 18,161 ounces in Q1 2021 compared to 21,008 ounces in Q1 2020. Grade also decreased to 3.10 g/t in Q1 2021 compared to 4.15 g/t in Q1 2020.

The Pilar mine gold production decreased 16% to 9,643 ounces compared to 11,521 ounces in Q1 2020 and the Turmalina gold production decreased 10% to 8,517 ounces compared to 9,487 ounces in Q1 2020.

The company said that it had faced the highest levels of impact from the COVID-19 pandemic in the first quarter as 447 of the company’s approximately 1,570 (~30%) employees and contractors have either contracted the virus, been quarantined, or have been sidelined for health risk factors for varying amounts of time.

Jaguar added that its operating divisions have been the hardest hit where the loss of skilled drillers and mechanics heavily impacted productivity. The temporary reduction of expertise and manpower coupled with the continuous reconfiguration of the company’s operating teams and inability for movement of technical resources between mines have been the major contributing factors to Jaguar’s underperformance this quarter, the company noted.

Jaguar Mining is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes and a large land package. The company's principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the Turmalina gold mine complex and Caeté mining complex (Pilar and Roça Grande mines, and Caeté plant). The Company also owns the Paciência gold mine complex, which has been on care and maintenance since 2012.

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