Anaconda reports gold production decline in Q2, hopes for better H2 2021
(Kitco News) - Anaconda Mining (TSX:ANX) today announced that in Q2 2021, its gold production in Newfoundland of 3,201 ounces was 12% lower than Q2 of the previous year due to lower grade from the initial benches at Argyle which, however, represented a 26% improvement from the first quarter of 2021 as a result of better throughput and average recovery.
The Pine Cove Mill, located in Newfoundland, Canada, processed 117,030 tonnes during Q2 2021, a 26% increase compared to the first quarter of 2021 when the mill was impacted by unplanned maintenance relating to the ball mill and the jaw crusher.
Anaconda said that the company sold 3,156 ounces of gold in Q2 2021, generating metal revenue of $6.9 million at an average realized gold price of $2,197 (US$1,789) per ounce sold.
According to a press-release, the company’s gold production is expected to increase further in the second half of 2021 as accelerated waste development provides increased access to higher grade ore.
Anaconda Mining is a gold mining, development, and exploration company. The company is advancing the Goldboro gold project in Nova Scotia, which is subject to an ongoing definitive Feasibility Study. Anaconda also owns mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully-permitted Pine Cove Mill, tailings facility and deep-water port.