Make Kitco Your Homepage

Mining News

Santacruz Silver posts net loss of $22M in 2022; plans to further streamline and identify synergies among operations

Kitco News

Editor note Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!

(Kitco News) - Latin America-focused precious and base metals producer Santacruz Silver (TSXV: SCZ) said yesterday that the company sold 19,612,692 silver equivalent ounces in 2022, a 562% increase year-over-year.

The company also reported 2022 all-in sustaining costs (AISC) per silver ounce sold of $20.05 (an 18% decrease year-over-year), revenue of $278,594,000 (an increase of 422% year-over-year), adjusted EBITDA of $11,385,000 (a 1,497% increase year-over-year), and net loss of $22,261,000 (2021: net loss of $11,565,000).

Santacruz noted that it will look for opportunities to “further streamline and identify synergies” among all mining operations in order to maximize value from each of its assets.

Executive Chairman Arturo Préstamo commented, "Santacruz is building a mid-tier precious and base metals producer, and the acquisition of the Bolivian assets transformed us into a multi-million-ounce silver equivalent producer, with year-over-year production increasing four times.

“In addition, we have strengthened our management team with seasoned professionals both on the operational and financial sides of the business. While our significant growth came with its challenges, the team's determination has been vital in establishing a solid platform from which to grow the company."

Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America. The Bolivian operations are comprised of the Bolivar, Porco and the Caballo Blanco Group, which consists of the Tres Amigos, Reserva and Colquechaquita mines. The Soracaya exploration project and San Lucas ore sourcing and trading business are also in Bolivia. The Zimapan mine is in Mexico.

 Soma Gold reports record monthly gold production in May

By

Vladimir Basov

For Kitco News

Contact vbasov@kitco.com
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.