(Kitco News) - Bear Creek Mining (TSXV: BCM) today reported gold production of 11,170 ounces in Q3 2022, its first full quarter as owner of the Mercedes mine.
In its statement, the company said that for the three months ended September 30, 2022, it recorded revenue of $26.55 million from the sale of gold and silver. The cost of goods sold was $23.72 million and depletion, amortization and depreciation amounted to $5.88 million.
After other income and expenses, tax expenses and recoveries the company recorded a comprehensive net loss of $7.66 million ($0.05 per share) for the three months ended September 30, 2022.
The company noted that cash and cash equivalents and short-term investments at September 30, 2022 were $9.6 million compared to $24.2 million at December 31, 2021, adding that the Mercedes mine improvement program is expected to increase production and reduce costs thereby improving operating cashflow in future periods.
Bear Creek also said it anticipates Q4 2022 production of 12,500 to 13,500 ounces of gold. In 2023, the company expects to produce between 66,000 and 73,000 ounces of gold.
Bear Creek Mining owns the Corani silver-lead-zinc deposit in Puno, Peru, which is one of the largest fully permitted silver deposits in the world. The company’s Mercedes gold-silver mine in Sonora, Mexico was acquired in April 2022.
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