(Kitco News) - Gatos Silver (NYSE: GATO & TSX: GATO) yesterday announced above-guidance and record silver production from its 70%-owned Cerro Los Gatos mine for the quarter and year ended December 31, 2022.
The company said that silver production was a record of 10.3 million ounces (on a 100% basis) in 2022, up 36% from 7.6 million ounces in 2021, and above the high end of the most recent 2022 guidance range of 9.35 million to 9.65 million ounces.
The production guidance, provided on October 11, 2022, was increased from the initial 2022 guidance range provided on January 25, 2022 of 8.5 million to 9.0 million ounces, it added.
Gatos said that zinc, lead and gold production also increased during 2022, with zinc and gold near the high end of guidance, and lead near the guidance midpoint. Compared with 2021, zinc production increased by 22%, lead production by 10%, and gold production by 2%.
The company's silver production for the fourth quarter of 2022 was a record of 2.9 million ounces, up 26% from 2.3 million ounces in the fourth quarter of 2021 and surpassing the previous record of 2.7 million ounces achieved in the third quarter of 2022. Zinc production increased by 5%, lead production declined by 5%, and gold production increased by 8%, compared with the fourth quarter of 2021.
The company said that higher silver production for the quarter and year ended 2022 was primarily due to higher silver ore grades and higher mill throughput rates. Silver, zinc and lead recoveries for the year ended 2022 were also higher than in 2021.
“Increased fourth quarter and 2022 output was supported by continued debottlenecking and optimization efforts focused on achieving higher mining rates through increased productivities and improved mine plan flexibility,” the company said in a statement.
Gatos Silver is a silver dominant exploration, development and production company that discovered a new silver and zinc-rich mineral district in southern Chihuahua State, Mexico. As a 70% owner of the Los Gatos Joint Venture, the company is primarily focused on operating the Cerro Los Gatos mine and on growth and development of the Los Gatos district.
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