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(Kitco News) - Gatos Silver (NYSE: GATO) (TSX: GATO) reported Monday that its 70%-owned Cerro Los Gatos (CLG) mine in Mexico produced 2.0 million ounces of silver in Q2 2023, 13% below the 2.3 million ounces in Q2 2022.
The company explained that the reduction in silver output is mainly attributable to a 29% decline in silver grades in Q2 2023, as expected in the mine plan, and partially offset by the 26% increase in mill throughput.
The company’s Q2 2023 zinc production decreased by 5% y-o-y to 14.8 million pounds, lead production declined by 18% to 9.7 million pounds, and gold production decreased by 6% to 1.2 thousand ounces, primarily due to lower mill feed grades as expected in the mine plan.
Importantly, Gatos noted that mill throughput set a new quarterly record, averaging 2,916 tonnes per day during the second quarter of 2023, an increase of 26% compared to the second quarter of 2022.
CEO Dale Andres commented, “The CLG mine continues to perform very well with another record for mill throughput rate during the quarter, supported by further mine debottlenecking and plant optimization efforts.
“We remain on track to achieve 2023 production guidance at CLG and to provide an updated mineral resource and reserve estimate before the end of the third quarter of this year, including a new life of mine plan.”
Gatos Silver is a 70% owner of the Los Gatos Joint Venture in Mexico. 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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| Endeavour Silver increases silver and gold production in Q2, reaffirms 2023 guidance |
