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(Kitco News) - Jaguar Mining (TSX: JAG) (OTCQX: JAGGF) said today that its consolidated quarterly gold production decreased by 24% y-o-y to 16,750 ounces in Q2 2023 compared to 22,028 ounces in Q2 2022.
The company added that Pilar gold production decreased 33% to 8,876 ounces in Q2 2023 compared to 13,212 ounces in Q2 2022, while Turmalina gold production decreased 11% to 7,874 ounces in Q2 2023 compared to 8,816 ounces in Q2 2022.
In a press release, Jaguar noted that the company faced “another difficult quarter” as both mines encountered issues with dynamic orebodies leading to lower grades and tonnes than was expected.
“Given the challenging quarter and the changes we plan to implement to our mining systems during the second half of the year, we feel it is prudent to temporarily suspend our forward-looking guidance for fiscal 2023 in regard to the company’s expected ounces of production and costs so that we can, in the future, provide updated guidance that should reflect the implementation of the aforesaid changes,” the company said.
“We also plan on initiating cost cutting measures to optimize our cash flow in the second half of the year,” it added.
Jaguar Mining's principal operating assets are located in Brazil in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the Turmalina gold mine complex and Caeté mining complex (Pilar and Roça Grande mines, and Caeté plant).
The company also owns the Paciência gold mine complex, which has been on care and maintenance since 2012. The Roça Grande mine has been on temporary care and maintenance since April 2019.
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