Gran Colombia delivers decent gold output despite fewer workers in March
TSX-listed Gran Colombia Gold in the first quarter of the year produced 56 247 oz of gold, compared with 60 601 oz produced in the first quarter of last year.
CEO Lombardo Paredes says while the first quarter’s production is pleasing, it came in lower than expected owing to the impact of Colombia's national quarantine on the Segovia operation’s production in the last week of March.
The company continues to operate the Segovia operations, but at reduced production rates of between 60% and 75%, as the quarantine continues.
Gran Colombia expects to see an increase in the number of workers that are allowed on site later in April.
The company has cash of $81-million on hand to weather challenges during the Covid-19 circumstances.
During the quarter, the Segovia operations, comprising various mines, including El Silencio and Providencia, processed an average 1 284 t/d at an average head grade of 14.9 g/t, which amounted to 50 346 oz produced for the quarter.
Meanwhile, Gran Colombia 74%-owned subsidiary Caldas Gold at the Marmato operations, also in Colombia, produced 5 901 oz in the first quarter, compared with 6 215 oz produced in the first quarter of last year. The company says temporary explosives shortages at the start of the year led to limited availability of materials for processing in January.
Marmato will operate at between 50% and 65% of capacity during April, as a result of quarantine restrictions.
Caldas is progressing a Phase 2 drilling programme to upgrade the inferred resources in the Deeos zone, at Marmato, and will publish a prefeasibility study in due course.
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