Argonaut FY16 output beats revised lower guidance
VANCOUVER (miningweekly.com) – Mexico-focused gold producer Argonaut Gold has beaten its revised lower guidance ranging between 115 000 gold-equivalent ounces (GEOs) to 120 000 GEOs for the full-year 2016, producing 122 097 GEOs for the twelve-month period.
Production at El Castillo normalised during the fourth quarter after a challenging third quarter, while La Colorada provided consistent production throughout 2016, and drove the strong full-year performance.
"The 34 384 GEOs produced during the fourth quarter represents our strongest quarter of the year and also is the largest quarterly production total since the second quarter of 2015," the company said late Monday.
Toronto-based Argonaut said it expected consolidated cash costs to beat guidance of $825/oz to $875/oz.
As at the end of December, the company held $42-million in cash.
Management reported that construction of the San Augustin project remained on budget, with first production scheduled for the third quarter.
For 2017, Argonaut expects to produce between 115 000 GEOs and 130 000 GEOs at cash costs of $725/oz to $775/oz. The company has also budgeted $75.8-million for capital expenditures, of which $35.5-million is earmarked for San Augustin and capitalised stripping at the El Creston pit at La Colorada ($18.7-million).
Argonaut is currently updating its life-of-mine plans at El Castillo and La Colorada, and expects to publish these before the end of March.
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