Endeavour Silver lifts Q1 bullion production, revenues
TORONTO (miningweekly.com) – Mexico-focused miner Endeavour Silver on Monday said it had significantly lifted bullion production and revenues for the first quarter ended March 31.
The TSX-listed firm said revenues were up 42% year-on-year to $69.9-million as a result of silver production climbing by 39% to 1.49-million ounces and gold production rising by 138% to 15 032 oz when compared with the first quarter of 2012.
Endeavour said the increased metal production and some sales of accumulated concentrate were partly offset by lower metals prices.
The midtier precious metals producer in March signed two contracts worth $20-million to sell its silver/gold concentrates and facilitate higher production in 2013 from its Bolanitos mine in Guanajuato state, Mexico.
In 2012, Endeavour expanded the Bolanitos mine and plant by 60% to 1 600 t/d and since the fourth quarter, 2012, Bolanitos output had actually been more than 1 700 t/d, well in excess of plant capacity.
The extra mine output was processed into silver/gold concentrates at the Las Torres plant, which is under lease next to Endeavour's El Cubo mine.
However, Endeavour did not have sufficient capacity at its two leach circuits at Guanacevi and El Cubo to process the extra Bolanitos concentrates into dore bars, resulting in it being stockpiled.
Endeavour said it was also arranging to sell 500 t/m of Bolanitos concentrates for a six-month period in order to allow the Guanacevi and El Cubo plants to conduct updated metallurgical reconciliations and balances for Guanacevi ores and El Cubo concentrates.
The company’s stock closed down 2.97% at C$5.88 apiece on the Toronto bourse on Monday.
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