Primero lifts year-end output, eyes 2015 expansion
JOHANNESBURG (miningweekly.com) – Canada-based precious metals producer Primero Mining has delivered record production for 2014, ending the year with expectations of further production gains in 2015.
The company reported fourth-quarter production of 62 200 gold equivalent ounces, which resulted in a record yearly output of 225 100 gold equivalent ounces by the end of 2014 – 57% higher than 2013.
"We successfully increased our production by close to 60% and maintained costs within our expected range,” Primero CEO and president Joseph Conway said on Tuesday.
Nearly 63 400 oz of gold had been sourced from Primero’s Black Fox operations at preliminary cash costs of $837/oz and preliminary all-in sustaining costs (AISC) of $1 424/oz.
San Dimas recorded production of 6.15-million ounces of silver and 126 100 oz of gold during the 12 months under review at preliminary cash costs of $628 a gold equivalent ounce and preliminary AISC of $826/oz.
Overall, Primero’s cash costs and AISC for the year were estimated at $687 a gold equivalent ounce and $1 217/oz, respectively.
The cash costs for 2015 were expected to decline further to between $650 and $700 a gold equivalent ounce and between $1 000/oz and $1 100/oz on an AISC basis.
Conway said in an update to shareholders that production for the next year would increase 20% to between 250 000 and 270 000 gold equivalent ounces owing to expected increased production from both the San Dimas and Black Fox operations.
Primero’s capital expenditure programme for 2015 was expected to decline by 27% to $86-million.
The group aimed to publish its fourth-quarter and full-year 2014 financial results on February 12.
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