Cerro Grande pares Q3 loss
TORONTO (miningweekly.com) – Chile-focused miner Cerro Grande Mining has slightly narrowed its third-quarter loss despite lower sales and prices being offset somewhat by lower costs.
The Canadian firm reported a net loss before income taxes for the period ended June 30 of $1.42-million, compared with a loss of $1.59-million in the comparable period a year earlier.
Revenues were $2.08-million, including gold sales of $1.59-million (1 329 oz) and copper and silver sales of $485 000. This was down 6% year-on-year when compared with $2.22-million a year earlier, which included gold sales of $1.84-million (1 431 oz) and copper and silver sales of $386 000.
Cerro Grande expected its cornerstone Pimenton mine to maintain milling rates of 120 t/d, depending on the rate of conversion of its known resources to reserves.
Currently, the plant had been permitted to operate at an average of 166 t/d. The company had prepared, but not yet submitted, permits to take the mine up to 500 t/d.
Cerro Grande last week reported that it expected its earnings in the fourth fiscal quarter ended September 30, to be adversely affected by the obstruction of the road serving its Pimenton mine.
Striking subcontract workers at Chilean mining major Codelco’s Andina copper/gold mine and a six-day snowstorm had been the cause and, as a result, Cerro Grande was unable to make shipments of copper concentrate and gold doré, as well as receive a shipment of fuel oil for Pimenton.
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