Primary silver miner Great Panther has maintained its full-year production and costs guidance, despite weaker June quarter output as a result of unusually wet weather at its Guanajuato mine complex, in Mexico.
Consolidated metal production decreased by 9% year-on-year to one-million silver-equivalent ounces in the June quarter. Silver production fell by 16% to 479 809 oz and gold production dipped 1% to 5 492 oz.
“While production during the second quarter was somewhat lower than planned due to heavier than usual rainfall at our Guanajuato mine complex, we continue to expect to meet our production guidance for 2018," president and CEO James Bannantine said, referring to the TSX-listed miner's guidance of 4-million to 4.1-million silver equivalent ounces at an all-in sustaining cost of $12.50/oz to $14.50/oz for 2018.
The Guanajuato mine complex produced 643 432 ounces of silver equivalent in the second quarter, which is an 8% decrease on the previous quarter and a 10% decrease compared with a year earlier.
The Topia mine, also in Mexico, produced 358 737 ounces of silver equivalent, which was 7% more than the previous quarter, but also 7% less than the comparative quarter of 2017.
Bannantine said that the focus for 2018 continued to be on maintaining efficient operations in Mexico, while advancing the Coricancha mine, in Peru, to set a platform for production growth in 2019 and 2020.
In May, the company published a positive preliminary economic assessment for the Coricancha mine, which confirmed the potential for three-million silver equivalent ounces a year.
The company has started preparations for the bulk sample programme at Coricancha.
Great Panther also affirmed that it continued to seek and evaluate additional acquisition opportunities to meet its growth objectives.
In addition, the company continues to seek and evaluate additional acquisition opportunities to meet the company's growth objectives.