Listed Mining Companies
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TORONTO (miningweekly.com) – Vancouver-based Great Panther Resources expects 2009 silver output will increase 20%, to 1,45-million silver-equivalent ounces, compared with a best-ever 1,21-million ounces of silver produced last year.
The group is forecasting total metal production of 2,07-million silver equivalent ounces, which also includes 6 000 oz of gold, 750 t of lead and 840 t of zinc, from its two Mexican mines.
The cash operating cost per ounce of silver, net of byproduct credits, is expected to be between $7,00 and $7,50 this year, compared with an estimated $11,00 in 2008.
In 2008, costs were pushed higher by increased smelting and refining costs and lower metals prices, which reduced the value of the byproduct metals produced at the company's mines, forcing the firm to curtail some lower-grade production and cut back on exploration spending.
“The changes forced on Great Panther's operations by the sharp downturn in metal prices mean that both the Guanajuato and Topia mines are emerging from 2008 much leaner and more efficient, with lower costs and yet with excellent potential to increase production further in 2009,” the firm commented in a statement on Wednesday.
“Both Great Panther's mining operations are now generating positive operating cash flow, and the company will benefit from the expected improvement in metal prices.”
