Tahoe turns a profit in Escobal’s first quarter of commercial ops
TORONTO (miningweekly.com) – Silver miner Tahoe Resources has turned a profit during the first quarter of commercial operations at its flagship Escobal mine, in Guatemala.
The Vancouver-based firm on Thursday announced a net profit of $24.8-million, or $0.17 a share, after declaring commercial production at the operation in January.
During the quarter ended March 31, the operation generated revenue of $89.9-million from concentrate sales at operating costs of $46.7-million, which resulted in earnings from mine operations of $43.1-million.
Silver output amounted to 4.1-million ounces at a total cash cost of $6.68/oz, a total production cost of $9.14/oz and an all-in sustaining cost of $10.25/oz produced, net of by-product credits.
Tahoe reported an average realised price of silver from concentrate sales of $20.20/oz.
At the end of the period, cash and equivalents totalled $39.9-million.
"We are extremely pleased with the company's first quarter of commercial production. The ramp-up to 3 500 t/d proceeded according to plan, and despite a handful of normal start-up issues, the operations team maintained operating costs within expectations,” Tahoe CEO Kevin McArthur said.
The company expects to produce between 18-million and 21-million ounces of silver in concentrate this year at a total cash cost of between $5.65/oz and $6.25/oz, and an all-in sustaining cost of less than $10/oz, both net of by-product credits.
Tahoe said that it was busy with a feasibility study to further define the planned 4 500 t/d expansion and to establish proven and probable reserves for the Escobal mine. The study is slated for publication during the third quarter.
Its main goal would be investigate how to maintain and sustain output at 20-million ounces a year of silver.
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