VANCOUVER (miningweekly.com) – TSX-listed silver mining and exploration company Great Panther Silver has restarted operations at its Topia mine, in Durango, Mexico, following a temporary shutdown last week when the GM Javier Ramirez Vargas unexpectedly passed away.
The Vancouver-based company said last week that, out of respect for Ramirez and to allow employees time to recover from his sudden passing, it had temporarily suspended mining and processing operations at Topia.
Ramirez died in the town of Topia and not at the company’s operations, with no further information provided about the cause of death.
Great Panther owns two operating mines in Mexico, the Guanajuato mine complex, which consists of the San Ignacio mine and the Topia mine.
During the second quarter ended June 30, Great Panther produced 1.04-million ounces of silver equivalent, at all-in sustaining costs (AISC) of $7.19/oz, which was a 43% improvement over the comparable period in 2015.
The company narrowed its net loss to C$1.7-million for the second quarter, mainly owing to unrealised (noncash) foreign exchange losses of C$6.4-million on intercompany loans and advances by the company to its Mexican subsidiaries and a C$2.2-million (noncash) impairment charge on the termination of the option agreement for the Coricancha project. Adjusted earnings before interest, taxes, depreciation and amortisation increased 134% year-on-year to C$9.8-million.
Great Panther expects to produce 4-million ounces to 4.2-million ounces of silver equivalent in 2016, at a reduced AISC of $12/oz to $14/oz, down from previous estimates ranging between $13/oz and $15/oz.
Great Panther’s TSX-listed stock had rebounded 166% since the start of the year, despite trading slightly negative on Friday at C$1.87 apiece.