Calibre drops 2020 guidance by 20%
Following a ten-week Covid-19-pandemic-related suspension of operations, Canada-listed Calibre Mining on Wednesday issued a revised 2020 guidance, with the new estimate being 20% less than its original plans.
The miner is now forecasting production of between 110 000 oz and 125 000 oz from its mines in Nicaragua. Before the pandemic, Calibre had planned to produce 140 000 oz to 150 000 oz this year.
“The phased restart of operations continues as planned with enhanced safety and health protocols in place and we anticipate reaching steady-state production levels in July,” said CEO Russell Ball.
The company has also resumed exploration drilling with an expanded 60 000 m programme, increased from 47 000 m. In addition, an unbudgeted 20 000 m infill drilling programme is under way, at sustaining capital costs of about $2.5-million, targeting a significant upgrade in inferred to indicated resources for inclusion in the end of year 2020 mineral reserve and resource estimate.
“Despite the fixed-cost nature of the business and an additional $40/oz in all-in sustaining costs (AISC) from the unbudgeted increase in exploration drilling, and the unbudgeted infill drilling programme, we are only guiding to a 4% increase in costs on a per ounce basis, as we see increased benefits from our ‘hub-and-spoke’ operating philosophy and are now starting to see the bottom-line impact of our increased focus on operating efficiencies and supply chain management practices,” said Ball.
Calibre is forecasting total cash costs of $880/oz to $920/oz and AISC of $1 070/oz to $1 100/oz.
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