Endeavour Silver sets production record, to beat guidance
TORONTO (miningweekly.com) – TSX- and NYSE-listed Endeavour Silver on Wednesday said it had set a third-quarter production record, lifting silver-equivalent output 75% year-on-year to 3.23-million ounces.
The company, which operates three silver mines in Mexico, said silver output for the quarter ended September 30 rose 63% to 1.85-million ounces, and gold output nearly doubled to 22 947 oz.
Endeavour’s revenue rose 31% to $67.8-million as a result of the increased precious metal production, but was partially offset by lower metal prices.
The realised silver price fell 21% to $22.60/oz and that of gold fell 14% to $1 409/oz.
Despite the company having enhanced its cash flow through increased production and/or grades at all three mines, it continued to cut costs through more workforce reductions and operating efficiencies.
Endeavour said that both the El Cubo and Bolanitos operations benefited from the clean-out of the leased Las Torres plant, before it was returned to the owner in late July.
The mid-cap silver miner had in September raised its 2013 output guidance to six-million ounces of silver, up 20% from previous guidance of between 5-million and 5.3-million ounces, and a 34% increase over 2012, mainly owing to higher-than-expected output from its Bolanitos mine, in Guanajuato state, Mexico.
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