TSX-listed Gran Colombia Gold produced 19 958 oz of gold in December, bringing the total for 2020 to 220 194 oz of gold, marking the fifth consecutive year that the company has either met, or exceeded, its yearly production guidance.
The company’s guidance was to produce between 218 000 oz and 226 000 oz. In 2019, production came to 239 991 oz.
Commenting on the latest results, CEO Lombardo Paredes said on Wednesday that the company’s Segovia operations, in Colombia, had another steady quarter, and that it “finished the year within guidance as expected”.
Gran Colombia has now produced about 1.3-million ounces of gold from Segovia in the ten years since it acquired the mining title. Head grade has averaged at 13.8 g/t over this period, which Paredes said established the operation as “one of the highest-grade underground global gold mines”.
Development of the company’s mines at Segovia continued in the fourth quarter and in December, when the company started production activities at its fourth mine, Carla, which is expected to ramp up further during the first half of 2021.
For the full year, the Segovia Operations produced a total of 196 362 oz of gold in 2020 which is within its yearly guidance range of between 195 000 oz and 200 000 oz. Segovia produced 214 241 oz of gold in 2019 in comparison.
Overall, the Segovia Operations processed an average of 1 280 t/d in 2020 at an average head grade of 14.5 g/t compared with 1 237 t/d at an average head grade of 16.4 g/t last year.
Gold production from the four company mines represented about 88% of Segovia’s total production in 2020. The other 12% of Segovia’s gold production in 2020 was sourced from the small mines operating in the regional area within the Segovia mining title under contract with the company as part of its environmental, social and governance initiatives.
Gran Colombia currently has 55 small mines under contract and, in 2020, saw a 10% increase in material from the small mines.
Meanwhile, the Marmato mine, which is held in Gran Colombia’s spinoff company, Caldas Gold, produced 23 832 oz of gold in 2020 which is within its yearly guidance range of between 23 000 oz and 26 000 oz. The Marmato mine produced 25 750 oz in 2019.
Caldas will soon become Aris Gold, led by CEO Neil Woodyer. Gran Colombia will own 44.3% of Aris.