Primero lifts year-end output, eyes 2015 expansion
JOHANNESBURG (miningweekly.com) – Canada-based precious metals producer Primero Mining has delivered record production for 2014, ending the year with expectations of further production gains in 2015.
The company reported fourth-quarter production of 62 200 gold equivalent ounces, which resulted in a record yearly output of 225 100 gold equivalent ounces by the end of 2014 – 57% higher than 2013.
"We successfully increased our production by close to 60% and maintained costs within our expected range,” Primero CEO and president Joseph Conway said on Tuesday.
Nearly 63 400 oz of gold had been sourced from Primero’s Black Fox operations at preliminary cash costs of $837/oz and preliminary all-in sustaining costs (AISC) of $1 424/oz.
San Dimas recorded production of 6.15-million ounces of silver and 126 100 oz of gold during the 12 months under review at preliminary cash costs of $628 a gold equivalent ounce and preliminary AISC of $826/oz.
Overall, Primero’s cash costs and AISC for the year were estimated at $687 a gold equivalent ounce and $1 217/oz, respectively.
The cash costs for 2015 were expected to decline further to between $650 and $700 a gold equivalent ounce and between $1 000/oz and $1 100/oz on an AISC basis.
Conway said in an update to shareholders that production for the next year would increase 20% to between 250 000 and 270 000 gold equivalent ounces owing to expected increased production from both the San Dimas and Black Fox operations.
Primero’s capital expenditure programme for 2015 was expected to decline by 27% to $86-million.
The group aimed to publish its fourth-quarter and full-year 2014 financial results on February 12.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
For over 15 years, Lilak Aluminium, a trusted leader in architectural extrusion supply, has delivered excellence to businesses like yours.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
