Excellon scouting for Mexico acquisitions as Platosa winds down
Precious metals producer Excellon is actively pursuing acquisition opportunities in Mexico, as it heads towards the wind-down of its Platosa operations.
On the Toronto- and New York-listed company’s wish list is acquisition opportunities for producing and development-stage assets, CEO Brendan Cahill said on Monday.
Excellon said that, although drilling at Platosa continued during much of the first quarter, given recent drilling results and consideration of current and expected economic factors, the company expected to wind down operations during the third quarter.
Platosa is Mexico’s highest-grade silver mine and has been in production since 2005.
During the first quarter, production was impacted by labour action at Platosa. The company produced 384 007 silver-equivalent ounces, compared with 516 715 oz a year earlier.
“We have ramped up production smoothly following the labour action that disrupted production in March,” said Cahill.
Despite limited production, Excellon achieved good revenues and lower all-in sustaining costs (AISC), largely owing to strong base metal prices and improved concentrate treatment terms.
AISC decreased to $18.92/oz and the miner generated $8.5-million in revenue.
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