Pretivm maintains guidance despite Q1 Covid outbreak
British Columbia miner Pretium Resources (Pretivm) will achieve its 2021 operation and financial guidance, despite the near-five-week Covid-19 outbreak that occurred at its Brucejack mine.
Operations were maintained throughout the novel coronavirus outbreak, although mining, milling and other development and exploration activities continued at reduced rates.
Production of 85 795 oz of gold was reported for the first quarter, which was higher than the 82 888 oz of the corresponding quarter of 2022. The increase was mainly owing to the higher mill head grade of 8.2 g/t, slightly offset by lower throughput.
Gold production in the second quarter, however, will be below the guidance range on a yearly basis, owing to the impact of the Covid-19 outbreak on operational activities, Pretivm said on Tuesday.
However, the miner’s full-year guidance of 325 000 oz to 365 000 oz at an all-in sustaining cost of $1 060/oz to $1 190/oz should be met.
Despite the challenges of February and March, Pretivm delivered a profitable quarter with $142.4-million in revenue and generated $51-million in free cash flow, which allowed the miner to reduce its debt.
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