Gran Colombia hikes 2019 production target

11th July 2019 By: Creamer Media Reporter

Colombia’s largest underground gold and silver producer, TSX-listed Gran Colombia, has increased its guidance for 2019 to between 225 000 oz and 240 000 oz.

The new guidance compares with a previous range of 210 000 oz to 225 000 oz, and follows a strong six-month period.

The miner produced 18 882 oz of gold in June, bringing the second quarter total to 57 882 oz, up 9% on the prior-year quarter. For the first half of 2019, production increased by 12% year-on-year to 118 483 oz, which brought the trailing 12 months’ total at the end of June to 230 906 oz, or 6% higher than 2018’s yearly production.

Commenting on the production results, CEO Lombardo Paredes said the strong operating performance of the quarter was led by its flagship Segovia Operations.

The Segovia Operations produced 16 891 oz of gold in June bringing the total for the second quarter of 2019 to 51 625 ounces, up 10% over the second quarter of 2018. Gran Colombia processed an average of 1 173 t/d at its Segovia Operations in the second quarter, up 16% compared with the second quarter last year. After receiving a boost from a high-grade area at the Providencia mine in the first quarter this year, Segovia’s overall head grade returned to an average of 16.8 g/t in the quarter under review, compared with 17.3 g/t a year earlier.

For the first half of 2019, the Segovia Operations produced 106 011 oz of gold, up 13% over the first half last year. Overall, the Company processed an average of 1 143 t/d in the first half of 2019, up 18% over the first half last year, at an average head grade of 17.8 g/t, up from 16.7 g/t in the first half last year.

At the Marmato Operations, June’s gold production of 1 991 oz brings its total production for the second quarter of 2019 to 6 257 oz, up 7% compared with the second quarter of 2018. For the first half of 2019, Marmato produced 12 472 oz of gold, up 4% over the first half last year.