Silver miner Andean Precious Metals made its debut on the TSX-V on Monday, marking a milestone for the Bolivia-focused company, says CEO Luis da Silva.
Andean Precious Metals is the 100% owner and operator of the San Bartolomé silver mine and processing operation in Potosi, Bolivia, which has been in production since 2008.
The 5 500 t/d oxide plant was built by Coeur Mining for about $188-million and sold to the predecessor company of Andean Precious Metals in 2017.
The San Bartolomé facility processes oxidised ore under mining rights held by a wholly-owned Bolivian subsidiary of Andean at several locations in Bolivia and via contracts with the State mining company of Bolivia and private Bolivian companies.
“The commencement of trading on the TSX Venture Exchange is a major milestone for Andean Precious Metals, and an important step forward in our journey to become a midtier, multi-asset precious metals producer,” says Da Silva.
Independent director Bob Buchan says he is excited to work with the team at Andean Precious Metals. “There is a wealth of opportunity in Bolivia, where the company has a track record of profitability, excellent safety performance and good governance.”
Buchan continued: “The combination of organic growth opportunities with the flexibility of a strong balance sheet and cashflow profile put Andean in a unique position for a company of this size.”
The company has $70-million in cash and metal inventory, or C$0.57 a share, and generated $23-million in free cash flow in the third quarter of 2020.
Last year, the miner produced 5.9-million silver-equivalent ounces at an all-in sustaining cost of $15/oz.