Great Panther Silver Limited
Great Panther Silver Limited
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Primarily silver miner Great Panther Silver’s Dec 2018 year (FY/CY18) bottom has collapsed 880% on FY/CY17 from profit to a net loss of $US10M on revenue down 7% to $59.4M, despite silver equiv production from its 2 Mexico operations up 15% to 4.17Moz.
Great Panther Silver is now looking to its acquisition of Aussie gold miner Beadell to restore its fortunes after a FY18 profit-to-$10M loss
Great Panther Silver shareholders have approved the primary silver miner’s mutually agreed all-share takeover of Australia-based Beadell Resources and name change to Great Panther Mining.
Beadell shareholders are also expected to concur with the takeover that valued the company and its 100%-owned Tucano Gold Mine in Brazil at $A144M, later today.
Gt Panther Silver has 2 wholly-owned operating mines in Mexico -- the Guanajuato Mine Complex and the Topia Mine.
The continuing realignment of its 2 wholly-owned Mexican mining operations to offset lower metal prices, has seen primarily silver miner Great Panther Silver lift total silver equiv production 15% to 4.17Moz in the Dec 2018 year (FY/CY18).
Record Topia production lifts Gt Panther Silver’s realigned Mexican FY18 output 15% to 4.17Moz
Beadell Resources has completed a miserable year at its Tucano gold mine in Brazil with total FY2018 production coming in at 123,336oz, 1.3% below the low end of its revised guidance and 20% less than its original guidance.
While Dec performance improved a little, CEO-MD Dr Nicole Adshead-Bell says the impact on Beadell’s financial position underlines the significant benefits and synergies of its planned merger with fellow South American producer Great Panther Silver.
Beadell Resources has received a $US5M bailout from soon-to-be parent Great Panther Silver after continued disappointing performance by its 100%-owned Tucano gold mine in Brazil.
Tucano produced 12,471oz in Nov, down from 15,046oz a month earlier, blaming issues with the oxygen-injection spargers on the leach tanks that restricted its ability to process higher-grade sulphide ore.
Despite mine adjustments to reduce mining higher cost stopes at Great Panther Silver’s 2-mine Guanajuato Complex in Mexico cutting 9-months Sept 2018 gold-silver production, silver equiv production increased 11% to 3.22Moz AgEq.
The San Ignacio and Topia mines saw silver production ease 3% to 1.42Moz, gold down the same to 16,060oz, but lead up 75% to 850t and zinc 41% better to 1,207t on ore processed up 4% to 284,985t.
(MERGERS & ACQUISITIONS)
Canadian-based Great Panther Resources will add to its South American portfolio through a friendly share-swap merger with Beadell Resources and its Tucano gold mine in Brazil.
Canadian-based Great Panther Silver and Australian Beadell Resources have announced plans for a merger that will create a growth-oriented precious metals producer focused on the Americas.
The merger will hold three mining operations producing 4Moz AgEq and 130,000oz Au in 2018 by combining Beadell’s Tucano gold mine in Brazil with Great Panther’s production and exploration projects in Mexico and Peru.