Great Panther Silver Limited
Great Panther Silver Limited
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Big falls in gold-silver production from all 3 of Great Panther Mining’s operations has seen the company’s net loss for the Mar 2020 qtr (Q1 20) blow out to $US40.46M from Q4 19’s $28.1M loss on revenue down 27% to $48M, but with the adjusted net loss cut to $7.54M from a $32.4M loss.
All 3 of Great Panther Mining’s operations have posted Q1 20 output losses, taking its net loss out to $40.5M
Gold equivalent production from Great Panther Mining’s 2 Mexican and Brazilian operations has plunged 22% to 34,725oz in the Mar 2020 qtr (Q1 20) from Q4 19, with gold down 22% to 28,940oz and silver 11% lower to 364,917oz.
Great Panther Mining is shutting down mining/processing activities at its Guanajuato Mine Complex (GMC) and Topia mine until April 30, 2020, following directives from the Mexican Govt to mitigate the COVID-19 spread.
Monthly production from the 2 Mexican operations accounts for about 2% of annual consolidated gold equivalent oz and the Mar 2019 acquired Tucano mine in Brazil the remainder of production. Mining/processing operations at Tucano continue uninterrupted.
A $US38.7M goodwill impairment on the Mar 2019 acquisition of the Tucano Gold Mine in Brazil has seen Great Panther’s Dec 2019 year (FY/CY19) net loss blow out to $US91M from the previous year’s $10M loss.
Completion of the Tucano Gold Mine, Brazil, acquisition in Mar 2019 and record production from its Topia mine in Mexico, have seen Great Panther Mining nearly triple Dec 2019 year (FY/CY19) gold equiv production to 146,853oz AuEq, up 182% on FY/CY18.
Great Panther Mining has done a $US10M gold-silver concentrates prepayment deal from its Guanajuato Mine Complex in Mexico spanning 2020 and 2021 with Geneva, Switzerland-based IXM Group, one of the world's largest physical metal traders.
The off-take agreement is at market-based commercial terms for 100% of the concs, with the prepayment being repaid Dec 31, 2020.
Gt Panther operates 3 mines -- the Tucano Gold Mine in Amapá State, Brazil; and the primary Guanajuato and Topia mines in Mexico.
A series of continuing geotechnical problems at Great Panther Mining’s Tucano Gold Mine in Brazil have prompted the company to cut FY/CY2019 production expectations from its 3 Brazil/Mexico operations to 142,000oz-149,000oz gold equiv from 150,000oz-160,000oz AuEq and lift costs.
Operations have been suspended in an area of Great Panther Mining’s San Ignacio underground mine, part of its Guanajuato Mine Complex in Mexico, while investigations continue into the death of a contractor’s employee on Nov 8.
Interim president-CEO Jeffrey Mason says the worker died in an isolated rock fall.
The Canadian-based company will take whatever steps necessary to prevent further tragedy.
Mining is continuing in the rest of the San Ignacio producing areas.
Record silver equivalent (AgEq) production from its Topia mine in Mexico has seen Brazil-Mexico miner Great Panther Mining lift total Sept 2019 qtr (Q3 19) gold equivalent (AuEq) output 19% on Q2 19 to 47,374oz.
The result was on gold output up 18% to 39,651oz, silver 20% better to 418,032oz, lead up 19% to 539t and zinc up 20% to 689t.