A roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
- Gatos Silver announced Monday that its Q3 2023 net income was $3.3 million, down 6% from $3.5 million in Q3 2022, primarily attributable to an increase in general and administrative expenses.
According to the company, LGJV’s silver equivalent production was 3.5 million ounces in Q3 2023, down 19% from 4.3 million in Q3 2022, while co-product all-in sustaining costs were $17.64 per ounce of payable silver, up 34% from $13.13 in Q3 2022. Silver production is now expected to be between 8.8 and 9.3 million ounces compared with original guidance of 7.4 to 8.2 million ounces, which is an increase of 19% at the low end of the range and 13% at the high end.
“The LGJV continues to generate robust cash flows with the CLG mine consistently producing high margin silver ounces. Gatos Silver remains debt free with a strong cash balance. Conversion drilling of the South-East Deeps inferred resource is progressing well and the LGJV has started ramping up exploration efforts on near mine targets in the Los Gatos district,” the company said.