PR Newswire
VANCOUVER, BC, Oct. 8, 2021
TSX: GPR | NYSE American: GPL
UCS pushback activities complete, GMC operational alternatives under review
VANCOUVER, BC, Oct. 8, 2021 /PRNewswire/ - Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the "Company"), a growing gold and silver producer focused on the Americas, reports production results for the three months ended September 30, 2021, from its three wholly-owned mines: Tucano in Brazil, and Topia and the Guanajuato Mine Complex ("GMC") in Mexico.
Third Quarter 2021 Production Highlights
"Third quarter production was lower than planned primarily because of low ore tonnage from Tucano. The Tucano mine contractor experienced maintenance issues, which led to poor fleet availability, resulting in lower mined tonnage and a delay in the completion of the UCS pushback activities," stated Rob Henderson, President and CEO of Great Panther. "The delay at UCS was also affected by significantly higher-than-average rainfall. The pushback at UCS is now complete and we are working with our mine contractor to resolve equipment availability issues. During the quarter we stayed the course, however, and continued investing as planned. Stripping activities at TAP AB are advancing and we are executing on our extensive exploration program to position Tucano for future growth and production."
Operational Update
During the quarter, precipitation levels in northern Brazil were approximately 25% higher than historical averages. In September, movement was detected in the west wall of the UCS pit and to ensure safety for workers mining was suspended for four days until conditions were deemed stable. Vertical drains are currently being installed in the west wall of the UCS pit to reduce water levels and are expected to be in place by late November in preparation for the rainy season, typically the first half of the year.
A new mine design has been implemented allowing mining activities to safely continue on the east side of the UCS pit. Strict safety protocols are followed at all times, including radar monitoring for wall movement, prisms and drone surveys, to ensure the health and safety of workers.
Production at GMC and Topia during the quarter was approximately 21% behind plan. The implementation of the new labour laws in Mexico resulted in delays in tonnage mined as contractors adjust to the new requirements. In addition, production at GMC was primarily from historically mined areas and actual tonnages available were lower than estimated.
At GMC, the Company does not expect to receive approval to expand the tailings storage facility ("TSF") prior to reaching the current capacity of the TSF in December 2021. Contingency plans are being evaluated to process GMC ore at third-party facilities in 2022 and evaluation of longer-term tailings storage solutions are underway.
On August 18, 2021, the Peruvian government introduced a new Mine Closure Law (Law No. 31347). The new law contemplates increases to the mine closure bond requirement applicable to all mining companies in Peru. Whereas previously companies were required to provide bonds to cover "Final" and "Post-Closure" stages of the Mine Closure Plan, under the amended law the bonding requirement is inclusive of "Progressive Closure" costs (i.e., closure activities during the operation of the mine) for the main components of the mine. The law does not provide details such as specific costs, or the timing of payment or form of collateral to be provided, and these details are expected to be described in new regulations that are expected to be published by mid-November 2021. Prior to publication of the new regulations, the Company cannot estimate with certainty the amount or timing of incremental closure bond requirements for Coricancha.
As the COVID-19 pandemic continues to evolve, the Company maintains a high degree of vigilance across all its operations. Although cases at the Company's mine sites remain low and vaccinations are progressing, strict health and safety protocols remain in place.
Consolidated Operating Results
The Company's production results for the third quarter of 2021 are detailed below.
Consolidated Operating Results | Q3 2021 | Q3 2020 | Change | YTD Q3 2021 | YTD Q3 2020 | Change |
Ore processed (tonnes) | 942,138 | 888,746 | 6% | 2,726,272 | 2,616,081 | 4% |
Gold eq production (oz) (1) | 22,444 | 39,788 | -44% | 80,722 | 113,054 | -29% |
Gold production (oz) | 18,423 | 34,030 | -46% | 66,204 | 99,329 | -33% |
Silver production (oz) | 280,245 | 375,247 | -25% | 974,738 | 892,621 | 9% |
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(1) | Gold equivalent ounces for 2021 were calculated using a 1:85 Au:Ag ratio, and ratios of 1:0.0005 and 1:0.0006 for the price/ounce of gold to price/pound of lead and zinc, respectively, consistent with the Company's guidance for the year. Gold equivalent ounces for 2020 were calculated using a 1:90 Au:Ag ratio, and ratios of 1:0.0006 and 1:0.0008 for the price/ounce of gold to price/pound of lead and zinc, respectively, consistent with the Company's guidance for the year. |
The Company is in the process of reviewing its forecast for the balance of the year to assess whether adjustments to 2021 consolidated production and/or cost guidance are required. It is likely that the guidance will need to be adjusted as a result of lower-than-expected production in the third quarter. The Company will provide updated guidance, if needed, once forecasting is completed.
Tucano
Tucano Operating Results | Q3 2021 | Q3 2020 | Change | YTD Q3 2021 | YTD Q3 2020 | Change |
Total material mined (tonnes) | 4,618,128 | 5,687,291 | -19% | 17,195,310 | 18,877,807 | -9% |
Total waste mined (tonnes) | 4,416,899 | 5,313,363 | -17% | 16,434,702 | 17,769,281 | -8% |
Ore mined (tonnes) | 201,229 | 373,928 | -46% | 760,608 | 1,108,526 | -31% |
Ore processed (tonnes milled) | 886,362 | 823,353 | 8% | 2,555,831 | 2,457,187 | 4% |
Au grade (g/t) | 0.64 | 1.31 | -51% | 0.78 | 1.30 | -40% |
Au recovery (%) | 88.8% | 92.1% Werbung Mehr Nachrichten zur Great Panther Mining Aktie kostenlos abonnieren
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