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Great Panther Mining releases new production figures that highlight a record June from its Tucano mine in Brazil

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Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) has announced second-quarter production figures on Thursday that included record output at its Tucano mine in Brazil during the month of June.

The Vancouver-based miner produced 36,356 gold ounces and 142,457 silver ounces for a total of 38,540 gold equivalent ounces from its three operating mines, which also include the Topia and Guanajuanto Mine Complex in Mexico.

At Tucano, the mine set a new monthly production record of 15,389 gold ounces in June. Total production during the quarter ended June 30, 2020, came in at 35,421 gold ounces, a 35% sequential increase over the first quarter of 2020 and 18% higher than the comparable 2019 quarter a year ago.

READ: Great Panther Mining strikes amended deal with Nyrstar over Coricancha’s remediation costs

In Mexico, production was impacted by coronavirus (COVID-19) pandemic-related shutdowns, with Topia and the Guanajuanto Mine Complex (GMC) resuming operations during June. Topia produced 146,208 silver equivalent ounces in the second quarter, while GMC produced 134,703 silver equivalent ounces, a decrease of 65% for both mines compared to the same quarter in 2019.

Overall, Great Panther’s output for the quarter was down 4% from the same period a year prior.

“In Brazil, Tucano outperformed this quarter despite the challenges of COVID-19, and in Mexico, Topia and GMC have returned to stable production following the lifting of government-mandated restrictions on mining,” Great Panther CEO Rob Henderson said in a statement.

“I would like to thank our teams for delivering these strong results while prioritizing the safety and health of our people and communities and adjusting to these unprecedented times.”

On a consolidated basis, Great Panther said it expects to produce between 146,000 and 158,000 gold equivalent ounces in 2020, which reflects the addition of 2020 production guidance for Topia that is being provided for the first time.

Great Panther has implemented health and safety measures at its operations in Brazil and Mexico such as mandatory medical screening and testing on arrival at site, mandatory medical leave, training sessions on health awareness and new health and safety protocols in response to the coronavirus outbreak.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Story by ProactiveInvestors


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