Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) (FRA:G3U) reported its 1Q 2021 operating results, producing 22,996 gold ounces from its Tucano mine in Brazil, as well as 363,318 silver equivalent ounces from its Topia mine and 279,306 silver equivalent ounces from the Guanajuato Mine Complex (GMC) in Mexico. In total, its consolidated metal production for the quarter was 30,556 gold equivalent ounces.
The company also noted that its operations are on track to meet previously-announced consolidated production guidance for 2021 of 135,000 to 150,000 gold equivalent ounces.
“I am pleased to report that operations continue safely despite COVID-19 and we remain on track with our proposed guidance for the year,” Great Panther Mining CEO Rob Henderson said in a statement.
READ: Great Panther Mining has big exploration plans after strengthening balance sheet, growing reserves and posting record cashflow in 2020
Henderson added: “As previously stated, the first quarter was planned to be a low production quarter due to heavy stripping. Production is expected to ramp up quarter-over-quarter for the remainder of the year as mining progresses into sectors with lower strip ratios.”
Great Panther Mining said production at Tucano was impacted by an expected reduction in ore mined and a planned plant shutdown.
At Topia, meanwhile, lower year-over-year output was attributed to a voluntary five-week suspension to safeguard the health of the company’s workforce and local community against the spread of coronavirus (COVID-19). Higher grades and recovery rates for gold and silver during the quarter at Topia were offset by a decrease in production attributed to the change in metal equivalency ratios for lead and zinc.
The company added that silver equivalent production at the GMC in 1Q 2021 fell year-over-year due primarily to workforce shortages related to COVID-19, although output rose 4% sequentially.
Great Panther’s first-quarter financial results are scheduled to be released on May 5.
Based in Vancouver, Great Panther owns a diversified portfolio of assets in Brazil, Mexico and Peru, which includes three operating gold and silver mines, four exploration projects, and an advanced development project.
Contact Sean at [email protected]
Story by ProactiveInvestors
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