By Robb M. Stewart
Americas Gold & Silver flagged increased silver production for the remainder of the year after output fell in the first quarter.
On guidance:
The Canadian precious metals miner forecast much stronger quarterly silver production for the rest of 2024 after what it said was a reasonable start to the year.
Silver production at the 60%-owned Galena Complex in Idaho is expected to rise immediately with the completion of the development on the mine's 2400 level and then lateral development on both the 3700 level and 4600 and 4900 levels, which will expose new mining areas in the second half of the year, the Toronto-based company said.
Americas President and Chief Executive Darren Blasutti said increased output coincides with the recent and expected further increase in silver and copper prices.
With the current higher silver and copper prices, the company decided to expedite the development of its 100%-owned EC120 project at the Cosala operations in Mexico. EC120 silver-copper production is expected at the beginning of 2025, Blasutti said.
On production:
Americas said consolidated attributable silver production in the first quarter of the year was about 482,000 ounces, compared with roughly 500,000 ounces in the same period last year.
Attributable production from the Galena Complex was about 187,000 ounces of silver and 1.1 million pounds of lead in the latest quarter, against about 235,000 ounces of silver and 2.8 million pounds of lead a year earlier.
The Cosala operations produced roughly 295,000 ounces of silver, 2.8 million pounds of lead and 8 million pounds of zinc in the first quarter, compared with 265,000 ounces of silver, 2.7 million pounds of lead and 7.2 million pounds of zinc last year.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
May 01, 2024 08:16 ET (12:16 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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