Image credits: Premier Gold Mines Ltd
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Weekly Roundups

Miners Weather COVID-19 Storm, Report Strong 3Q20 Results

By Alejandro Ehrenberg | Thu, 10/15/2020 - 15:07

The Week in Mining highlights solid 3Q20 production results for miners with operations in Mexico. Despite temporary suspensions due to COVID-19, last quarter’s strong figures have put several companies back on track for achieving their 2020 production guidances. Around the world, Nigeria enacted measures to further liberalize its mining sector, Ontario is consolidating itself as one of the best jurisdictions and the World Resource Institute voiced concerns about mining operations encroaching on indigenous lands in the Amazon.

This and more in your weekly mining roundup!

 

Mexico

GoGold Resources reported record 3Q20 production of 605,287 AgEq oz. Annual production for the company’s fiscal year, which ended in September, was 2.3 million AgEq oz, an increase of 29 percent over 2019. GoGold owns the Parral tailings project in Chihuahua.

Premier Gold Mines Limited released production results for 3Q20. Its Mercedes mine, located in Sonora, produced 12,183oz of gold, exceeding the mine’s new operating plan for the quarter. The company remarked that production is already above the annual plan for 2020.

Sierra Metals documented record 3Q20 ore throughput, and copper and gold production at the Bolivar and Cusi mines in Chihuahua, driven by strong operations despite the difficulties arising from the COVID-19 pandemic.

Torex Gold Resources also achieved remarkable production figures last quarter. The company announced 131,790oz of gold produced at its Guerrero operation, the second-highest quarter of production ever. Torex stated that this strong performance and expectation for similar results in 4Q20 will help the company achieve a full-year production guidance of 390,000oz to 420,000oz.

Endeavour Silver has resumed its production guidance after reporting consolidated production of 1.8 million AgEq oz in 3Q20. So far in 2020, the company has produced 4.4 million AgEq oz.

SilverCrest Metals plans to spend US$60 million on drilling before the end of 2022 at its Las Chispas silver-gold project in Sonora, reported Mining.com. “Growth from drilling is a huge part of our story and we have only scratched the surface,” said company President Chris Ritchie.

Avino Silver & Gold Mines announced it has reached an agreement with the Mexican Mining Union to end a strike at the company’s mine in Durango. Avino highlighted that good faith negotiations were at the heart of the labor conflict’s favorable conclusion.

 

International

Stock research firm Micro Small Cap reported that Ontario’s resurgence as a mining jurisdiction is accelerating. “With 2020 being the year of precious metals, it looks as if the Ontario’s mining boom is just getting started,” reported the company .

Nigeria has intensified efforts in liberalizing the mining sector by granting a five-year tax holiday to miners who operate in the nation’s mining sector and waivers on imported mining equipment amongst other perks, informed Nairametrics, a Lagos-based financial resource company.

The Philadelphia Inquirer fact-checked US President Donald Trump’s claim that he had revived the nation’s struggling coal-mining industry. “He may have stopped the bleeding, but he has not revived the industry,” concluded the news outlet.

The World Resource Institute expressed concerns about mining’s coexistence with indigenous peoples in the Amazon. The organization conducted geospatial analysis of the Amazon biogeographic region. It found that legal and illegal mining now covers more than 20 percent of indigenous lands, endangering hundreds of indigenous communities.

Alejandro Ehrenberg Alejandro Ehrenberg Journalist and Industry Analyst