Santacruz Silver Increases Material Processing by 5% in 4Q23

Santacruz Silver Mining released its 4Q23 and year-end production results, showcasing significant achievements across its mining operations in Bolivia and Mexico. In 4Q23, metals production included 1.719Moz of silver, 23,777t of zinc, 3,129t of lead, and 290t of copper, resulting in a silver equivalent production of 5.7Moz. The annual production figures for 2023 displayed further strength, with 7.004Moz of silver, 91,616t of zinc, 2,366t of lead, and 1,254t of copper, contributing to a silver equivalent production of 22.641Moz.

Santacruz highlighted the operational improvements at the Zimapan mine, which processed 204,507t of material in 4Q23, marking a 6% increase from the previous quarter. Arturo Préstamo, Executive Chairperson and Interim CEO, Santacruz, credited the team's dedication to achieving steady quarterly operations. Préstamo highlighted the positive impact of operational restructuring at the Zimapan mine, implemented in September and October 2023. He expressed optimism about capturing further efficiencies in 1Q24.

Préstamo acknowledged milestones in Bolivia at the Caballo Blanco group of mines, where an integration ramp connecting the Tres Amigos and Colquechaquita mines was completed on time and within budget. The 1,177m ramp is expected to enhance productivity and safety, contributing to overall production improvements. Préstamo commended the dedicated and professional management teams in Mexico and Bolivia for their instrumental role in achieving these milestones.

Santacruz processed 489,417t of material in 4Q23, representing a 5% increase from the previous period. The company noted consistent metal production, which was reflected in a 2% increase in silver equivalent production. This included contributions from silver, zinc, lead, and copper.

Santacruz underscored major maintenance at the grinding circuit of the Zimapan mine, new underground loaders at the mine, and the semi-autogenous grinding (SAG) mill motor rebuilding at the Porco mine in Bolivia. Despite a temporary reduction in production at Porco due to maintenance, increased throughput in December offset the impact.

Annual 2023 production results were positively influenced by the full 1Q23 production from Bolivian operations, with Bolivian assets acquired from Glencore in March 2022. 

Santacruz highlighted it is working on National Instrument 43-101 technical reports for all its assets, expected to be completed by the end of 1Q24.