Santacruz Silver Mining Reports 455 Percent Production Leap

The Canadian company Santacruz Silver Mining reported a production of 4,850,949 silver equivalent ounces from the Zimapan Mine in Hidalgo for 3Q22. This production represents a 455 percent leap in comparison to 3Q21. Moreover, in contrast to 2Q22, production grew 19.8 percent.

Silver production added to 1,924,973 ounces, a 509 percent climb compared to 3Q21. Additionally, in comparison to 2Q22 production, this advanced 36.5 percent. Meanwhile, lead production saw a 5.7 percent increase in comparison to 2Q22 with 3,509 tons being produced, or an ascent of 246.7 percent rise compared to 3Q22. 

Zinc production stood at 23,441 tons, a 12 percent increase compared to 2Q22 and a 522 percent growth year-over-year. Copper production totaled 609 tons, a 22.5 percent increase compared to 3Q21. 

“During the third quarter, we saw a strong performance from the Zimapan and Bolivar mines, as well as our San Lucas trading Company. The Zimapan mine has continued to increase total ore production while maintaining head grade, whilst at our Bolivian operations, the Bolivar mine impacted total silver production with significantly increased production from lower levels of the high-grade Pomabamba and Bolivar Norte veins,” said Wayne Corso, COO, Santacruz Silver Mines. “It is also important to note that the commercial strategy intended to increase the silver grades implemented at our San Lucas trading Company is starting to show positive results,” added Corso. 

Carlos Silva, CEO, Santacruz Silver Mines, said that the positive production results confirm a successful transition process. “Over recent quarters, the Zimapan mine has seen continued production growth arising from improved mine planning and operating efficiencies. The same approach is being implemented at our Bolivian operations,” he added. 

The Acquisition of the  Zimapan Mine

The Zimapan mine is the most recent acquisition of Santacruz Silver Mining. As reported by MBN, Santacruz Silver announced the acquisition of the Zimapan Mine assets from Minera Cedros, a company owned by Grupo Peñoles. The transaction was funded by Trafigura Mexico, which facilitated a US$17.6 million loan for the transaction. The Zimapan mill facility is made up of 34 mining concessions and surface and underground infrastructure to carry on day-to-day operations. As described by the company, the Zimapan mill is a 75,000t/m facility with zinc, lead and copper circuits.

Silva had previously mentioned that the acquisition of the Zimapan Mine would represent a new beginning for the company. “Adding the Zimapan Mine, which I had the privilege to lead throughout the last 12 years, to the company's existing mining projects will be a transformational transaction for Santacruz.”