Q3/14 Production Statistics
Endeavour Silver reported Q3/14 production results this morning, announcing production of 1.63 Moz Ag and 14.1 koz Au, roughly in line with Daniel Earle's forecast of 1.65 Moz Ag, but below his gold production forecast of 18.8 koz Au, due to lower grades.
Production of 1.63 Moz Ag was down roughly 2% from 1.67 Moz Ag in Q2/14, while production of 14.1 koz Au was also down 7% from 15.1 koz in the prior quarterProduction of 2.4 Moz AgEq was slightly below Daniel Earle's forecast 2.8 Moz AgEq (Endeavour uses a 60:1 Ag:Au ratio)Q3/14 financial results are expected to be released Monday November 10, pre-market, with the conference call at 1:00 PM on the same dayThe company's 2014 guidance of 6.5-6.9 Moz Ag, remains unchanged
The impact is rated at Neural.
Endeavour's operating results in Q3/14 were slightly weaker than those of Q2/14, in Daniel Earle's view, as throughput and grades at El Cubo were lower than he anticipated. Silver production was roughly in line with Daniel Earle's estimates, however he anticipated slightly higher gold grades at Guanacevi, Bolanitos and El Cubo.
Guancevi operations – production was slightly better than he anticipated due to slightly higher grades and recoveries, while mill throughput was relatively flat.
Bolanitos operations – silver-equivalent production was essentially flat relative to Q2/14, in Daniel Earle's view, with gold grades slightly lower than he anticipated; mill throughput was flat at more or less plant capacity.
El Cubo operation – production was lower than he anticipated based on lower throughput and lower grades compared to Daniel Earle's estimates; grades continued to lag the reserve grade, and management indicated its focus on reducing dilution and accelerating mine development of its V-Ascuncion discovery to reduce costs and increase throughput and grades. The company also stated that it is evaluating various operating alternatives for El Cubo, under current market conditions. |
