CEE, IPT, GOT
African gold miner Centamin aka CEE released its Q3 results, and in spite of a few problems, overall they were positive. The main issue was with the SAG unit at their Sukari gold mine in Egypt. They decided to shut down the mill for a few weeks to do some preventive maintenance, meaning Q3 production was down to 101370 oz Au. It would have been lower except that they were able to process some high grade stockpiles to make up enough of the deficit to keep them on track to meet 2023 guidance.
And reflecting their new operational flexibility, costs rose only slightly to $882/oz in Q3, again setting them up to meet 2023 guidance. In spite of generating free cash flow of over $12M, their cash stash dropped to $125.7M, but with no debt they remain in a strong financial position, which will only get better as the new mining plan for Sukari is executed.
They also continued exploration and development work during the quarter. They continue to drill up other deposits on the Sukari concession with an eye to future production, and they began a drill programme on the recently awarded Nugrus block, which adjoins Sukari, with assays expected Q4. They also continued drilling at the Doropo project in Côte d'Ivoire, for which an FBS is expected in June.
Message 34453235
Impact Silver aka IPT announced they have restarted production at their Plomosas Zn/Pb/Ag mine in Chihuahua, Mexico. They acquired the property six months ago from the previous owner who had recently stopped production. In the intervening time IPT has rehabilitated and upgraded both the mill and the mining equipment. They also brought in new staff who were able to deliver the upgrades on time and on budget. Next up is increasing production to 200tpd in Q1, after which we will hear about plans to increase production further.
Perhaps I am over-reading the tea leaves, but I found it interesting that the CEO's comments referred to their silver mines nearby at Zacualpan as 'legacy' assets. Does this signal the new management team will be looking to move on from them.
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I am sure some of you are sick of reading my complaints about Goliath Resources aka GOT for being so poorly run. This folks will be glad to know I finally decided to take my loss and sell my shares. I used the money to take advantage of the fire sale and buy more shares of NILI. |
