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Gran Colombia announces 3Q21 production results

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Global Mining Review,

Gran Colombia Gold Corp. has announced that it produced a total of 17 213 oz of gold (Au) at its Segovia Operations in September 2021 bringing the total gold production for 3Q21 to 49 848 oz compared with 51 555 oz from Segovia in 3Q20. The company also produced 52 382 oz of silver at Segovia in 3Q21, up from 47 560 oz of silver (Ag) in 3Q20. For the first nine months of 2021, Segovia’s gold and silver production totalled 151 104 oz and 164 270 oz, respectively, up from 146 278 oz Au and 134 820 oz Ag in the first nine months of 2020.

Lombardo Paredes, CEO of Gran Colombia, said, “We have maintained a steady pace of production in 3Q21, which included a planned four-day maintenance shutdown at the Maria Dama plant in July. With our trailing 12-months total gold production from Segovia at the end of 3Q21 amounting to 201 187 oz Au, up 2% over 2020, we are confident we will meet our production guidance at Segovia for the full year of 200 000 – 220 000 oz Au. We are on track to complete our expansion of the Maria Dama plant to 2000 tpd in 4Q21 and our mine and brownfield exploration programmes are proceeding as planned. In addition, commissioning of the new polymetallic plant at Segovia is nearing completion and we expect to have our first concentrate production in 4Q21. At the end of September 2021, we had a cash position of approximately US$329 million, including the net proceeds of approximately US$268 million from the US$300 million offering of senior unsecured notes due 2026 completed in August that have been set aside to fund the Toroparu Project in Guyana. The gold notes were fully redeemed in September using a portion of the net proceeds of the notes. At the end of September 2021, in addition to the notes, we had CAN$18 million of convertible debentures outstanding.”

The Segovia operations processed an average of 1487 tpd in 3Q21 with an average head grade of 12.6 g/t compared with 1283 tpd at an average head grade of 15.1 g/t in 3Q20. For the first nine months of 2021, the Segovia operations processed an average of 1513 tpd with an average head grade of 12.7 g/t compared with 1259 tpd at an average head grade of 14.7 g/t in the first nine months last year.

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Gold mining news Silver mining news South American mining news