Argonaut Gold has announced reaching record gold production during the last quarter of 2019 as well as the whole calendar year.
Argonaut Gold (TSX:AR) has announced reaching record gold production during the last quarter of 2019 as well as the whole calendar year.
As quoted from the press release:
During the fourth quarter, production was 34,899 gold equivalent ounces (GEO) at the El Castillo Complex (13,896 from the El Castillo mine and 21,003 from the San Agustin mine) located in the State of Durango, Mexico and 12,622 GEOs at the La Colorada mine located near Hermosillo, Sonora, Mexico. During 2019, the El Castillo Complex and La Colorada mine production totaled 131,277 GEOs and 55,338 GEOs, respectively.
Pete Dougherty, President and CEO stated: “We achieved record annual production in 2019 of nearly 187,000 GEOs, which represents a 13 percent increase year-over-year. While we fell short of our 2019 guidance of 200,000 GEOs of production, which was a target that we set for ourselves back in 2017, over the last three years we have grown our production by 53 percent. The production shortfall of our 2019 guidance was driven by a number of factors, which contributed to the build up of leach pad inventory, which is under review. We are currently in the process of optimizing our operations to maximize profitability and cash flow through cost reduction initiatives. This review process has delayed the release of our 2020 guidance to February. Our focus during 2020 will be on adding cash to the balance sheet while continuing to de-risk and advance our development assets. Achieving these two key activities will put Argonaut in a solid position to execute on our strategy of transforming from a high-cost, junior producer to a lower-cost, intermediate producer.”