The Conversation (0)
In conversation with Kitco News at the recent Denver Gold Forum, Jorge Ganoza, president and CEO of Fortuna Silver Mines Inc. (TSX:FVI,NYSE:FSM), said that silver’s current low price won’t be a problem for his company.
In conversation with Kitco News at the recent Denver Gold Forum, Jorge Ganoza, president and CEO of Fortuna Silver Mines Inc. (TSX:FVI,NYSE:FSM), said that silver’s current low price won’t be a problem for his company.
As quoted in the market news:
Asked if the current silver prices may deter the company from going through with its expansion, Ganoza said the San Jose mine can operate profitably with lower silver prices.
‘We have to focus on what we can control,’ Ganoza said. ‘For the first half of the year, our all-inclusive cash costs at San Jose were $15 an ounce, net of by-product. The San Jose mine, in that all-inclusive figure, carries close to $14 million in tailings expansion and other one-time projects.
‘We’re quite confident our mines are resilient to lower silver prices, he continued. ‘San Jose is a mine that can operate below $10. Our cash costs at that mine are $4, but the delta between all-inclusive costs at $15 is $14 million in one-timers.’