The Conversation (0)
Santacruz Silver (TSXV:SCZ) has reported its financial and operating results for the second quarter of 2016. As quoted in the press release: Q2 HIGHLIGHTS: Silver equivalent payable ounces sold of 251,189 Revenues of $3,375 Gross Income from mining operations was $597 Adjusted EBITDA of $670 Cash operating cost per AgEq ounce sold was $11.57/oz All-in …
Santacruz Silver (TSXV:SCZ) has reported its financial and operating results for the second quarter of 2016.
As quoted in the press release:
Q2 HIGHLIGHTS:
- Silver equivalent payable ounces sold of 251,189
- Revenues of $3,375
- Gross Income from mining operations was $597
- Adjusted EBITDA of $670
- Cash operating cost per AgEq ounce sold was $11.57/oz
- All-in sustaining cash cost (AISC) per AgEq ounce sold was $14.60/oz
- Production cost per tonne of $79.26
- Subsequent to quarter end of June 30th, the Company raised Canadian $15 million in an equity offering to restructure senior debt and for working capital purposes.
“During the quarter we made significant progress on strengthening our balance sheet by advancing negotiations for a CAD $15 million equity raise which was closed subsequent to the quarter end. This allowed us to restructure our senior debt obligations into a new debt facility with a significantly lower principal balance, resulting in a substantial improvement of our capital structure,” said Arturo Préstamo, President and CEO. “From a production viewpoint, at the Rosario Mine operating income increased to $0.6 million, an increase of 29% over the prior quarter. Additionally, our operations at the Veta Grande Mine continue moving towards the commencement of commercial production following which we expect the mine to be a significant and complementary cash-flow generator to the Rosario Mine.”