Santacruz Silver Mining Executive Chairman and Interim CEO Arturo Prestamo recently provided a detailed production update on the company's mining operations. The company reported processing 470,749 tonnes of material, resulting in the production of 4,478,122 silver equivalent ounces. This includes 1,581,949 ounces of silver, 22,847 tonnes of zinc, 2,953 tonnes of lead, and 256 tonnes of copper.
Prestamo revealed that Santacruz has successfully restructured its debt with Glencore. This strategic move has enhanced the company's financial flexibility and strengthened its balance sheet, positioning it for better optimization of core business activities and long-term growth.
However, the first quarter presented challenges for Santacruz's Bolivian mines, with production disruptions caused by national holidays and the national population census. The Caballo Blanco mine faced additional difficulties due to safety training and mining in areas with lower silver grades. Despite these challenges, the preparation of new areas is progressing well thanks to the integration ramp. Higher silver grades are expected to be mined in the coming months, which, coupled with fewer operational disruptions, should lead to improved performance.
Prestamo also emphasized the favorable metal pricing, particularly for silver and zinc, which bodes well for the company's ability to generate strong cash flows in the near future.
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