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Be the first with the news that moves the market- Caldas Gold’s (CGC) second quarter production has almost halved when compared to 2019’s same quarter, due to ongoing COVID-19 restrictions in Colombia
- The company produced 3,851 ounces of gold for the quarter, well down on 2019’s second quarter result of 6,258 ounces of gold
- Colombia, where the company operates, has been in a national lockdown since March 25, after the government implemented strict COVID-19 related lockdowns
- The company has committed to cutting discretionary expenditure and currently has around C$19 million in cash on hand
- Caldas Gold Corp (CGC) is down two per cent and is trading at $2.35 per share
Caldas Gold’s (CGC) second quarter production has almost halved when compared to 2019’s same quarter, due to ongoing COVID-19 restrictions in Colombia.
Caldas produced a total of 1,435 ounces of gold for the month of June, for a quarterly total of 3,851 ounces of gold. This is a significant drop when compared to 2019’s second quarter, which produced 6,258 ounces.
Caldas attributed the fall down to the ongoing national quarantine in Colombia, which came into effect on the 25 of March. While national quarantine is still in effect, it has been relaxed somewhat to allow mining operations to re-start.
As a result, Caldas’s Marmato mine and plant have restarted and continue to operate.
The company will release its updated production guidance in August, once it has completed a production review and has released its quarterly financials. The company has committed to cutting discretionary expenditure and currently has around C$19 million in cash on hand.
President of Caldas, Lambardo Paredes said the company was fortunate to operate during the quarter, considering the challenges posed by COVID-19.
“We have adapted our operating procedures to ensure our people remain healthy and safe and we have supported the local communities where our workers live.
“It has been challenging getting access to workers during the national quarantine and this has adversely impacted our production in the second quarter.
“We are slowly seeing improvements and expect to make better progress in our operations and the execution of our mine optimisation activities in the second half of the year,” he said.
Caldas Gold (CGC) is down two per cent and is trading at $2.35 per share at 10:00 am EDT.
