- Gran Colombia Gold (GCM) has released its November production figures, which show a company struggling to get ahead of the COVID-19 pandemic
- A total of 17,915 ounces were produced in November, bringing production for the first 11 months of 2020 to 200,235 ounces
- This compares to 217,600 ounces produced in the first 11 months of last year, which the company said reflects the impact of COVID-19 on its operations
- Despite the continued challenges, the company has declared next months dividends of 1.5 cents per share, payable on January 15, 2021
- Gran Colombia Gold is currently up 3.23 per cent to C$6.40 per share
Gran Colombia Gold (GCM) has released its November production figures, which show a company struggling to get ahead of the COVID-19 pandemic.
The company produced 17,915 ounces of gold during the month, bringing its total for the first 11 months of 2020 to 200,235 ounces. This compares to 217,600 ounces produced in the first 11 months of last year, which Gran Colombia said reflects the impact of the virus on its mining operations, particularly in the second quarter of 2020.
November saw an average of 1,282 tonnes processed at the company’s Segovia Operations per day at an average head grade of 14.2 grams per tonne, resulting in 15,741 ounces of gold production.
For the first 11 months of this year, Gran Colombia’s average daily processing figure was 1,276 tonnes at an average grade of 14.5 grams per tonne, compared to 1,225 tonnes per day at a grade of 16.4 grams per tonne for the first 11 months of 2019.
As such, Segovia’s total production for the year so far amounts to 178,923 ounces compared with 194,108 ounces last year – a decline Gran Colombia said was largely attributable to a major impact on its operations from late-March to mid-April.
Total production from Segovia for the full year is expected to be between 195,000 and 200,000 ounces of gold.
At the Marmoto Project – owned by Caldas Gold, in which Gran Colombia holds a 53.5 per cent stake – maintenance in the plant’s crushing facility limited processing to an average of 677 tonnes per day in November at an average grade of 3.7 grams per tonne.
The mine currently hosts a stockpile of roughly 6,000 tonnes, which will be processed over the coming months.
So far this year, Marmoto has produced 21,312 ounces of gold – 2,174 of which were produced in November – compared to 23,492 ounces in the first eleven months last year.
Gran Colombia expects total 2020 production from the mine to be between 23,000 and 26,000 ounces of gold.
“We continue to focus on what we can control in these volatile markets: cash, costs and execution,” said Lombardo Paredes, CEO of Gran Colombia Gold.
“Our people continue to do what it takes to keep our operations running safely during the second wave of the pandemic,” he added.
Despite the decline in production, the company has declared the next month’s dividends of 1.5 cents per share, payable to shareholders on January 15, 2021.
Gran Colombia Gold is currently up 3.23 per cent to C$6.40 per share at 1:03pm EST.