- MAG Silver (MAG) reports Q4 production of development material from the Juanicipo project
- MAG processed 30 thousand tonnes of development material during Q4, which ended on December 31, 2020
- The year-end filings have not yet been reported, but when they are released, MAG will add the lead and zinc production numbers will be added
- Fresnillo’s commissioning of the Juanicipio processing plant will start in Q4 of 2021
- Until this plant is complete, Fresnillo expects it will process 16 thousand tonnes per month of mineralized material from the joint venture through its facility
- MAG Silver (MAG) is down 3.84 per cent and is C$22.19 per share at 1:10 pm EST
MAG Silver (MAG) reports Q4 production of development material from the Juanicipo project.
The Juanicipo project is a joint venture–56 per cent/ 44 per cent–between Fresnillo and MAG Silver.
MAG processed 30 thousand tonnes of development material during Q4, which ended on December 31, 2020
MAG ended up with total production for the quarter on a 100 per cent basis of 230 thousand silver ounces and 443 gold ounces.
With the combined 42.4 thousand tonnes of mineralized material processed last August and September, production in 2020 on a 100 per cent basis came to a total of 623 thousand silver ounces and over one thousand gold ounces.
The year-end filings have not yet been reported, but MAG will add the lead and zinc production numbers when released.
MAG currently has the development material processed through the nearby Fresnillo processing plan.
The joint venture will use revenue from this production to offset initial project capital cash requirements.
Fresnillo’s commissioning of the Juanicipio processing plant will start in Q4 of 2021.
This plan is a few months later than anticipated due to the delayed infrastructure contracts because of COVID.
Until this plant is complete, Fresnillo expects it will process 16 thousand tonnes per month of mineralized material from the joint venture through its facility.
“We’ve now successfully milled close to 73,000 tonnes of development material at the Fresnillo plant since early August of 2020, generating cash-flow to help offset capex and gaining valuable metallurgical understanding at the same time,” said George Paspalas, MAG Silver’s President and CEO.
“This processing will continue through the end of 2021 and will further de-risk the project as it heads into commercial production,” concluded Papspalas.
MAG Silver (MAG) is down 5.18 per cent and is trading at C$21.80 at 2:18 pm EST.
