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Be the first with the news that moves the market- Silver Bear Resources (TSX:SBR) have posted their 2019 financials
- The company proceed a total of 1,596,987 from 100,000 tonnes of ore
- Silver Bear sold that silver for a total of C$25,392,537, for a comprehensive loss of $4,292,674
- Company net deficit sits at $172,416,877
- Silver Bear Resources (TSX:SBR) is holding steady at $0.11 per share with a market cap of $73 million
Silver Bear Resources Plc (TSX:SBR) have posted their 2019 financial results, producing a million and a half tonnes of silver for the year.
The Toronto based East Russian silver miner purchased their Mangaziesky Silver mine in 2018 and has been paying it off ever since.
In 2020 the mine will kick into full production, doubling silver production totals.
Silver Bear produced a total of 1,596,987 tonnes of silver for the year, from 100,000 tonnes of ore at an average grade of 668 grams per tonne.
The company sold 1,550,101 ounces of silver for a total of C$25,392,537 for a total comprehensive loss of $4,292,674.
The company has a total accumulated debt of $172,4165,877
The company has been working to constrict that comprehensive loss figure, through a suite of cost saving initiatives.
Silver Bear recently agreed to an interest rate reduction in its facilities agreement with its major shareholders.
The company has also begun shouldering the burden of blasting and drilling work itself, rather than relying on local Russian contractors.
Silver Bear has worked to improve the efficiency of its processing line.
In 2019 they instigated the Merrill Crowe process into its processing line, a separation technique that uses cyanide leaching to seperate mineralization.
President and CEO of Silver Bear Vadim Ilchuk said he was thankful for the support the company and received as it made it too full production this year.
“Though COVID-19 may impact the company’s silver production in 2020, the forecast for the upcoming year is between 3 and 3.5 million ounces.
“In light of the World Health Organisation declaring COVID-19 a global pandemic in March this year, the company has developed and implemented a response and mitigation plan for both its Yakutsk head office and Mangaziesky mine site,” he said.
Silver Bear Resources Plc (SBR) is holding steady at $0.11 per share at 3:13 pm EST.
