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Endeavour Silver slashes workforce by 18%, cuts costs in Mexico

Endeavour Silver Corp. slashed the workforce at its Mexican silver-gold operations by 18% as part of an effort to improve the company's financial performance for the remainder of the year.

The company swung to a loss of US$13.3 million in the first quarter from a profit of US$2.3 million in the year-ago period.

Endeavour Silver said May 30 that it also started renting used mining equipment and leasing new ones, cut operating and administrative costs and deferred all discretionary expenditures.

The company also revised its mine plans for all of its four mines, particularly at the Guanacevi operations, where new mine development was stopped at the lower-grade Santa Cruz and Porvenir Norte mines to focus on the remaining accessible reserves.

Manpower was also reallocated to accelerate the development of the higher-grade Milache and SCS orebodies. Endeavour Silver expects the initiatives to generate free cash flow in the third and fourth quarters.

The company noted that there was not enough time for the measures to boost its second-quarter results, which could likely be the same as that of the first quarter especially that it incurred one-time expenses such as severance costs in the current quarter.