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Great Panther Silver halts Guanajuato mine operations in Mexico to slash costs

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Great Panther Silver halts Guanajuato mine operations in Mexico to slash costs

Great Panther Silver Ltd. said Jan. 8 that it halted operations at the Guanajuato mine, part of its flagship Guanajuato mine complex in Mexico, to reduce costs.

The company plans to shift all production at the Guanajuato complex to the lower-cost San Ignacio mine this year as it realigns its Mexican operations. Increased production from San Ignacio will partly offset losses, it said.

Despite that, Great Panther said it still achieved the higher end of its 2018 guidance. In the fourth quarter of 2018, the company produced 951,784 silver equivalent ounces from its Mexican operations, down 11% year on year; the Guanajuato mine accounted for 18% of the total.

Furthermore, the company expects to maintain its consolidated production levels for its Mexican operations this year thanks to the expected output increase at the Topia mine, where engineering is being completed.

Great Panther Silver said the multimine optimization strategy is expected to maximize operating cash flow while it completes a focused drill program at the Guanajuato mine aimed at growing higher margin resources for a new mine plan for the Guanajuato complex in 2020.