Santacruz Silver Mining Executive Chairman Arturo Prestamo Provides Production Update
Published: 14:54 06 Jun 2024 EDT
Santacruz Silver Mining Executive Chairman and Interim CEO Arturo Prestamo joined Steve Darling from Proactive to provide a production update on the company's various mining operations. The company processed 470,749 tonnes of material and produced 4,478,122 silver equivalent ounces, including 1,581,949 ounces of silver, 22,847 tonnes of zinc, 2,953 tonnes of lead, and 256 tonnes of copper. Prestamo told Proactive that Santacruz has successfully restructured its debt with Glencore, resulting in enhanced financial flexibility and a more robust balance sheet. This strategic move has bolstered the company’s financial position and should allow for better optimization of Santacruz’s core business activities and the pursuit of long-term growth. During the first quarter, production at its Bolivian mines faced several disruptions due to various events, including national holidays and the national population census.
Caballo Blanco experienced a challenging quarter due to additional production disruptions caused by safety training and mining in areas with lower silver grades. However, the preparation of new areas is progressing well, thanks to the integration ramp. Caballo Blanco is expected to mine areas with higher silver grades in the coming months, and together with fewer operational disruptions, the company expects a better performance. Préstamo also highlighted the advantageous metal pricing, especially for silver and zinc, and expressed confidence in the company's ability to generate strong cash flows.
