Despite a decline in output, Endeavour Silver is confident that it will reach its production target for the year. The company experienced lower throughput and ore grades at its Guanacevi mine in Mexico, resulting in a fall in production in the recent quarter.
Meeting Production Guidance
Endeavour Silver continues to track in-line with its 2023 production guidance of 8.6 million to 9.5 million silver equivalent ounces. The company achieved a production of 7.5 million ounces in the nine months leading up to September 30.
According to Chief Executive Dan Dickson, the decrease in grades during the third quarter was due to changes in mine sequencing related to access and ventilation. Additionally, an extended scheduled maintenance program impacted the throughput. However, mine sequencing is now back on track, leading to improved ore grades in the future. The maintenance program has also been completed to minimize operational risks in the mill.
Third Quarter Production
In the third quarter, overall silver production declined by 21% compared to the previous year, totaling nearly 1.15 million ounces. Consolidated gold production also dipped by 1%, amounting to 9,089 ounces.
At the Guanacevi mine, throughput increased by 6% compared to the same period last year. However, silver grades were 27% lower and gold grades were 20% lower, resulting in a 22% decrease in silver production and a 13% decrease in gold production.
On the other hand, the Bolanitos mine saw a 6% increase in throughput for the quarter. Although silver grades were 15% lower, gold grades experienced a 1% increase. As a result, silver production decreased by 15% while gold production increased by 7%.
Overall, while Endeavour Silver faced challenges in the recent quarter, it remains optimistic about achieving its production targets.
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