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Great Panther Mining revises 4Q production guidance for Tucano gold mine

Output has been reduced for the quarter to between 31,000 and 33,000 ounces of gold, down from 39,000 to 44,000 ounces

Great Panther Mining Limited -
Production guidance for the group as a whole for the year has also been adjusted to between 142,000 and 149,000 gold equivalent ounces

Precious metals producer Great Panther Mining Ltd (NYSEAMERICAN:GPL) (TSE:GPR) has lowered its fourth quarter production guidance for its Tucano gold mine in Brazil due to some operational issues at the site. 

The output figure has been reduced for the three months to between 31,000 and 33,000 ounces of gold, down from 39,000 to 44,000 ounces. 

READ: Great Panther Mining still expects 4Q production growth but cuts guidance for Tucano Gold Mine

As reported previously, mining at Tucano's Urucum Central South pit (UCS) was suspended on October 6 due to a technical issue, but production was accelerated from the Urucum North and Urucum South pits.

But there too, output has been lower than expected due to factors, including higher than normal rainfall, increased pit congestion and smaller blasts.

Great Panther has hired a consultant to advise on measures required to bring UCS safely back into production. 

Planned is stripping and unloading in the failure area to start in mid-2020 after the rainy season has ended, with production targeted for 2021 as originally planned.

Three mine operator

The firm operates three mines including Tucano in Amapá State, Brazil, and two primary silver mines in Mexico - the Guanajuato mine complex and the Topia mine.

Production guidance for the group as a whole for the year has also been adjusted to between 142,000 and 149,000 gold equivalent ounces, around a 6% decrease from the midpoint of the prior production guidance range of 150,000 to 160,000 gold equivalent ounces, the firm noted.

Great Panther is also working with an independent firm to prepare an updated resource and reserve estimate for Tucano with an effective date of September 30 this year.

Contact the author at [email protected]

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