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(Wallace Refiners) – Santacruz Silver Mining (TSX.V:SCZ) announced that the company produced 3,655,320 silver equivalent ounces in Mexico for the full-year 2020, a 29% increase over the full-year 2019 output (2,829,453 ounces).
The company said it recorded a net loss of $1,493,000 ($0.01 per share) for the full-year 2020 compared to a net loss of $20,432,000 ($0.11 per share) for the full-year 2019.
Revenues in 2020 of $33,097,000 arose entirely from mining operations whereas in 2019 $27,140,000 was generated by mining operations and $1,971,000 by mining services.
Individually, the Zimapan mine, Rosario project, and Veta Grande project generated respectively 89%, 9%, and 2% of revenues in 2020 as compared to 54%, 16%, 24%, and 7% respectively in 2019 at the Zimapan mine, Rosario project, Veta Grande project, and for mining services.
Mining operations at the Veta Grande project were suspended in March 2020 until the terms of the Contracuña option agreement can be restructured. The company said that given the uncertainty as to the outcome of these discussions, the company is unable to project if or when operations will resume at the Veta Grande project.
CEO Carlos Silva commented, “Halting operations at Zimapan and reducing production at Rosario during Q2 in order to ensure the well-being of our employees was a difficult decision but undoubtedly the right one. Shortly after the mandatory suspension was lifted and safety measures were properly implemented, production and mine development activities were resumed with a steady ramp up to the end of Q3 when operating efficiencies started to take effect as demonstrated during Q4.”
Santacruz is a Mexican focused silver company with two producing silver projects (Rosario and Zimapan) and two exploration properties including the Minillas property and Zacatecas Santa Gargonia property. The company’s corporate objective is to become a mid-tier silver producer.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
