55.58 F
London
May 26, 2024
PI Global Investments
Precious Metals

Andean Precious Metals details full extent of December fire | 2024-01-08 | Investing News


  • Andean Precious Metals is shedding light on a December 2023 fire at its Golden Queen operation in California
  • Golden Queen’s secondary crusher will be offline for two months of repairs, which are expected to impact Q1 2024 production, though full-year guidance remains unchanged
  • Andean is a precious metals producer and explorer active in Bolivia and the United States
  • The gold and silver stock has fallen by almost 50 per cent year-over-year, but has gained about 27 per cent since inception in 2019

Andean Precious Metals (TSXV:APM) is shedding light on a December 2023 fire at its Golden Queen operation in California.

The fire, previously reported on Dec. 13, occurred at approximately midnight ET within Golden Queen‘s secondary crusher circuit perimeter, specifically in the screen deck area. The company managed to get the fire under control within the next hour and evacuate all personnel. No injuries were sustained.

Golden Queen’s secondary crusher circuit will be offline for two months, though mining operations will continue. Ore destined for the crusher will be stockpiled and processed as soon as possible, with the leaching pad and Merrill Crowe plant operating at reduced processing recovery levels.

To mitigate Q1 2024 production losses, Andean will use a portable crusher capable of replacing 60 per cent of normal operations. Repairs will begin imminently and carry a preliminary cost between US$3 million-US$3.4 million, with the company’s insurance provider having approved coverage.

“The company extends its thanks to the first responders who contained the fire and helped to protect our employees and contractors,” Alberto Morales, Andean Precious Metals’ executive chairman and chief executive officer, said in a statement.

“We commend our team for their quick response the night of the fire, as well as their ongoing efforts to ensure business continuity,” Morales continued. “While we expect lower production in the first quarter, Golden Queen’s full-year production is not anticipated to be materially affected by the fire. Our 2024 guidance will be outlined at the end of March when we announce our 2023 financial and operating results.”

Andean is a precious metals producer and explorer keen on gaining market share in top-tier jurisdictions in the Americas. The company is active in Bolivia and the United States, and its flagship asset, the San Bartolomé project in Bolivia, averages production of 5 million ounces of silver equivalent per year.

Andean Precious Metals stock (TSXV:APM) opened with a loss of 1.69 per cent, trading at C$0.58 per share. The stock has fallen by almost 50 per cent year-over-year – despite the company posting positive net income during the past three quarters – but has gained about 27 per cent since inception in 2019.

Join the discussion: Find out what everybody’s saying about this gold and silver stock on the Andean Precious Metals Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.




Source link

Related posts

Inflation Update: Silver and Precious Metals On Watch

D.William

Wheaton Precious Metals forecasts 40% growth by 2028 By Investing.com

D.William

Silver Is Following Gold’s Rally. Prices May Go Higher—but Caution Is Warranted.

D.William

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.