Agnico weighing up options for Mexico projects
Agnico Eagle Mines is weighing up options to develop its Santa Gertrudis gold project in Mexico.
The company, with three producing mines in Mexico, has built up a 962,000oz gold inferred mineral resource at the Sonora state asset, which it acquired from GoGold Resources in 2017.
Agnico completed 31,127m of drilling at Santa Gertrudis in 2018, higher than the 28,000m budgeted, with the aim of confirming historically reported mineralization and outlining high-grade feeder zones.
"The company is currently evaluating a potential production scenario that utilizes a heap leach for lower grade mineralization and a small mill facility to process higher-grade ore," Agnico said in its Q4 earnings release.
Agnico believes Santa Gertrudis could become a mine of a similar size to its La India mine, also in Sonora state, which produced 101,357oz gold in 2018.
Further updates on Santa Gertrudis are expected in 2019, CEO Sean Boyd told the earnings call.
However, Agnico recorded a US$101mn asset impairment on its El Barqueño project in Mexico after studies indicated that it does not meet the company's investment criteria.
The company, which previously expected El Barqueño to become its fourth Mexican mine, plans to continue exploration at the asset in 2019.
RESULTS
Agnico's trio of Mexican mines produced 322,594oz gold in 2018, down from 330,393oz the previous year, with a further decline to 290,000oz forecast for 2019.
Output at Pinos Altos was 181,057oz, up from 180,859oz, with 40,180oz from Creston Mascota, down from 48,384oz. La India output was flat compared to the 101,150oz reported in 2017.
In Q4, Pinos Altos produced 49,170oz gold at cash costs of US$518/oz, compared to 40,406oz and US$485/oz in the fourth quarter of 2017.
Creston Mascota produced 11,452oz at US$736/oz, compared to 14,012oz at US$591/oz, with La India delivering 26,308oz, up from 25,500oz, with cash costs of US$694/oz, up from US$678/oz.
Companywide output was 1.63Moz in 2018, down from 1.71Moz, with 1.75Moz guided for 2019.
Agnico reported a US$327mn net loss for 2018, including Q4 impairment losses of US$390mn, compared to net income of US$241mn the previous year. The company also has mines in Canada and Finland.
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