Mexico earnings roundup: Endeavour, Peñoles, Great Panther

Endeavour Silver narrowed its net loss to US$66.9mn in Q4 from US$116mn in the same period of 2013.

The Mexico-focused precious metals miner's results were impacted by a US$83mn impairment of its El Cubo mine; total impairments reached US$137mn in 4Q13.

Adjusted loss, which does not include non-cash charges, was US$11mn, down from US$12.1mn.

Revenue in the quarter decreased 28% to US$48.6mn as a result of lower silver and gold prices and lower ounces sold; silver declined 7% to 2Moz and gold dropped 28% to 13,635oz.

All-in sustaining costs (AISCs) increased 8% to US$15.37/oz silver. Endeavour previously reported 4% higher silver production of 2.01Moz.

Full-year net loss was US$74.5mn, down from US$89.5mn in 2013, with adjusted net loss at US$17.2mn compared to adjusted net earnings of US$11.1mn, as revenues declined 29% on lower volumes and prices.

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Mexican miner Industrias Peñoles reported a net loss of 1.71bn pesos (US$113mn) in Q4, compared to net earnings of 140mn pesos.

Results were impacted by a 1.1bn-peso payment by metallurgy subsidiary Metalúrgica Met-Mex Peñoles to Mexico's tax authority following a hearing regarding differences in the interpretation of tax law, according to the earnings statement.

In addition the results reflected a 503mn-peso foreign exchange loss, 330mn in impairment charges and higher net finance costs of 697mn.

Revenue increased to 15.8bn pesos from 14.9bn on higher production, partly offset by lower metals prices.

Gold output increased 69.6% to 5,686kg (182,805oz), as subsidiary Fresnillo's Herradura mine in Sonora state restarted production, with silver up 13.9% to 460,603kg, lead up 16.8% to 22,546t, zinc up 10.4% to 67,442t, copper down 12.1% to 2,870t and copper cathode up 14.2% at 6,507t.

Full-year net earnings were 1.71bn pesos, down from 5.94bn, with revenues of 61.6mn, down from 66.6mn. Gold production was down 2.3% at 19,700kg, silver up 4.3% at 1,692t, lead up 4.8% at 79,758t, zinc up 24.1% at 265,712t and copper up 5.2% at 11,280t and copper cathode production up 14.2% at 26,050t.

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Great Panther Silverrecorded a net loss of US$26.9mn in Q4, compared to a net loss of US$7.36mn in 4Q13, despite record production.

Results were impacted by lower silver and gold prices, with revenue down 10% to US$14.2mn, and an impairment charge of US$11.7mn, compared to US$12mn in 4Q13.

AISCs were US$21.46/oz silver, up from US$15.77/oz, as a result of higher costs at the Guanajuato Mine Complex partly offset by lower costs at the Topia mine.

Full-year net revenue was up 1% at US$54.4mn with net loss for the year up 159% at US$33mn. Great Panther also has the San Ignacio mine and the El Horcón project in Mexico.