Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The Avino Mine property includes the Avino Mine (open-pit/underground past producer) and San Gonzalo Mine. The Avino mine property is situated around the towns of Panucho de Coronado and San Jose de Avino (Durango, Mexico) and surrounding the formerly producing Avino mine, 80 km north east of Durango. Map from Company/PropertyMine.
Avino Silver and Gold Mines (CVE:ASM) announced a 27% production increase in January 2014 over December. The total January silver equivalent produced was 105,551 ounces compared to 83,102 in December.
The company was up 5.13% to $2.05 a share as of 11 a.m. EST.
Avino’s CEO attributed the production jump to better grades and more processing equipment coming on line.
“In 2014 we expect a significant increase in our overall output as we continue to encounter improved grades and experience better recoveries as we move deeper into the San Gonzalo mine; as anticipated,” said David Wolfin, President, CEO & Director, Avino Silver & Gold Mines Ltd in a news release.
“We will also be processing material through both circuits 1 and 2 for the full year with the expectation of circuit 3 coming online in the 4th quarter to process material from the Avino Mine.”
The Mexico-based miner said silver and gold feed grades for January increased significantly over those of December by 26% and 18% respectively.
The miner is up a full 71% since the year started.
Avino Silver and Gold Mines also also holds precious metals properties in British Columbia and Yukon Territory.
