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.
Fortuna Silver Mines (TSX:FVI) has logged major gains in silver and gold production from its two mines in Latin America for the third quarter of 2012.
According to the Northern Miner the company produced 1.03 million ounces of silver and 5,348 ounces of gold from its San Jose mine in Mexico and Caylloma mine in Peru, for gains of 53% and 230% in the output of silver and gold respectively year-on-year.
CEO Jorge A. Ganoza said in an October 11 statement the company is “on track to beat its production guidance,” with Fortuna currently in the process of optimizing operations to boost growth.
The Vancouver-based precious metal miner expects to achieve consolidated annual production of 5 million ounces of silver and 26,000 ounces of gold by 2014.
Shares in Fortune gained nearly 6% in Wednesday trading.
