El Salvador president proposes bill to overturn metals mining ban
In 2017, El Salvador became the first country in the world to ban forms of metals mining.
Endeavour Silver (NYSE: EXK; TSX: EDR) reported on Tuesday full-year 2021 production of 4,870,787 ounces silver and 42,262 ounces gold, for silver-equivalent (AgEq) production of approximately 8.3 million ounces.
This total exceeded the upper range of the company’s 2021 production guidance of between 7.7-8.0 million oz AgEq (revised upward in October).
Annual silver production exceeded guidance by 3%, while gold production was in line with the upper range of guidance.
Endeavour currently operates two high-grade underground silver-gold mines in Mexico: Guanacevi and Bolanitos. A third mine, El Compas, had been in operations until its suspension in mid-August.
The higher output in 2021 can be attributed to continuing strong performance at Guanacevi, with significantly improved ore grades and throughput that exceeded mine plan, the company said.
During the fourth quarter, Endeavour produced a total of 1,443,564 oz silver and 9,446 oz gold, for 2.2 million oz AgEq. The silver production was 29% higher than the prior-year quarter, with improved production seen at both Guanacevi and Bolanitos offsetting the output lost from El Compas.
Gold production, however, decreased by 25% to 9,446 ounces in Q4 due to a 19% drop in production at Bolanitos and the suspension of El Compas, which outweighed a 21% increase in gold production at Guanacevi.
“Steady performance at Bolanitos, together with record mill throughput, grade and production at Guanacevi, boosted our 2021 consolidated production beyond the upper end of our increased guidance,” Endeavour CEO Dan Dickson said in a news release.
Shares of Endeavour Silver climbed 5% by 12:30 p.m. EDT on the TSX, giving the mid-tier precious metals miner a market capitalization of C$890.1 million ($706.9m).
