Gold price heads for weekly drop as traders weigh Trump, Fed outlook
Bullion declined by as much as 1% Friday, on track for its biggest weekly fall since May.
Following short on completing the first gold pour in December at Orla Mining’s (TSX: OLA; NYSE: ORLA) Cerro Rojo oxide gold mine in Mexico, the company is embarking on a 2022 exploration strategy that seeks to drive more value through the drill bit, COO Andrew Cormier tells The Northern Miner.
The Vancouver-based developer is currently ramping up production and anticipates declaring commercial production at its first new-build mine before month-end.
In February, the company had provided its initial production guidance, aiming at 90,000 to 100,000 oz gold in the next three quarters at all-in sustaining costs of $600 to $700 per oz \ sold. The project is expected to average about 120,000 oz gold per annum over the first five years.
Cormier said the ramp-up had been progressing smoothly, allowing management to gradually return the focus to resource definition and expansion at near-mine and regional targets as it aspires to achieve a 200,000-plus annual production profile. This includes a work program at its Cerro Quema oxide gold-silver project in Panama, with an emerging copper-gold sulphide scenario.
“With Camino Rojo ramping up production and beginning to generate cash flow, Orla will gradually increase exploration expenditures. This disciplined allocation of capital to Mexico and Panama reinforces our ambitions of driving company value through discovery,” said Cormier in an interview.
