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A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
Premier Gold Mines (TSX: PG) reported Monday that the El Niño underground mine, located at its South Arturo property in Nevada, has achieved commercial production ahead of schedule and on budget. High-grade ore is now being processed at the Goldstrike facility located 8 km to the south.
The South Arturo mine is a joint venture with Newmont Goldcorp and Barrick, with Premier owning a 40% stake.
Additionally, new definition and step-out drilling results from Premier’s ongoing 2019 campaign are showing better outcomes than projected. Initial production supports this — according to the company — and emphasizes the continued opportunity to expand high-grade mineralization on the property.
“Based on current projections, overall gold production from South Arturo is expected to surpass expectations, which called solely for pre-production ore for the year,” the Ontario-based miner said.
Production guidance at South Arturo was previously set at between 5,000 and 10,000 oz for 2019.
