South Africa’s top gold miner names Nel new CEO amid copper pivot
Harmony Gold appointed Beyers Nel as chief executive officer.
Fortuna Silver Mines (NYSE: FSM) (TSX: FVI) achieved a new production record during the third quarter of 2023, with its five operating mines in West Africa and Latin America outputting a combined 128,671 gold-equivalent ounces.
This represents a 38% increase on the second quarter (93,454 oz.) and a 26% improvement on the comparable quarter last year (101,840 oz.). It includes a record gold production of 94,821 oz., for an increase of 47% over Q2 2023 (64,348 oz.) and 43% over Q3 2022 (66,344 oz.).
Fortuna attributes the increase in gold production mainly to its West African operations, namely Séguéla, in Cote d’Ivoire, which had its first full quarter of production and is now exceeding its nameplate capacity.
The Yaramoko mine in Burkina Faso also saw a 25% increase in production on the back of higher gold grades. As a result, the company revised Yaramoko’s annual production guidance to 110,000-120,000 oz., an increase of approximately 14%.
In addition, the Lindero, San Jose, and Caylloma operations in Latin America also showed steady performance during the quarter, Fortuna noted. Silver production from San Jose and Caylloma was approximately 1.7 million oz.
Given the output for the first nine months of the year, Fortuna said it is well positioned to achieve its annual production guidance of 282,000-320,000 oz. of gold and 6.3-6.9 million oz. of silver, or 412,000-463,000 gold-equivalent oz.
Shares of Fortuna Silver Mines saw a 3.6% jump by 12:40 p.m. EDT following the Q3 operating results. The company has a market capitalization north of C$1.1 billion ($840m).
