Aluminum and Copper

Silver Lake ups gold output in March quarter

Silver Lake ups gold output in March quarter
Gold miner Silver Lake Resources has reported higher gold production for the quarter ended March, compared with the previous quarter.

Group gold production in the three months to March reached 60 502 oz, up from the 57 566 oz produced in the previous quarter, while copper production increased slightly from 410 t to 411 t.

Gold sales for the March quarter reached 60 740 oz, up from the 59 824 oz sold in the previous quarter, however, sales prices declined from A$2 336/oz to A$2 180/oz in the same period.

During the three months under review, the Mount Monger operation contributed 36 469 oz of gold while the Deflector mine produced 24 033 oz of gold and all of the copper production.

Silver Lake on Friday told shareholders that the growth projects in the Deflector region progressed on schedule during the quarter under review. The projects will see the Deflector project exit the 2021 financial year with an upgraded processing facility and a significant opportunity to deliver production, mine life and cash flow growth.

The gold miner has spent some A$26.8-million on the Deflector growth project.

Looking ahead at the full 2021, Silver Lake is expecting gold sales to reach between 240 000 oz and 250 000 oz, with copper sales targeted at around 1 600 t, with all-in sustaining costs expected to range between A$1 400/oz and A$1 500/oz.

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