By Fortuna Silver Mines has reported a record-breaking production year in 2023, driven by strong performance in gold and base metals during the fourth quarter. However, silver production experienced a decline due to a temporary halt in operations caused by a workers’ strike.
Production Highlights
During the fourth quarter, gold equivalent production reached an impressive 136,154 ounces, marking a notable 6% increase compared to the previous quarter.
Gold production in the same period rose by 13% to 107,376 ounces, fueled by consistently higher throughput at the company’s mill, which processed 387,624 metric tons of ore.
Conversely, silver production witnessed a decline of 19%, totaling 1.35 million ounces. This can be attributed in part to the decreasing grade profile of the mine’s mineral reserves.
Annual Performance
Fortuna reported achieving a remarkable record in gold equivalent production for the full year, with a total of 452,389 ounces, reflecting a significant 13% increase compared to 2022.
The company produced 326,638 ounces of gold throughout the year, experiencing a remarkable rise of 26%.
On the other hand, silver production decreased by 15% to 5.88 million ounces as a result of decreased production at the San Jose mine in Mexico. This decrease can be attributed to an illegal union blockade in the second quarter and subsequent operational challenges.
Additionally, lead production saw a substantial increase of 18% to reach 40.9 million pounds.
Likewise, zinc output experienced a notable rise of 19%, amounting to 55.1 million pounds.
Fortuna Silver Mines has undoubtedly demonstrated its commitment to achieving stellar production results, despite facing temporary setbacks such as the workers’ strike and operational challenges.
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