Great Panther Silver Ltd (TSE:GPR ) (NYSEAMERICAN:GPL) said Tuesday that its Topia mine in Durango, Mexico, increased metal production in the fourth quarter by 15% from a year earlier to 390,701 silver equivalent ounces.
The Vancouver-based company said in a press release that the boost reflects measures to increase productivity. The mine raised its share of consolidated metal production to 41% in the fourth quarter from 32% a year earlier, according to Great Panther.
As previously announced, the company moved in the third quarter to reduce mining of higher-cost areas at the Guanajuato mine in Mexico and increase the proportion of ore from the lower-cost San Ignacio mine.
"We achieved the higher end of our guidance for the year, while also advancing our previously announced realignment of Mexican operations to reduce mining from higher-cost areas,” CEO James Bannantine said in a statement. "This strategy was taken in response to lower metal prices.”
While these steps reduced overall unit costs, they also lowered fourth-quarter throughput, according to Great Panther. In addition, the operations experienced lower grades related to variable mineralization, the company said.
Shares of Great Panther fetched C$0.92 in Monday’s Canadian trading and US$0.70 on the OTC Markets.
The company has scheduled a February 11 special meeting of shareholders to vote on the acquisition of Perth, Australia-based Beadell Resources Ltd and a name change to Great Panther Mining Ltd
Contact Dennis Fitzgerald at [email protected]