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Jaguar Mining announces Q4 and full-year 2018 operating results

Mining News - Published on Mon, 18 Feb 2019

Image Source: Jaguar Mining Inc.
Jaguar Mining Inc announced operating results for the Q4 2018 and financial year ended December 31, 2018. All figures are in US dollars, unless otherwise expressed. Financial results for Q4 2018 will be reported and filed on SEDAR on or before March 30, 2019.

Q4 2018 Operating Highlights
Gold production of 17,045 ounces (177,975 tonnes milled, average grade of 3.38 g/t) compared to 21,311 in Q4/17
Pilar Gold Mine ("Pilar") production of 9,301 ounces, 12% above Q4 2017 (tonnes milled increased 21%, average grade decreased 9%, recovery decreased 3%)
Turmalina Gold Mine ("Turmalina") production of 7,743 ounces 58% below Q4 2017 (tonnes milled decreased 26%; average grade decreased 24%)
Preliminary consolidated cash operating costs of $795 per ounce sold, up 6% year-over-year
Preliminary cash balance of $6.2 million at December 31, 2018, reflects approximately $4-5 million in operating cash flow, $5-6 million invested in growth activities during Q4 2018
FY 2018 Operating Highlights

Gold production of 75,048 ounces, a decline of 10.8% from FY17 production of 84,152 ounces
Pilar production increased 20% to 40,918 compared with FY17 production of 34,017 ounces (tonnes milled increased 7%; average grades were up 12%)
Turmalina production declined 37% to 33,261 compared with FY17 (tonnes milled decreased 33% and average grades decreased 3%)
Total primary development increased 28% to 4,568 metres
Consolidated cash operating costs of $732 per ounce, 14% lower than $837 per ounce in 2017 in line with FY 2018 guidance
Pilar cash operating costs improved 34% to $702 per ounce sold

Ben Guenther, Interim President and Chief Executive Officer commented, "Production in the fourth quarter was disappointing and resulted in lower than anticipated gold production for 2018. Turmalina execution was below our expectations in Q4 and Pilar had lower grade and recoveries. At Turmalina, a new general manager and mine manager were appointed in October and technical staff were added during the quarter. The Turmalina mine lost 11 days of production from the higher grade production area to rehabilitate the mine ramp. Pilar is addressing the recent grade and recovery challenges."

Mr Guenther concluded, "In 2018 we did see an improvement in our cost performance and Pilar delivered strong production of over 40,000 ounces. Consolidated cash costs improved 14% to approximately $732 per ounce, in line with cost guidance reflecting a 34% decrease in cash costs at Pilar to approximately $702 per ounce. The new Turmalina management team is in place and energized as it implements the turnaround plan. Management and the Board are focused on addressing the issues at Turmalina and Pilar to stabilize our production profile. We are also prioritizing cost containment and operational execution across the organization to ensure continued lower costs and operating cash flow generation. We have made good progress on exploration initiatives to ensure sustainable production and expect to update our Mineral Reserves and Resources by the end of the first quarter of 2019."

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Posted By : Rabi Wangkhem on Mon, 18 Feb 2019
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