GCM Mining (TSX:GCM) has announced production updates for the second quarter and first half of 2022 reflecting increased output from the same period a year ago. The company reported production of 16,370 ounces gold for June 2022 at the Segovia Operations to create a total of 53,198 ounces for 2Q2022 versus 52,198 ounces for the same quarter in 2021. 2Q2022 also saw silver production of 85,741 ounces silver, 294,000 pounds of zinc, and 345,000 pounds of lead.
GCM Mining’s first half of 2022 production was also higher than the same period in 2021. At the Segovia Operations, the company produced 103,149 ounces of gold, compared to 101,256 in the first half of 2021. Consolidated gold production in 2021’s first half was 103,684 including 2,428 ounces from the Marmato mine up to the date of the loss of control of Aris Gold Corporation on February 4, 2021. Trailing 12-months’ total gold production ended June 2022 totalled 208,282 ounces, approximately 1% more than the previous year. GCM has stated that it is currently on track to meet the 2022 production guidance of 210,000 to 225,000 ounces of gold this year. The completion of the Maria Dama plant extension will aid this goal by adding 2,000 tonnes per day of capacity sometime in the third quarter of 2022.
The plant is the cornerstone of its operations, processing 44,047 tonnes in June 2022 alone, with a daily average processing rate of 1,468 tpd at an average head grade of 12.8 g/t. Operations at the plant in June also reflected a scheduled 120-hour stoppage to change the linings of the mill on top of the company’s routine repairs and improvements.
With the operational update, GCM Mining also declared its next monthly dividend slated for August 15, 2022, which will be paid to all shareholders of record as of the close of business on July 29, 2022. The Board of Directors for the company approved a dividend of CA$0.015 per common share to be paid on that date.
Other highlights from the Segovia Operations update include:
For the second quarter of 2022, a total of 147,580 tonnes, equivalent to 1,622 tpd, were processed at Segovia at an average head grade of 12.4 g/t compared with a total of 143,910 tonnes, equivalent to 1,581 tpd, at an average head grade of 12.6 g/t in the second quarter last year. This brings the daily average processing rate for the first half of 2022 to 1,604 tpd at an average head grade of 12.3 g/t compared with 1,526 tpd and 12.7 g/t in the first half last year.
The Company’s polymetallic plant at Segovia processed an average of approximately 97 tpd of tailings in the first half of 2022 resulting in the production of approximately 645 tonnes of zinc concentrate and approximately 547 tonnes of lead concentrate which have been stockpiled and are expected to start shipping in the next few weeks under an offtake agreement with an international customer that was executed in June. Payable production from the concentrates in the first half of 2022 is estimated to total approximately 546,000 pounds of zinc, 683,000 pounds of lead, approximately 57,600 ounces of silver and approximately 200 ounces of gold. Actual payable quantities are subject to change and will be finalized once the concentrates are shipped.
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