- Avino Silver & Gold Mines (ASM) has reported a substantial decline in production for the second quarter of 2020 at its Avino Mine near Durango, Mexico
- The project was hit by operational suspensions due to COVID-19, resulting in a drop in gold, silver and copper production by more than 50 per cent
- However, recovery rates improved and there was a marginal increase in grades
- The mine recommenced its activities on June 1, and is now working towards reaching production levels that were seen prior to March 31 when the shutdowns took effect
- Avino Silver & Gold Mines (ASM) is currently down 3.9 per cent and is trading at C$0.74 per share
Avino Silver & Gold Mines (ASM) has reported a substantial decline in production for the second quarter of 2020 at its Avino Mine near Durango, Mexico.
It was Avino’s sole contributor to production during the quarter, and was significantly impacted by temporary coronavirus-related suspensions that took effect at the beginning of April.
In line with guidelines set out by the Mexican government, the company utilised a substantially reduced workforce to carry out a care and maintenance schedule at the project.
Most notably, silver equivalent production fell by 56 per cent from 362,445 ounces in the second quarter of 2019 to 158,286 ounces this year.
Similarly, total copper production fell by 54 per cent from roughly one million pounds to 459,767 pounds, while gold production fell 50 per cent from 800 ounces to 400 ounces.
That said, Avino also reported a higher recovery rate on a metal-by-metal basis, as well as a marginal increase in grades.
David Wolfin, President and CEO of Avino Silver & Gold Mines, said he was encouraged by the higher recoveries achieved and the progress made in the ramp-up to full production.
“In addition, I am pleased to report that despite the challenges related to the COVID-19 pandemic, the company’s combined operational and health and safety measures enabled us to continue with concentrate shipments from established stockpiles of material and, because of our established Crisis Management Plan, we had a well-executed response for stringent COVID-19 transmission prevention.
“Finally, due to the disappointing strike action at site last week, we reiterate that the Company remains receptive to having good-faith discussions with authorised representatives of the union,” he added.
Avino Silver & Gold Mines (ASM) is currently down 3.9 per cent and is trading at C$0.74 per share at 1:31pm EDT.