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Fortuna Silver Mines (TSX:FVI) sees 47pc drop in Q2 production

Mining
TSX:FVI
15 July 2020 05:00 (EDT)
Fortuna Silver Mining Inc - President and CEO, Jorge A. Ganoza

Source: Satori Traders

Fortuna Silver (FVI) has reported its production results from the second quarter of this year. 

The company operates two mines in Latin America, the San Jose Mine in Mexico and the Caylloma Mine in Peru.

Fortuna produced 1.3 million ounces of silver and 7,099 ounces of gold for the quarter, alongside some base metals by-products. 

These represented falls against its 2020 first quarter and its 2019 second quarter, primarily due to coronavirus related shutdowns of the company’s mining operations. The company’s silver and gold production fell 47 per cent against 2019’s same quarter.

The company’s San Jose Mine was suspended for 54 days, from April 2 to May 25, due to Mexican government’s mandatory shutdown of operations, following the onset of the pandemic.

However, base metals by-products held steady for the quarter, with Fortuna putting out approximately 6.7 million pounds of lead and 10 million pounds of zinc.

This represents just a three per cent decrease in lead production for the quarter, and a two per cent decrease in zinc production.

The Caylloma Mine did not have it a shutdown in operations and could continue to operate at previous levels.

While the mining halt was in effect, the companydrew from its stockpiled ore. Once operations restarted the company implemented a reduced mining workforce to help maintain social distancing protocols.

Fortuna Silver Mines (FVI) is down 0.86 per cent and is trading at C$6.89 per share at 10:44am EDT.

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