Zinger Key Points
- Gold Resource reports lower Q4 production, aims for operational efficiencies and growth.
- Hecla Mining plans expansion, targets 20 million annual silver ounces by 2025.
- Benzinga shares with you top insiders news
Top Stories for Jan. 30, 2024:
1. Gold Resource Corporation GORO announced preliminary fourth-quarter results. The company reported the sale of 3,757 ounces of gold and 258,252 ounces of silver (6,768 ounces of gold equivalent (AuEq)).
Gold Resource also sold 2,182 tons of zinc, 327 tons of copper and 820 tons of lead, with full-year sales of 1,085 AuEq ounces, 10,954 tons of zinc, 1,231 tons of copper and 4,501 tons of lead.
President and CEO Allen Palmiere said, "Production during the quarter was lower than the last four quarters mainly due to lower average grades as was expected in our 2023 mine plan. We continue to identify and implement opportunities for cost reductions and operational efficiencies."
"Our 2023 drill program resulted in encouraging positive results that demonstrate the potential to increase our resources and reserves that could lead to future increased production....The last quarter has continued to present challenges beyond our control as the most metal prices have continued to be lower than planned and the Mexican peso has remained strong against the U.S. dollar. We did see an increase above plan in the gold price towards the end of the year which has helped to relieve some of the negative pressure from other metal prices," he added.
2. 5E Advanced Materials, Inc. FEAM announced it closed its second tranche of equity financing that included $7.75 million new equity capital from 5ECAP, LLC.
On Jan. 18, the company closed $10 million in equity financing, with the capital earmarked for the continuation of initial production of boric acid and lithium carbonate and to complete the final stages of its processing plant.
3. The U.S. silver producer Hecla Mining Company HL expressed optimism about its plans to expand into regions like Mexico, Peru, Bolivia or Argentina, emphasizing silver's importance in solar panels.
CEO Phillips J. Baker is also positive about the Keno Hill Silver District in Canada it acquired for $74 million, which produced 1.5 million ounces of silver in 2023 with reserves of 200 million ounces.
After a challenging 2023 full of fire-induced production disruptions, Hecla aims to increase its silver production to 20 million ounces annually by 2025 through its various operations.
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