Caldas Gold Sees Second Quarter Production Fall 38% Year Over Year Due To Pandemic

Caldas Gold Corp (TSXV: CGC) this morning reported its second quarter 2020 production figures, indicating that 3,851 ounces of gold had been produced by the firm over the three month period. This figure was down significantly on a year over year basis, with the second quarter of 2019 having produced 6,257 ounces, a 38% decrease.

Total gold production for the six month period has amounted to 9,752 ounces, compared to 12,472 in the year ago period, a 22% decrease.

The decrease was predominantly blamed on the COVID-19 pandemic, which saw Colombia enter national quarantine on March 25. The quarantine currently remains in effect within the country, however Caldas has managed to keep its Marmato mine and plant operational throughout the quarantine. While remaining operational, the mine is said to have had decreased access to employees, and thus the lower production figures.

Daily production continues to improve since the depths of the pandemic, with Marmato processing an average of 682 tonnes per day of rock in June, a 26% increasing in productivity over prior months. The daily processing rate throughout the quarter averaged 589 tonnes per day, compared to 994 tonnes per day in the year ago period. Marmato averaged 2.51 grams per tonne during the period, a figure that is said to be a marginal improvement over the second quarter of 2019.

The company is said to have current cash reserves of approximately US$14 million. Full financials, as well as updated full year production guidance, will be released August 13 after the markets close.

Caldas Gold last traded at $2.35 on the TSX Venture.


Information for this briefing was found via Sedar and Caldas Gold. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

Great Bear Intersects 2.24 g/t Gold Over 77.40 Metres In Latest LP Fault Results

Great Bear Resources (TSXV: GBR) this morning reported further drill results from the LP Fault,...

Monday, June 21, 2021, 08:27:40 AM

Northern Vertex Drills 3.22 G/T Gold, 18.10 G/T Silver Over 8.23 Metres At Moss Mine

Northern Vertex Mining Corp. (TSXV: NEE) announced today the drilling results from its multi-phase infill...

Thursday, June 10, 2021, 08:23:38 AM

Kirkland Lake Gold Discontinues Automatic Share Purchase Program

Kirkland Lake Gold (TSX: KL) appears to be in capital preservation mode following the merger...

Wednesday, September 29, 2021, 08:34:50 AM

SKRR Exploration Begins 2020 Field Program At Leland Gold Property

SKRR Exploration (TSXV: SKRR) has finally received the required permits to proceed with its planned...

Monday, September 14, 2020, 09:03:58 AM

TDG Gold Reports Indicated Resource Estimate Of 54.3 Moz At 117 G/T Silver Equivalent At Nueva Esperanza

TDG Gold Corp. (TSXV: TDG) reported this morning the results of the mineral resource estimate...

Thursday, July 8, 2021, 10:46:00 AM