ESG

Fortuna resumes mining in Mexico

San Jose back at nameplate capacity

Staff reporter

This article is 4 years old. Images might not display.

Editor's Note: Mining Journal is making some of its most important coverage of the COVID-19 pandemic freely available to readers. For more coverage, please see our COVID-19 hub. To subscribe to Mining Journal, click here

The country had suspended mining on March 31 to April 30, as part of measures to prevent the spread of COVID-19.

The period was extended to May 30, with the possibility of restrictions being lifted after May 18 subject to approval.

Fortuna said it had been granted approval to restart San Jose on May 25 and production had resumed at nameplate capacity of 3,000 tonnes per day.

The company's Caylloma mine in Peru had resumed mining with a reduced workforce on May 2, Fortuna said earlier this month.

It said Caylloma had continued to operate, in compliance with Peru's regulatory framework, using essential personnel and drawing from coarse ore stockpiles after the country had introduced COVID-19 restrictions on March 15.

San Jose had produced 1.57 million ounces of silver and 9,630oz of gold in the March quarter.

Caylloma produced 249,111oz of silver, 7.7 million pounds of lead and 11.8Mlb of zinc for the quarter.

Fortuna is also aiming to finalise construction at its over-budget Lindero gold project in Argentina.

It raised US$69 million this month in a placement at $3 per share, with the over-allotment option exercised in full, to fund preproduction capex and for general working capital.

Fortuna shares were within 15c of a one-year high of $4.60 a week ago, three times higher than a March low of $1.48.

They closed down 5.5% yesterday to $3.97, to capitalise it about $730 million.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.