Production at Primero Mining Corp.’s Black Fox gold complex near Timmins increased production by 30 per cent in the third quarter of 2014.
Production increased to 22,288 ounces of gold at 31 per cent lower cash costs of $688 per ounce over the previous quarter. Primero credited the change to higher production and cuts to operational costs.
“We saw important progress at the Black Fox mine during the third quarter, with 30 per cent higher production and 31 per cent lower cash costs compared to the prior quarter,” said Joseph F. Conway, Primero’s president and CEO, in a news release. “Despite this improvement, and in light of the impairment and lower precious metals environment, we will be reducing our capital expenditures at the Black Fox mine for 2015 and will ensure it is a profitable and self-sustaining operation next year.”
The third quarter represented only the second full quarter for which Primero owned the Black Fox Mine, which the company acquired earlier in 2014 from Brigus Gold. The company maintains its annual production guidance at Black Fox of between 65,000 and 75,000 gold ounces.
In addition, the company announced it’s on track to meet its 2014 production guidance. Production overall increased by 42 per cent over the same period in 2013.
Primero additionally owns and operates the San Dimas gold mine in Mexico, along with exploration properties in Timmins and Mexico.
