Month: November 2017

Daniel Novegil dejará el cargo tras 12 años al frente de Ternium

“During the third quarter we faced some challenges with our operations that resulted in disappointing performance. Production was approximately 17,500 gold equivalent ounces in the month of October. This improved production level puts us on track for a stronger fourth quarter” said Rob McEwen, Chairman and Chief Owner.

Ternium S.A. announced today that its Board of Directors has appointed Máximo Vedoya, Ternium Mexico’s Executive Vice President, to succeed Daniel Novegil as Ternium’s Chief Executive Officer, effective March 1, 2018. After 12 years as CEO and 40 years in the steel industry, Mr. Novegil will retire. Following his retirement, he will remain on Ternium’s Board of Directors, assuming the role of Vice Chairman.

“In the third quarter, we delivered higher production levels resulting in an increase in revenues and operating earnings compared to the prior quarter,” stated Keith Neumeyer, President and CEO of First Majestic. “In addition, we successfully renegotiated our smelting and refining terms which reflected in a significant 42% savings in treatment costs in the quarter. However, lower lead production at Del Toro and La Parrilla reduced by-product credits, and along with a stronger Mexican Peso, resulted in a slightly higher AISC. We remain focused on developing our key growth projects, most importantly our roaster project, which is expected to significantly increase production levels at La Encantada beginning in the second quarter of 2018.”

“The third quarter marked a turning point for La Platosa as we resumed generating cash flow and slashed all-in sustaining costs and mining cost per tonne,” stated Brendan Cahill, President and Chief Executive Officer. “We began amortizing the costs of the Optimization Plan completed in the second quarter resulting in increased depreciation expense, which has no impact on cash flow, but would otherwise have generated an adjusted net profit. With AISC below $12 at mining rates of 200 tonnes per day, we look forward to further improving results as we increase tonnage going into 2018. With our recently announced financing closing next week, we will also have a greatly improved balance sheet to pursue our exploration plans at Platosa and Miguel Auza.”

Endeavour CEO Bradford Cooke commented, “Our Third Quarter earnings, cash flow and revenues were down from Q3, 2016 but improved significantly compared to the Q2, 2017. Given that Guanacevi had to deal with new electrical and pump issues due to a lightning strike in July, now partly resolved, we anticipate continued improvement of our operating and financial performance in the Fourth Quarter 2017. Returning Guanaceví to long-term profitability relies in part on developing two new orebodies, Milache and Santa Cruz Sur. Underground ramp access is already underway towards Milache with initial production expected in the second half of 2018. Mine development at Santa Cruz Sur is scheduled to commence this quarter with initial production to coincide with production from Milache. Development of the El Compas mine and refurbishment of the La Plata plant are now well underway, with initial production scheduled to commence by the end of the First Quarter, 2018. We also received the mine and plant permits for Terronera and continue to conduct engineering trade-off studies while we await receipt of the dumps and tailings permits.