The acquisition of Silver Standard Resources’ exploration properties is part of the Vancouver-based miner recent emphasis on expanding its presence in Mexico.
Endeavour Silver Mining News
Despite the lower figures, the miner noted it remains on track to meet full year revised guidance of 5.5-6.0 million ounces of silver this year.
The cut-back should help the miner lower all-in sustaining costs of production and generate free cash flow.
It mined 7.2 million ounces of silver last year, or about the same than in 2014, but gold output fell 4% to 60,000 ounces.
Pure silver production increased 26% to 1.89 million ounces, while gold output rose 23% to 18,519 ounces.
Gold reserves were reduced by 37% compared to 2012.
Underground rockfall to blame.
The El Cubo transaction whereby Endeavour Silver buys this Mexican silver/gold mine from AuRico Gold appears to be an ideal one offering excellent benefits to both parties in the deal.