24th Nov 2015 11:06
LONDON (Alliance News) - Argentina-focused miner Patagonia Gold PLC on Tuesday said the company has downgraded its production guidance for the Lomada project and said cash costs at the project increased in the second and third quarters of 2015.
The company said production from Lomada has totalled 16,526 ounces of gold for the ten months to the end of October. It now expects total production from the mine in 2016 to be 21,542 ounces, significantly lower than the 31,000 it had previously been expecting.
Cash costs per ounce also increased in the second and third quarter of the year due to the lower-than-expected production levels and ongoing problems in the business with machine availability.
Shares in Patagonia were down 7.7% to 1.5 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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