With operations in Salta, Fortuna Silver Mines has shared the production results for the fourth quarter and the full year 2023 from its five operational mines in Latin America and West Africa. Throughout 2023, Fortuna achieved a record production of 326,638 ounces of gold and 5,883,691 ounces of silver, totaling 452,389 equivalent ounces of gold, including lead and zinc as by-products.
By Panorama Minero
In the fourth quarter of 2023, Fortuna recorded a record production of 136,154 equivalent ounces of gold, representing a 6% increase compared to the third quarter of the same year. This achievement is supported by the production of 107,376 ounces of gold, marking a 13% increase from the third quarter. However, silver production was 1,354,003 ounces, experiencing a 19% decrease compared to the previous quarter.
Throughout 2023, Fortuna maintained its upward trend, achieving a record production of 452,389 equivalent ounces of gold, representing a 13% increase compared to 2022. Gold production also reached historical levels, totaling 326,638 ounces, marking a 26% increase compared to 2022. However, silver production was 5,883,691 ounces, showing a 15% decrease compared to the previous year. Record productions of lead and zinc are also noteworthy, with 40,851,657 pounds and 55,060,450 pounds produced, respectively. Additionally, there is continuous improvement in the annual safety performance, evidenced by lower injury frequency rates.
Regarding the projections for 2024, Fortuna anticipates an increase in equivalent gold production, projecting between 457 and 497 thousand ounces, an increase of 1 to 10% compared to 2023. Gold production is projected between 343 and 385 thousand ounces, an increase of 5 to 18% compared to 2023. However, a decrease in silver production is expected, with estimates between 4.0 and 4.7 million ounces (Moz). In terms of costs, an increase in cash costs and a decrease in all-in sustaining costs (AISC) are projected.
Lindero Mine, Argentina
During the fourth quarter of 2023, ore mined was 2.1 million tonnes, with a stripping ratio of
0.6:1, 45 percent lower than the previous quarter. The stripping ratio for 2023 was 1.14:1, aligned with the mining plan for the year. A total of 1.6 million tonnes of ore were placed on the leach pad at an average gold grade of 0.63 g/t, containing an estimated 31,665 ounces.
Lindero’s gold production in the fourth quarter of 2023 was 29,591 ounces, a 41 percent increase compared to the previous quarter. Gold production was comprised of 24,977 ounces in doré bars,
4,443 ounces of gold contained in fine carbon, and 171 ounces contained in copper concentrate.
Gold production for 2023 totaled 101,238 ounces, comprised of 94,905 ounces in doré bars, 6,015 ounces in gold contained in fine carbon, and 319 ounces contained in copper concentrate.
As of December 31, 2023, the leach pad expansion project is approximately 23 percent complete. Mobilization of the civil contractor’s personnel and equipment has advanced with earth moving activities having commenced in January. Deliveries of geomembrane and geosynthetic clay liner are on-track, with the remaining materials expected to arrive on site in the first quarter of 2024. The leach pad expansion remains on schedule for completion during the second half of 2024.
