Tahoe Resources Inc. (TSX:THO,NYSE:TAHO) announced its 2015 production results and provided production and cost guidance for 2016.
The company also released exploration results and updated its mineral resources and reserves as of January 1, 2016. Notably, the Peru-based Shahuindo mine has seen an 86-percent rise in gold mineral reserves.
In terms of 2015 production, the company said:
The Escobal mine concluded its second year of commercial operations with record production in 2015 of 20.4 million ounces (moz) of silver contained in concentrates, within Company guidance of 18 to 21 moz of silver. The La Arena mine achieved record gold production of 230,436 gold ounces for 2015. Metals production at both the Escobal mine in Guatemala and the La Arena mine in Peru came in at the high end of guidance.
Production costs are expected to be at the low end of 2015 guidance when released in March: gold total cash cost between $625 and $650 per ounce and silver between $6.35 and $8.25 per ounce. (See Tahoe’s April 13, 2015 news release for complete 2015 guidance.)
Kevin McArthur, executive chair of Tahoe, commented:
Despite tough market headwinds, we ended the year with very strong mine performance, grew our cash balance, paid $49.7 million in shareholder dividends, repaid $50 million in debt and established a new revolving credit facility with a syndicate of international banks.
Tahoe is now poised to deliver on its growth projects, move Shahuindo to commercial production in the second quarter of 2016 and continue the search for additional growth opportunities at this low end of the market cycle.
The post Tahoe Resources Reports Record Annual Output at Escobal appeared first on Investing News Network.