Fortuna Silver Mines achieved a new production record during the third quarter of 2023, as its Séguéla mine in Cote d’Ivoire finished its first full quarter of production.
Its five operating mines in West Africa and Latin America outputted a combined 128,671 gold-equivalent ounces, with Fortuna attributing the increase mainly to its West African operations.
This represents a 38% increase on the second quarter (93,454 oz.) and a 26% improvement on the comparable quarter last year (101,840 oz.). It includes record gold production of 94,821 oz. for an increase of 47% over this year’s second quarter (64,348 oz.) and 43% over the same period last year (66,344 oz.).
Séguéla is already exceeding its nameplate capacity.
The Yaramoko mine in Burkina Faso also saw a 25% increase in production on the back of higher gold grades. As a result, the company revised Yaramoko’s annual production guidance to 110,000-120,000 oz., an increase of around 14%.
In addition, the Lindero, San Jose, and Caylloma operations in Latin America also showed steady performance during the quarter, Fortuna noted. Silver production from San Jose and Caylloma was roughly 1.7 million oz.
Given the output for the first nine months of the year, Fortuna said it is well positioned to achieve its annual production guidance of 282,000-320,000 oz. of gold and 6.3-6.9 million oz. of silver, or 412,000-463,000 gold-equivalent oz.
Shares of Fortuna Silver Mines saw a 3.6% jump by 12:40 p.m. in Toronto following the news. The company has a market capitalization north of $1.1 billion.
