Great Panther reports $18 million net loss in 'challenging' third quarter
(Kitco News) - Great Panther Mining (TSX:GPR) (NYSEA: GPL) reported that for Q3 2021, the company recorded a net loss of$18.0 million compared with net income of $18.6 million for Q3 2020.
The company said that lowermetal sales volumes and lower prices for all metals resulted in a decrease inrevenue to $38.4 million and mine operating loss of $7.1 million compared withrevenue of $77.0 million and mine operating earnings of $31.9 million for thecomparable quarter in 2020.
Mine operating loss for Q32021 includes $4.6 million in stripping costs related to the Urucum pits thatwould have been deferred in prior periods resulting in higher reported cashcosts for the current quarter, the company added.
Great Panther also noted thatits consolidated metal production in Q3 2021 was 22,444 gold equivalent ounces,a 44% decline compared to 39,788 ounces produced in Q3 2020.
"The third quarter waschallenging operationally, with lower than planned production, which led togreater than anticipated unit costs," stated president and CEO RobHenderson. "We expect Q4 to be another challenging quarter due to thepreviously reported temporary suspension of mining in the UCS pit andincremental pushback requirements."
He added, "We expect tonavigate through these challenging times in order to realize the full potentialof the Tucano mine while optimizing and improving operations as we head into2022. We remain committed to the company's growth through extensive explorationin 2022 as well as actively pursuing accretive acquisition opportunities inSouth America."
Great Panther is a gold andsilver producer focused on the Americas. The company owns a diversifiedportfolio of assets in Brazil, Mexico and Peru that includes three operatinggold and silver mines, an advanced development project and a large land packagewith district-scale potential.
By Vladimir BasovFor Kitco News
Follow kitconewsnow
vbasov@kitco.comwww.kitco.com