Calibre Mining lowers 2020 production guidance

Calibre Mining lowers 2020 production guidance

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Canadian miner Calibre Mining has reduced its 2020 production guidance after a ten-week suspension of mining activities due to the novel coronavirus (Covid-19) pandemic.

The gold producer has now forecast production to be between 110,000oz and 125,000oz from its Nicaraguan mines.

Before the temporary shutdown, Calibre expected 2020 production to be between 140,000oz and 150,000oz.

The Canadian miner has also revised its cost guidance to $880 to $920 per ounce for total cash costs and $1,070 to $1,100 per ounce for all-in sustaining costs (AISC).

Following a phased restart of operations earlier this month, the company has resumed exploration drilling with an expanded 60,000m programme, up from 47,000m.

Furthermore, a 20,000m infill drilling programme is underway.

Calibre Mining Russell Ball CEO said: “The phased restart of operations continues as planned with enhanced safety and health protocols in place and we anticipate reaching steady-state production levels in July.

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