Santacruz Reports Q4 2024 Production Results
Santacruz Silver Mining has released its Q4 2024 production results from its Bolivar, Porco, and Caballo Blanco Group of mines in Bolivia, as well as its San Lucas ore sourcing business and Zimapán mine in Mexico. The company produced a total of 4,710,013 silver equivalent ounces, including 1,761,686 ounces of silver, 23,357 tonnes of zinc, 2,932 tonnes of lead, and 248 tonnes of copper. A total of 493,141 tonnes of ore was processed during the quarter, with 11,168 meters of underground development completed.
At the Bolivar mine, 69,411 tonnes of ore were processed, yielding 1,033,933 silver equivalent ounces. Silver production increased by 2% compared to the previous quarter, reaching 491,377 ounces. Zinc production rose slightly to 4,611 tonnes. The increase in silver output was attributed to higher head grades and improved recovery rates, while ore processing volume remained stable.
Porco mine processed 53,702 tonnes of ore, producing 496,735 silver equivalent ounces, including 145,585 ounces of silver and 2,983 tonnes of zinc. While ore processing increased by 10% from the previous quarter, silver production declined by 15% due to lower head grades. Despite this, overall silver-equivalent output increased by 3%.
The Caballo Blanco Group, which includes the Colquechaquita and Tres Amigos mines, processed 60,776 tonnes of ore, generating 913,243 silver equivalent ounces. Silver production rose by 48% compared to Q3 2024, reaching 368,822 ounces, while zinc production increased by 8% to 4,455 tonnes. The rise in silver output was driven by higher grades and recovery rates at the mill. Compared to Q4 2023, total ore processing declined due to operational adjustments that removed the Reserva mine from Caballo Blanco's processing network.
San Lucas, the company’s ore sourcing business, saw a 4% reduction in processed ore volume compared to the previous quarter. The decrease was attributed to the prioritization of ore from Porco and Caballo Blanco, which limited available processing capacity. However, compared to Q4 2023, San Lucas processed 11% more ore, due in part to the inclusion of material from the Reserva mine starting in Q3 2024.
Zimapán mine in Mexico processed 216,883 tonnes of mineralized material, producing 1,097,919 silver equivalent ounces, including 426,141 ounces of silver and 4,219 tonnes of zinc. Silver equivalent production decreased by 5% compared to Q3 2024, primarily due to a 4% drop in silver production and a 2% decline in zinc output, both attributed to lower head grades and recovery rates. Compared to Q4 2023, silver production increased by 10% and processed material grew by 6%.
Santacruz expects its production levels to remain steady as it moves into 2025. The company continues to focus on optimizing operational efficiency across its assets in Bolivia and Mexico, supported by favorable market conditions for silver and base metals.
