Santacruz Silver sales shoots up 562% YoY

Jun 07, 2023

silver miningSantacruz Silver sales shoots up 562% YoY

Santacruz Silver Mining Ltd reports its financial and operating results for the fourth quarter (Q4) and year end 2022. Arturo Préstamo, Executive Chairman of Santacruz, commented, “With our next consideration payment to Glencore now not due till March 2024, we have near-term financial flexibility which will enable us to strengthen our balance sheet and re-invest in the Company.

This strategic approach will fuel sustainable growth and going forward, we will look for opportunities to further streamline and identify synergies among all mining operations in order to maximize value from each of our assets and for our shareholders.”

Selected consolidated financial and operating information for the year ended 2022 and 2021 are presented below. The Bolivian Assets have been consolidated. Key 2022 takeaways claims, Santacruz Silver processed 1,646,272 tonnes of material, a 125% increase year-over-year.

2: Silver equivalent ounces sold of 19,612,692, a 562% increase year-over-year, 3: Cash cost per silver ounce sold of $17.58, a 10% decrease year-over-year, 4: AISC per silver ounce sold of $20.05, an 18% decrease year-over-year, 5: Revenue of $278,594,000, an increase of 422% year-over-year!

“Santacruz is building a mid-tier precious and base metals producer, and the acquisition of the Bolivian assets transformed us into a multi-million-ounce silver equivalent producer, with year-over-year production increasing four times. In addition, we have strengthened our management team with seasoned professionals both on the operational and financial sides of the business.

While our significant growth came with its challenges, the team’s determination has been vital in establishing a solid platform from which to grow the Company” Arturo Préstamo adds.

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