May 17, 2020

Klondex Mines achieves strong Q3, lifts full year production guidance

mine sites
Klondex Mines
2 min
Klondex Mines achieves strong Q3, lifts full year production guidance
NYSE and TSX-listed Klondex Mines has released its operational and financial results for the third quarter of 2015, revealing solid production that saw...

NYSE and TSX-listed Klondex Mines has released its operational and financial results for the third quarter of 2015, revealing solid production that saw the miner lift its full year production guidance and strengthen its balance sheet while paying off debt.

“We had another strong quarter both operationally and financially,” said Klondex President and Chief Executive Officer Paul Huet. “Raising annual production guidance for the second consecutive quarter is a reflection of this performance and the tremendous efforts from the entire Klondex team.

• Related content: [INFOGRAPHIC] Overview: Klondex Mines

The gold mining company, which runs the Fire Creek project and Midas mine and ore milling facility in Nevada, increased its full year gold equivalent ounce guidance from 130,000 ounces to 135,000 ounce in the three months to end September. Production in the first half of the year was better than planned due to higher tons and grades from Midas while the second half is expected to benefit from higher tons mined and consistent grades at Fire Creek, the company said.

“Additionally, despite lower grades in the third quarter compared to the first half of the year, our year-to-date cash costs per GEO sold actually decreased from the second quarter as a result of managing our costs and becoming more efficient at our operations.”

Klondex increased its cash balance to $60.3 million, including generating $13.4 million in operating cash flows, used $9.7 million in investing activities, and raised $2.7 million in financing activities.

• Related content: World Gold Council: Gold demand rises 8 percent in Q3, hits two-year high

“We also continued to strengthen our balance sheet by increasing our cash balance by approximately $6 million during the quarter and completely repaying our Senior Notes,” said Huet.

For Fire Creek, measured and indicated gold increased by 13 percent net of mining depletion to 473,000 ounces, with inferred gold resources rising 22 percent to 441,500 ounces. Meanwhile, Midas measured and indicated resources net of depletion increased by seven percent to 561,600 ounces, with inferred gold ounces reduced eight percent to 267,500 ounces.

The gold miner is keeping its outlook for production costs at a low case of $750 for all in sustaining costs per ounce of gold sold.

WATCH: Interview with President and CEO Paul Huet of Klondex Mines Ltd.

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May 14, 2021

Copper production from top ten companies to increase by 3.8%

First Quantum
2 min
Following a marginal slump in copper production due to COVID-19, output from top ten companies set to rise up to 3.8% in 2021 reveals GlobalData analysis

Copper production from the world’s top companies is set to increase by up to 3.8% this year, following a fall of 0.2% in 2020, GlobalData analysis reveals. Last year’s marginal slump saw production drop to 11.76 million tonnes (Mt).


The initial impact of the COVID-19 pandemic on mining operations was immense, however, six of the ten largest copper producers succeeded in increasing output last year. In 2021, copper production from the top ten copper companies is expected to bounce back, rising by up to 3.8%, to reach 12.2Mt, according to GlobalData, a leading data and analytics company. 

First Quantum

The highest increase in copper production was by Canada’s First Quantum, which, despite all the challenges, reported 10.4% growth in 2020. The company’s Sentinel mine in Zambia and Cobre Panama were key contributors to this growth. While the latter remained under care and maintenance between April and August 2020, it delivered record production levels during the subsequent months.



Codelco, the world’s largest producer of the red metal used in electric vehicles, also bucked the trend.

Vinneth Bajaj, Associate Project Manager at GlobalData, commented: “Despite Codelco reporting over 3,400 active cases during July 2020, the company achieved 1.2% growth in its production in 2020. The company implemented a four-phase plan, as part of the COVID-19 measures, to ensure the health and safety of its employees, while also avoiding any significant impact to its copper output.” 

Freeport McMoRan

Although the overall impact was minimal, declines in production were observed from Glencore (8.2%), Antofagasta (4.7%), BHP (3.9%) and Freeport McMoRan (1.3%). Reduced operational workforces due to COVID-19 measures, lower ore grades and production halts due to maintenance were the key disruptors to output during 2020.

Electric Vehicles

The move towards electric vehicles and clean energy from renewables sources such as solar panels and wind turbines has driven the copper price to all-time highs. Copper has been among the best performers over the last month where metals ranging from aluminum to iron ore have surged to their highest prices in years. The rally is being fueled by stimulus measures, near-zero interest rates and signs that economies are recovering from the global pandemic. 



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