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Orosur Mining Inc. is a gold producer and exploration company focused on identifying and developing gold projects in Latin America. The Company is a fully integrated mining company, possessing the skills necessary to explore and develop its discoveries. The Company operates the only producing gold mine in Uruguay (San Gregorio), and...Read more
Orosur Mining to maximise cashflows ahead of dividendOctober 18 2012, 8:19am
It will focus on extending the life of San Gregorio, Uruguay’s only producing gold mine, while targeting production of 60-70,000 ounces of the precious metal per year at a cash cost of $810 an ounce.
This, management believes, will allow Orosur to pay for the work required on San Gregorio while funding the payout to shareholders.
The first dividend is likely to be paid in January 2014, rather June 2013 as first scheduled.
Separately, Orosur said if it is able to extend the mine’s life beyond three to five years this it would “significantly enhance” the company’s value.
It also points out that San Gregorio has had three to five year mine life for the last 15 years.
The key to the company’s strategy will be the ramp-up of the Arenal Deeps portion of the project, which is slated for completion during the third quarter of fiscal 2012/2103
This is important as it opens up higher grade and lower cost production and significantly reduces capital expenditure.
Existing output is coming from the lower grade room and pillar stopes.
Orosur also said it will advance existing projects at Anillo, Pantanillo and Talca in Chile to what it described as the commercial assessment stage.