Santacruz Silver Mining Ltd (TSX-V:SCZ, OTC:SZSMF) reported strong Q2 2024 production results, with significant increases in processed material and silver equivalent ounces across its Bolivian and Mexican operations.
The company produced a total of nearly 4.82 million silver equivalent ounces during the quarter, comprising 1.67 million ounces of silver, 25,053 tonnes of zinc, 2,908 tonnes of lead, and 284 tonnes of copper.
Santacruz saw an 8% increase in processed material at its Bolivar mine in Bolivia and a 55% rise in zinc production due to improved grades.
At the Bolivar mine, Santacruz processed 72,151 tonnes of mineralized material, resulting in the production of 1.03 million silver equivalent ounces, including 427,665 ounces of silver and 5,168 tonnes of zinc, consistent with Q1 2024.
In the Porco mine, also in Bolivia, the company processed 51,307 tonnes of mineralized material and produced 534,300 silver equivalent ounces, including 151,258 ounces of silver and 3,276 tonnes of zinc. Although silver production decreased due to lower grades, zinc production remained stable.
The Caballo Blanco mines processed 13% more material, enhancing zinc production by 11%, though silver production fell by 20% due to lower grades. The mines processed 83,661 tonnes of mineralized material, yielding 968,646 silver equivalent ounces, including 318,520 ounces of silver and 5,331 tonnes of zinc.
Santacruz attributed the enhanced zinc production to a new integration ramp between the Colquechaquita and Tres Amigos mines.
The San Lucas feed sourcing business in Bolivia processed 83,900 tonnes of mineralized material, producing 1,200,854 silver equivalent ounces, including 364,607 ounces of silver and 7,150 tonnes of zinc. This increase was driven by higher purchases from regional suppliers.
In Mexico, the Zimapan mine processed 209,735 tonnes of mineralized material, a 22% increase from the comparable period last year, producing 1.09 million silver equivalent ounces, including 409,309 ounces of silver and 4,127 tonnes of zinc. Production improvements were attributed to higher grades and better recoveries.
Arturo Préstamo, Santacruz’s CEO, stated that their operations rebounded strongly in Q2 2024, processing a near-record high of over 500,000 tonnes of material.
“The increased production of mineralized material is primarily attributable to the new integration ramp at Caballo Blanco, which significantly enhanced the performance of this asset, and the company anticipates that these increased mining and processing rates will continue at Caballo Blanco throughout the rest of the year,” Préstamo said in a statement.
Santacruz expects production in Q3 2024 to remain in line with the results of Q2 2024.