Soma Gold Corp, the Colombia-focused miner, reported revenue of C$11.2 million in its third-quarter and C$29.3 million in the year to end-September 2021 as it continues to ramp up output from its new Cordero mine, which started producing in August this year.
The company owns two adjacent mining properties - La Ye and Mangos - in Antioquia, Colombia and income from its mine operations came in at C$4.9 million for the third quarter and C$9.7 million in the year to date.
Gold equivalent ounces sold in the three months were 5,048 ounces at a realised price per ounce of US$1,810, compared to 4,427 ounces in 3Q, 2020 at US$1,931.
"Development work at Cordero made excellent progress - achieving critical milestones as the Fenix decline reached the deposit on both Level 2 and Level 3," said the firm's CEO Javier Cordova in a statement.
READ: Soma Gold eyeing expansion of resource and mine life at Cordero project as it posts final exploration drill results
"As a result, Q3 production and financial results compare favourably to the previous quarter as some of the initial development ore from Cordero was brought to the mill," he added.
Cordova told investors he expected to see further "significant improvements" as Cordero development continues and mining from production stopes begins towards the end of the year.
"Full production of around 600 TPD at an average head grade of 6.5 gpt is expected to be achieved in Q2-2022, which will allow us to restart the company's second mill, el Limon. The increase in both, the tons milled and average grade, should result in a significant increase in the monthly gold production," he said.
Among the highlights of the quarter, said Soma, was that mineralized material mined was 38,204 tonnes, while material processed was 35,291 tonnes.
In July 2021, the miner also announced that it was participating in a program initiated by leading Colombian companies in cooperation with the Colombian Government to provide coronavirus (COVID-19) vaccinations to its employees at the El Bagre mine site and their families.
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