COMMODITIES

Santacruz Silver to focus on improving costs, production

Santacruz Silver’s earnings soared in the second quarter of the year while the company is now focusing in on cutting costs and lifting production.

 Santacruz Silver miners

Santacruz Silver miners

"Our second quarter financial results include the first full quarter of contributions from our Bolivian operations," company CEO Carlos Silva said.

Santacruz's net income rose by 273% year on year from a net loss to US$3.8 million in Q2.

Adjusted EBITDA improved by 1,290% to $31.6 million.

Gross profit rose by 914% to $38.9 million and Revenue by 1,538% to $225.1 million.

Santacruz is focused on silver and zinc while also producing lead and copper. It has six producing projects across Bolivia and Mexico.

"With the recent addition of Wayne Corso as COO, we are reviewing all production operations with a view to identifying potential cost reductions and operational efficiencies to be implemented in the near term with the objective of further improving our production metrics," Silva said.

In Q2, the company produced 4.05 million ounces of silver-equivalent, which is up by 406% year on year.

Its all-in sustaining cash cost fell by 18% to $19.55/oz AgEq.

Santacruz Silver had a share price of C$0.40 (US$0.31) and market capitalisation of C$136.32 million.

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