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Great Panther suspends Topia

Canada-based Great Panther Mining has temporarily suspended its Topia operations in Mexico due to COVID-19 cases among its workforce.
Great Panther suspends Topia Great Panther suspends Topia Great Panther suspends Topia Great Panther suspends Topia Great Panther suspends Topia

Operations at Great Panther Mining’s Topia silver-gold-lead-zinc mine in Mexico are temporarily suspended

Staff reporter

It did not specify the number of cases detected and said it was working closely with the local government and regional health authorities to ensure a safe restart.

The company said the suspension was not expected to exceed 30 days and it did not expect an impact on its ability to achieve 2020 consolidated production guidance.

Great Panther has said it expected to produce between 146,000-158,000 gold-equivalent ounces at all-in sustaining costs of $1,150-$1,250/oz sold this year.

Topia accounted for about 9% of the company's revenues in the September quarter, producing an average 1,400oz Au-eq per month during the period.

Great Panther also has the Guanajuato Mine Complex in Mexico and Tucano in Brazil, with the three mines producing a total 39,788oz Au-eq in the September quarter, generating record net income of US$18.6 million thanks to strong gold and silver prices and improved AISC.

The company said GMC and Tucano remained in operation, with strict COVID-19 protocols in place, and a reduced workforce would remain at Topia to maintain essential activities.

"Great Panther reaffirms its commitment to the safety of its people and the communities in which it operates and will provide updates of future developments as appropriate," it said.

The company had cash and equivalents of $66.6 million at September 30.

Its shares (TSX: GPR) closed down 0.9% yesterday to $1.08, towards the upper end of a one-year range of 31.8c-$1.42, capitalising it at $381 million (US$291 million).