Currently viewing Global edition

Endeavour Silver lays off 240 El Cubo miners

Endeavour Silver is laying off 240 workers and cutting next year's production at the El Cubo mine in Mexico by 50% as it seeks to find more ore and extend the economic life of the operation.
Endeavour Silver lays off 240 El Cubo miners Endeavour Silver lays off 240 El Cubo miners Endeavour Silver lays off 240 El Cubo miners Endeavour Silver lays off 240 El Cubo miners Endeavour Silver lays off 240 El Cubo miners

Endeavour Silver is laying off 240 El Cubo employees

Staff Reporter

The Vancouver-based miner said it expected El Cubo to continue to operate at 1,500 tonnes per day, and at higher operating costs than 2018, while it continued to explore for new reserves.

Endeavour said the mine would continue to run at three shifts per day but the plant would move to one shift per day next year. Some idled equipment at El Cubo has been shipped to the El Compas mine in Zacatecas.

El Cubo in Guanajuato is Endeavour's third and largest operation by silver-equivalent output, and is expected to produce 2.5-2.7 million ounces silver, as well as 22,500-24,500oz gold in 2018.

Endeavour said it would provide more details when it released its 2019 consolidated production and cost guidance in January.

Endeavour shares (TSX:EDR) gained 4.84% in Toronto on Monday to C$19.07, having lost 22.73% in the past 12 months. It last peaked at $26.86 in January. The company has a market capitalisation of $2.05 billion.