Currently viewing Global edition

Andean's revenue slides in Q4

Canadian silver producer Andean Precious Metals registered a fall in revenue in the fourth quarter of 2021 on the back of lower sales volumes and prices, while it has guided a drop in production for this year. 
Andean's revenue slides in Q4 Andean's revenue slides in Q4 Andean's revenue slides in Q4 Andean's revenue slides in Q4 Andean's revenue slides in Q4

Nathan Richardson

For Q4, Andean's revenue stood at US$31.1 million, which is down from $55.57 million for the same period a year earlier. 

The result followed Andean's sale of 1.3 million silver-equivalent ounces during Q4 at an average realised price of $23.21/oz, which compares with 2.2Moz AgEq at an average price of $24.99/oz the year prior. 

The company's net income for the three months was $74,000, which was down from $39.01 million in the fourth quarter of 2020. 

Andean noted that general and administrative expenses in 2021 rose to $14.7 million from $6 million the year earlier. 

"The year-over-year increase was attributable to the company's public listing in March 2021, new executive management and regulatory compliance costs," the company said. 

For 2021, Andean's production rounded out the year at 5.79Moz AgEq, down from 5.9Moz AgEq the year before, and for 2022 the company has guided 5.3-5.8Moz AgEq. 

The company's all-in sustaining cost guidance for 2022 is $17.25-$18.75/oz, compared with $18.17/oz in 2021. 

Andean's share price was quoted on the Toronto Stock Exchange at a year-to-date low of C$1.49 (US$1.19) on March 18, which was down 4% day-on-day. The company had a market capitalisation of C$234.64 million.