One of worlds largest silver and zinc mines has swung into production as Apex Silver Mines (SIL-X) announced its produced both silver and zinc bearing concentrate at San Cristobal in Bolivia.
While full production isnt slated to begin until the fourth quarter, the company says it has reached a continuous throughput of 19,000 tonnes per day, which, it says, is within five percent of design capacity.
That capacity, however, will go up with the commissioning of a second ball in early September, which will get it near its 40,000 tonnes per day target.
The mine will also produce concentrates containing lead.
The company has some 3.5 million tonnes of ore stockpiled and ready for the concentrator, and it is currently processing the harder of the rock types from the deposit.
San Cristobal has proven and probable reserves of roughly 450 million oz of silver, 8.5 billion lbs of zinc.
Shipments from the plant are scheduled for later this week, when concentrate will become rail-bound for the port at Mejillones in Chile.
Apex holds a 65% stale in San Cristobal, while Tokyo-based Sumitomo holds the remaining 35%.
“The achievement of twelve million man-hours without a lost time accident continues to establish a new target for the mining industry and re-enforces the shared commitment of Apex and our Bolivian employees to operating and safety excellence,” says Jeffrey Clevenger, Apexs president and chief executive, in a statement.
Clevenger also gave a sneak-peak of second quarter results by stating they will include a non-cash loss of roughly US$165 million due to the companys metals derivative positions. Full financial results will be released later this week.
On Aug. 7 Apex shares climbed 23 to US$16.59 on 486,000 shares traded.
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