Post by
Digger0144 on Mar 02, 2023 9:50pm
Jerritt Canyon...CEO Keith Neumeyer..."Annoyance"...
I am going to post a link to the latest interview given by CEO Keith Neumeyer...the total interview is 44 minutes...However, he begins to discuss the Jerritt Canyon Mine in detail at the 29 minute mark.
First Majestic does have a successful track record of turning around problem mines...let us see if they can get it done at Jerritt Canyon. I will give it two quarters...the time necessary as per Keith.
Presently they are only running the mill at 1,000 tons per day...due to weather conditions on surface...they need to get to 3,000 tons per day to be profitable. It sure is a long way off...but...they have a significant stockpile on site. The mill "froze up" in December and recent temperatures are not allowing for a ramp up of through-put. Warmer temperatures and repairs will fix that soon. The mining production was not affected...very nice!
In discussions with his Technical Staff, Engineers and Geologists they believe that the operation can be turned around...it will take longer then expected and will require more time and additional investment in the operation. Keith "limit to my patience".
The ultimate solution is to get rid of all "high cost" contractors and move to self mining...that will take time...equipment lead times is 18 months. Staffing is another issue...lack of skilled workers in the area (Elko County).
Selling the Mine is not on the table..."pretty dramatic" when asked about a possible sale of the operation.
"Lots of discussions internally at this time"...time is running out for the management and operational team at Jerritt Canyon...to be sure! They have two quarters to get the job done...better get moving if they want to keep their jobs.
80% of total mining operations are profitable...they must "fix" Jerritt Canyon...from what I saw from the exploration drilling results...they have the goods...it will just take time...get it done guys!
The shorts have been able to take advantage todate...However, in my opinion they will soon have to cover...let us see!
A great opportunity at current prices...even if we factor out Jerritt Canyon.
Santa Elena is performing exceptionally well! The stock will move up if Silver makes a move to the upside from here. We are getting Jerritt Canyon for free. Tesla could soon buy a silver mine, this is why - Keith Neumeyer - Kitco All the Best!
Digger0144
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