RE:Timeline for Production of Current Projects I recently received some feedback from the management team regarding my questions concerning production timelines for their mines.
Reasons Why Marmato was Delayed in Starting the Lower Mine Build
The old Marmato timeline was driven by the 2020 PFS study which was completed by our predecessor
Since taking control of the Company and installing our own mgmt we relooked at the study and felt that a more gradual ramp up was appropriate as outlined in 2022 PFS. While Marmato Lower is not at full capacity until late 2025 I will point out that the upper mine more than doubles in size in 2024 and still generates substantial growth and free cash flow.
Tentative Timelines for Toroparu and Soto Norte Mine Builds
Toroparu Mine
They are currently rescoping this project to determine their next steps - Build, JV or Sell. If they do decide to build out this mine it won't likely be before 2025.
Soto Notre Mine
As for Soto Norte, the next steps are filing a new permit application in June, once the permit is approved that would likely be a priority project given the ultra low costs (<500/oz aisc) and they don’t guide on this but they tentatively feel a reasonable estimate assuming 1.5 yr permitting would be 2027.
Canuckman