Good new, finally reassuring! With the news of march 5 ( Sale of Mdc 60 millions us), we all understood that Cerrado was in difficulty in the 4 quarter 2023 and 1st 2024. So nothing new in this news on this subject. But what i wanted to know in this news, this has been the production ever since. And i let a big yes of relief !
- Production for March of 5,747 GEO and April expected to be over 6,000 GEO’s for the month, with Calandria Norte delivering expected production targets.
11750 ounce in 2 month with the heap leach in slow motion... At the same time as the price of gold is at its highest.
Moreover, Additionally, the Company announces that on April 26, 2024 it has entered into a limited hedging program with Ocean Partners UK Ltd. The hedge is constructed as a zero-cost collar with lower and upper boundaries of US$2,300 and US$2,475 per ounce respectively. The hedging volume is for 2,000 ounces per month for a period of 11 months beginning May 2024 and terminating on March 31th, 2025. The Company is focused on signifigantly reducing the current payables and debt balance in Argentina over the next year and has entered into this hedge to protect a portion of cashflows from a possible reduction in Gold prices over this period.
I believe the worst is behind us.