RE:RE:2021 forecast It sounds like they were just putting off work on Santander that needed to be done. Not only are the costs rising next year, but the production is declining. I think this is part of the problem with the "cost cutting" they did in 2020. It was only a temporary fix, and it just put off costs that would need to be added in later.
It is really sad that both Santander and Caribou are such lousy mines. Trevali basically has 2 good mines and 2 garbage mines. Even with the disappointing forecast for Santander and the hedging of Caribou at near breakeven, Trevali will still earn a nice profit with zinc around $1.25 and a great profit if zinc hits my 2021 target of $1.50.