Cerrado Gold Announced Q4 and Full Year 2023 Gold Output

SEATTLE (Scrap Monster): Cerrado Gold Inc. announced production results for Q4 and full year 2023 from the Minera Don Nicolas Mine in Santa Cruz Province, Argentina. The company is expected to declare the full financial results by late April this year.

According to company press release, it reported 15,202 gold equivalent ounces of production in Q4 2023. The annual production totalled 51,668 gold equivalent ounces in 2023.

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The operational results for Q4 last year continued to be impacted by slower-than expected ramp up of the Calandrias Heap Leach project during the quarter. The mining rates are about to reach planned capacity. The company anticipates significant ramp-up in production over the initial quarter of 2024. It expects to achieve nameplate production rates from April onwards.

The financial performance at MDN has been impacted by the delay in the ramp up of the heap leach operations and the costs associated with stripping at Calandrias Norte. The debt repayment of various capital projects too had its impact.

Mark Brennan, CEO and Chairman noted that the second half of 2023 was challenging. The unusually harsh winter conditions in August resulted in slowdown in ramp up at the heap leach. The MDN operations are expected to turn the corner in February, with special focus to be made on lifting the overall mine life, he added.