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GCM Mining Releases August 2022 Report

According to a report released by GCM Mining Corp., Segovia Operations produced 18,852 ounces of gold in August 2022 as opposed to 17,377 ounces in August of the previous year. This increases the total amount of gold produced for the first eight months of 2022 from 133,891 ounces to 139,952 ounces.

GCM Mining Declares August 2022 Report

Image Credit: Xiong

By the end of August 2022, Segovia had produced 212,450 ounces of gold during the previous 12 months, an increase of nearly 3% over 2021. The company is still on target to produce between 210,000 and 225,000 ounces of gold annually in 2022.

GCM Mining processed 57,073 tons in August 2022, equating to a daily processing rate of 1,841 tpd, up from 50,245 tons and 1,621 tpd in August 2021.

This was made possible by the conclusion of the capacity increase at its Maria Dama processing facility in Segovia in August 2022. In August 2022, Segovia’s head grades averaged 11.3 g/t, down from 12.0 g/t in August of the previous year.

Compared to the first eight months of last year, a maximum of 401,394 tons, or 1,652 tpd, were processed at Segovia at an average head grade of 12.0 g/t. This has increased from 365,805 tons, or 1,505 tpd, at an average head grade of 12.7 g/t.

A brief scarcity of detonators for explosives impacted the output in the company’s mines and the small-scale mines under its Segovia mining title in July and August. Production should increase for the remainder of the year as business returns to normal.

At its polymetallic plant in Segovia, the company processed tailings at a rate of 107 tpd on average in August 2022, producing 133 tons of zinc concentrate and 106 tons of lead concentrate.

In August 2022, it is anticipated that the concentrates will be able to produce around 124,000 pounds of zinc, 137,000 pounds of lead, 9,900 ounces of silver, and 128 ounces of gold.

The amount that must be paid is variable and will be decided upon when the concentrates are delivered. The company has produced and stored 926 tons of lead concentrate and 1,071 tons of zinc concentrate.

This week saw the start of the first concentrates’ journey to the port, and by the end of the month, the first shipment to the international off-take customer is anticipated.


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