Gatos Silver extends mine life to 2032, boosts output by 36%
Canadian explorer and developer Gatos Silver (NYSE, TSX:GATO), which is being bought by First Majestic Silver (NYSE:AG) (TSX:AG) (FSE:FMV), has extended the life of its flagship Cerro Los Gatos mine in Mexico until the end of 2032. The updated mine plan adds two years of additional reserves and increases silver equivalent production by 36%.
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Coeur Mining to acquire Canada-based SilverCrest for $1.7bn. The combined entity is expected to produce about 21 million ounces (moz) of silver and 432,000oz of gold in 2025.
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Meanwhile, the demand for silver experienced an upswing in 2022, with total demand increasing by 18% to 1,242 million ounces, reaching its highest level since 2010.
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Silver reached its highest level since 2012, driven by expectations of additional interest rate cuts from the Federal Reserve, boosting demand for precious metals. The white metal climbed as much ...
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