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(Kitco News) – Gold Resource (NYSE: GORO) announced Monday its preliminary 2020 year-end and fourth-quarter production results.
The company’s Oaxaca mining unit in Mexico produced approximately 20,473 gold ounces and 1,189,366 silver ounces during the 2020 production year.
Annual gold production fell by 49% compared to 2019 (40,318 ounces).
The company withdrew its 2020 production outlook in April 2020 as a result of the uncertainties around the temporary suspension of Mexican mining operations and the effects of pandemic protocols on operations following restart.
President and CEO Allen Palmiere said, “Our Oaxaca mining unit delivered solid production results during a demanding 2020 amid the global pandemic. While COVID-19 is expected to remain a challenge in the short to medium term, our team has done an admirable job managing the situation. The company finished the year with a strong balance sheet, including $25.4 million in cash, which provides us with flexibility as we move to reinvest capital in Mexico to increase the productivity and the life of the operations.”
Gold Resource is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico. The company completed the spin-off of its Nevada mining unit to Fortitude Gold effective December 31, 2020.