Fortuna Silver Mines (NYSE: FSM | TSX: FVI) is a rapidly growing precious metals producer, operating two low-cost mines in Peru and Mexico and holding commanding land positions in Peru, Mexico and Argentina. Established in 2005, the company is focused on acquiring precious metals exploration projects and producing mines in Latin America. Management has established a reputation as efficient mine builders and operators by driving operational excellence and organic growth since the company’s formation
Fortuna expects to increase annual production to 8.1 million ounces of silver, 52.4 thousand ounces of gold, 30.0 million pounds of lead and 41.0 million pounds of zinc in 2017. Estimated consolidated all-in sustaining cash cost is estimated at $9.8 per ounce of silver, net of by-product credits. Production and cost estimates are based on Mineral Reserves and Resources as of December 31, 2016.
In July 2016, Fortuna acquired the open pit, heap leach development stage Lindero gold Project in Salta, Argentina. Lindero has a 13 year reserve life, an approved environmental impact study and has been granted all major permits for the construction of an 18,750 tpd gold mine. A positive construction decision was made in September of 2017 and commissioning is expected in the second quarter of 2019. In the first year of full production, Lindero will take Fortuna´s annual consolidated production to approximately 9 million ounces of silver and 190,000 ounces of gold or 340,000 gold equivalent ounces (Gold equivalent ounces calculated using gold to silver ratio of 1 to 60).
Management is committed to operating safely and profitability and to maintaining industry best practices in employee relations, community outreach and environmental safeguards.
Fortuna is financially stable and does not hedge its silver or gold production. Shares of the company trade mainly on the New York Stock Exchange (NYSE: FSM) and Toronto Stock Exchange (TSX: FVI).
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