Trevali Exceeds 2019 Production Guidance, Achieves Record Annual Zinc Production and Provides 2020 Guidance
Vancouver, British Columbia: Trevali Mining Corporation (“Trevali” or the “Company”) (TSX: TV; OTCQX: TREVF) is pleased to release preliminary fourth quarter (“Q4”) and full year production results for 2019 and provides 2020 operating, capital and exploration expenditure guidance. All financial figures are in U.S. dollars.
Ricus Grimbeek, Trevali’s President and CEO stated, “In 2019 we started the transformation of Trevali. The Company meaningfully beat annual production guidance, the board was refreshed, a new senior management team was assembled, and we launched the T90 Program to modernize our operations and bring them down the cost curve. The Company is well positioned to be a 400-million-pound annual zinc producer with a reducing cost profile until 2022 when we intend to make a step change in production and cost as the RP2.0 Expansion Project at Rosh Pinah in Namibia is commissioned.”
Key 2019 Highlights Include:
- Marked improvement to safety performance having reduced the Total Recordable Injury Frequency Rate by 46% in 2019 compared to 2018.
- Exceeded 2019 zinc production guidance by producing a record annual 417 million payable pounds of zinc in 2019.
- Total lead and silver production also exceeded 2019 guidance with 50 million payable pounds of lead and 1,489 thousand payable ounces of silver produced in 2019.
- Refreshed the board of directors and introduced a new senior management team.
- Launched the T90 Program inclusive of the Digital Transformation Program aimed at realizing $50 million in annual sustainable efficiencies and reducing All-In Sustaining Cost1 (“AISC”) to $0.90 per pound of zinc by the beginning of 2022.
- Published Trevali’s inaugural annual Sustainability Report.
- Advanced the RP2.0 Expansion Project with an investment decision poised for Q1 2020.
- Completed the Rosh Pinah filtration & grinding upgrade project on time and on budget.
- Discovered a third VMS lens at Perkoa below the existing mining horizons named “T3”.
- Paid down debt of $70 million in 2019.
- Repurchased 28.6 million shares as part of the normal course issuer bid since November 2018.
2020 Catalysts and Key Drivers
- T90 Program: Results of the T90 Program will be highlighted and reflected in our production and financials throughout 2020.
- RP2.0 Expansion Project: Trevali plans on publishing a pre-feasibility study by the end of Q1 2020 to support the initial long lead procurement investment decision which will be followed by the full feasibility study in Q4 2020. The feasibility study will be used to support the full execution funding decision.
- 2019 Mineral Resources and Reserves Statement: The annual statement will be published by the end of Q1 2020.
- 2020 Sustainability Report: The report will be published in Q2 2020 and will provide an update on the progress of our sustainability programs and initiatives as part of Trevali’s commitment to be a leader in sustainability and to providing transparency in the areas of environment, social and governance.
- Perkoa T3 drilling program: Drilling of the 2019 discovery of T3 – the third VMS lens at Perkoa – will advance along with regional targets.
- Santander Pipe: Infill drilling of the Santander Pipe in Peru will continue in 2020. An internal preliminary economic assessment is expected to be completed by the end of Q4 2020 which will evaluate the economic viability of incorporating the Santander Pipe ore into the existing operation.
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