Poor forecasting triggers big writedowns for miners while some get lucky, study shows

The company said it will now evaluate potential alternatives for the Velardeña properties, which may include a sale.

The plant's official opening will be in March after six years of exploration and a $200 million investment.

Russia's new silver mine Prognoz is one of two major projects coming online around the world this year.

Coeur acquired the Silvertip mine and mill in 2017 but ceased mining and processing in 2020.

Operations were halted in 2017 when a claim brought by a human rights group alleged local Indigenous people’s right of consultation were violated in advance of granting the mining license.

Net proceeds of the financing will go towards the exploration, drilling and development of its flagship Panuco silver-gold project.

An updated resource estimate published showed 27.87 million oz. of AuEq within 730.2 million tonnes at a grade of 1.19 g/t AuEq.

The industry says such a move would be disastrous for the sector, which fuels 2.5% of gross domestic product.

Silver reserves by year-end, totalling 238 million oz., were also its second-largest ever.