Fully Funded for Silver Production in Peru
Bob Archer, President & CEO of Great Panther Silver Corp talks about the company’s plans projects in Mexico and Peru.
I’m an exploration geologist by training but launched Great Panther with my Mexican business partner in 2004 and we have grown the company out of cash flow since that time.
Great Panther Silver has two operating mines in Mexico from which we produce about 4 million ounces silver equivalent on an annual basis and we’ve recently expanded into Peru where our project there could potentially increase our production by about 75% over the next few years.
The Coricancha mine is a well-established mine and has been producing on and off for about a 100 years. Our strategy there is to diversify a little bit geographically and establish ourselves in Peru as a producer and then build the company in Peru out of cash flow the same that we have done in Mexico.
At this point, Great Panther has a very strong balance sheet. We have about 54 million US in cash and from that standpoint, we are fully funded to bring Coricancha into production without going back to the market.
We’ll be conducting a preliminary economic assessment or PEA in 2017 with the aim of bringing the mine back into production by 2018. Silver has leverage on the gold price, some people say it’s gold on steroids and primary silver companies like Great Panther have a tremendous amount of leverage to the silver price.
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