Silver Standard Resources Inc. SSRI declared production results for Marigold and Pirquitas mines for the year ended Dec 31, 2015. The company’s Marigold and Pirquitas mines achieved record annual gold and silver production, respectively.
Marigold produced 207,006 ounces of gold in 2015 – the highest annual production in the mine's history. Gold production exceeded the guidance of 195,000 to 205,000 ounces, which was revised upward from 160,000 to 175,000 ounces in Aug 2015. The better-than-expected production resulted from the company safely moving a record 74.6 million tons of material in 2015 and mining additional ore tons at the Mackay pit.
Pirquitas produced a record 10.3 million ounces of silver last year. This marked the fourth straight year in which Pirquitas achieved or surpassed production guidance.
Silver Standard’s shares closed around 0.6% lower at $5.21 on Jan 8.
In Sep 2015, Silver Standard closed the acquisition of Valmy Property, which is contiguous with its Marigold mine in Nevada, for $11.5 million in cash from Newmont Mining Corporation NEM. The Valmy Property is a 2,844 hectare land package surrounding parts of the Marigold mine to the east, south and west.
Silver Standard plans to secure formerly operating open pits with exploration potential near Marigold's Mackay pit. This will aid in creating value for shareholders at Marigold. This acquisition also represents an opportunity for Silver Standard to increase resources and add operating flexibility at Marigold.
Silver Standard currently carries a Zacks Rank #2 (Buy).
Other companies in the mining space worth considering are Agnico Eagle Mines Limited AEM and AngloGold Ashanti Ltd. AU. Both of these stocks carry a Zacks Rank #2.
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