Impact: Mildly Positive
Gran Colombia (GCM) announced preliminary Q3/21 production results there were in-line with our estimates. GCM continues to make progress towards expanding its plant throughput to 2,000 tpd by the end of 2021. Given the results to date, we revised our estimates slightly downward, yet still expect 2,000 tpd to be reached by EOY (read more). In our view, Gran Colombia posted another solid quarter for production at Segovia and remains on-track to meet its 2021 guidance (200-220k oz Au). We continue to model an increase in throughput to 2,000 tpd by the end of Q4/21 and now expect the company to produce ~206k oz Au at total cash costs of $781/oz Au in 2021.