Orvana Minerals Reports 31% Decrease in First-Quarter Earnings

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Orvana Minerals, a mining company based in Spain, experienced a 31% decline in earnings during the first quarter of the fiscal year. The decrease can be attributed to intermittent work interruptions caused by unionized workers. However, Orvana Minerals has successfully negotiated a collective bargaining agreement with its labor union.

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Production Overview

During the three months ended December 31, Orvana produced a total of 9,550 gold equivalent ounces. This includes 7,994 ounces of gold, 700,000 pounds of copper, and 20,393 ounces of silver. In comparison, during the same period the previous year, the company produced 13,815 gold equivalent ounces, consisting of 10,711 ounces of gold, 1.22 million pounds of copper, and 44,903 ounces of silver.

Orvana also milled less ore during the first quarter, processing 130,267 metric tons compared to 156,681 tons in the previous year.

Fiscal Year Guidance

Despite the challenges faced in the first quarter, Orvana remains optimistic about meeting its fiscal year’s production targets. The company expects to produce between 41,000 and 45,000 ounces of gold, along with 3.3 million to 3.7 million pounds of copper.

Resolution of Labor Issues

Mine workers in Orovalle, Spain recently ratified the basic terms of the Collective Bargain Agreement for the period 2023-2025. This agreement has allowed for the cessation of the three-hour work stoppages per shift strike that began in mid-November 2023. As a result, labor attendance and operational conditions have returned to normal.

Juan Gavidia, Chief Executive of Orvana Minerals, stated that the strikes have prompted a reassessment of production estimates for the fiscal year. The company will also continue to focus on implementing operational efficiencies throughout the year.

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