Fortuna Silver reports net loss of $135.9 million in 2022 due to impairment charges FortunaSilver
- Fortuna Silver Mines yesterday reported that for the full year 2022, the company produced 259,427 ounces of gold and 6,907,275 ounces of silver or record 401,878 gold equivalent ounces from its four operating mines in the Americas and West Africa.
According to a press release, the company’s sales for the year were $681.5 million, an $81.6 million increase from the $599.9 million reported in 2021. The increase was explained mostly by the full contribution of Yaramoko in 2022 compared to six months in 2021 partially offset by a lower average silver price of 13.5%.
Fortuna said that the loss in 2022 is explained by impairment charges of $164.5 million related to the Lindero, San Jose and Yaramoko mines. President and CEO Jorge A. Ganoza commented,"Fortuna finished the year in line with production guidance, with only a slight miss in cost guidance at the Lindero mine in spite of strong inflationary pressures. Our business continued to generate healthy free cash flow from ongoing operations of $69.2 million and adjusted results of $245.5 million in Adjusted EBITDA, and adjusted net income of $42.6 million or $0.15 per share.
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