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Sotkamo Silver reports decreased revenue and EBITDA amid rising metal prices in Finland

Friday 26th 2024 on 09:09 in  
Finland

Sotkamo Silver, a mining and mineral exploration company, reported a decrease in both revenue and EBITDA for the second quarter of the year. Revenue fell by 13 percent compared to the same period last year, primarily due to lower average silver grades and a subsequent drop in silver production. However, rising metal prices helped offset the impact of reduced output.

The company’s interim report indicated a breakeven result, contrasting sharply with a profit of 34 million Swedish krona during the same quarter last year. Profitability declined mainly due to lower silver grades and rising contracting costs.

Despite these challenges, Sotkamo Silver maintains its outlook for the remainder of the year, although it now anticipates an increase in silver grades to between 90 and 110 grams per ton, supported by a rise in production volumes thanks to enhanced capacity from contractors.

Sotkamo Silver’s flagship project is the Sotkamo silver mine, which produces not only silver but also gold, zinc, and lead, located in the Kainuu region. Sotkamo Silver Oy operates under the umbrella of its Swedish parent company, Sotkamo Silver AB.

Source 
(via yle.fi)