Fortuna Silver Mines is a rapidly growing company that focuses on metal production, including the mining of silver. This post will reveal more about the major aspect of the company’s mining works and everything it entails.
Fortuna Silver Mines Inc. is a company located in Canada, Vancouver, British Columbia. The company is known to have two operating mines located in different parts of the world.
The first being Peru, while its second operating mine is in Mexico. In addition to that, Fortuna Silver Mines Inc. has a mine in Argentina with its construction process. As of November 2017, the mining Vancouver-based company was listed on the Stock Exchange of Toronto, boasting a market capitalization of C$893 million.
Having understood the importance of silver in society and the world at large, this company has made it easier to mine sliver for the sustainability of the environment in Canada and other countries.
This post will find out more about the company’s historical background, its operations, controversies, the partnership and agreements, its CEO, and more.
History of Fortuna Silver Mines
Fortuna Silver Mines companies came into existence in the year 2004. It was founded by the duos known as Jorge Ganoza and Simon Ridgway. Jorge was known to have come from a family that mines in Peru. In the year 2004, Fortuna Silver Mines had its first property acquisition- Caylloma. In 2006, the acquired property kick-started its production. The company acquired a load in Mexico for its San José del Progreso mine in that same year.
In 2006, the construction of the mine started. A year after the start of the mine construction, the production began for the country’s sustainability at large. After five years of starting the production, the Canadian Silver Mine company added Goldrock Mines to its acquisitions list.
The acquisition of this mining company costs C$129 million for the project of Lindero silver in Argentina. There was an announcement from the company in November 2017 that the company will go ahead with construction at its Argentine Lindero project.
Fortuna Silver Mine Operations
The silver mine company has two mines they operate on. The first one is the silver mine of San Jose. It is located in San José del Progreso, Oaxaca, Mexico. Apart from the major production and sliver mine, the San Jose mine is also into the production of gold.
Having understood the importance of gold production as one of the most sought-after beauty accessories, while it even makes a perfect stock to invest in, it remains a major production company. The company had a production of silver ounces of 7.5 million as well as 55,950 gold ounces.
The company’s second operation, the Caylloma silver mine located in Arequipa in Peru, is into zinc and lead production. There were 0.9 million ounces of silver production in the year 2017. Also, it had 29.9 million lead pounds, including zinc which has 44.3 pounds.
Apart from that, Fortuna Silver Mine also has a construction of a gold mine in progress located at its Lindero project in Salta, Argentina.
There were controversy and ongoing dispute which involved the Canadian-based silver mine company with the San Jose mine opponents. At the San Jose mine, a two-month-long blockade took place at the company, which saw protesters having concerns about industry contamination in 2009.
The siege, which spanned from March to May, was finally interrupted by the state police, which led to its break up. This resulted in the arrest of 19 persons. The opposition rose in the January of the year 2012 because the mine was not correctly having access to the local water supply.
Three months after in the same year, the person responsible for leading the group of opposition to the mine, Bernardo Vasquez, was killed due to a gunshot. In the same year, there was another record of the death of another anti-miner activist.
The dispute also saw another three others sustained a high degree of injuries suffered from gunfire. However, Fortuna Silver Mine refused to take responsibility for the erupted violence with the claim that the violence was an outcome of social division existing for a more extended period.
There has been an announcement from the mining company that it has agreed with the underwriters’ syndicate. However, the underwriters’ agreement is based on the purchase of the mining company’s 20 million common shares. The shares will be for $3 each as well as a $60 million aggregate of gross proceeds.
The Canadian-based mining company also handed the syndicate of underwriters an option of over-allotment. This enables the purchase of additional shares even to the tune of 3 million to ensure all over-allotments are covered, including for stabilizing the market. The entire exercise of the mining company’s over-allotment will have its gross proceeds to be $69 million. This isn’t aimed only at the sustainability of the environment but also to expand the company.
The CEO of Fortuna Silver Mine Inc.
The President of Fortuna Silver Mine Inc. is also the Chief Executive Officer. He is Jorge A. Ganoza. Currently, he is also a Director on board of the company.
He was also a co-founder of the mining company, which came into existence in the year 2004. He has wide experience and knowledge as a geological engineer.
Since 1995, He has been engaging in an exploration of mineral, mining, and the development of business projects in the whole of Latin America.
Before the mining company came into existence, Mr. Jorge was a business development worker at senior levels. This was done for many private and public lower companies into mining in both central and South America. In 1995, Mr. Jorge became a graduate of the New Mexico Institute of Mining and Technology. From March 2017 to July 2020, he was in service as a director of Ferrycorp.