As for its Juanicipio project, a joint venture with Fresnillo Plc (FRES:LSE), on site, underground and other development are progressing, and more than 18.5 kilometers of underground work are now finished. As of Dec. 31, 2018, contracts totaling $23.1 million with suppliers of processing equipment suppliers and totaling $69.5 million with development contractors have been secured. Other construction and operating agreements are being finalized.
Commercial production is expected to commence at Juanicipio in H2/20.
The exploration program continues at Juanicipio with five drill rigs on site with another underground rig expected shortly. Two Devico directional drills are at work on the Valdecaņas vein. Three conventional rigs are turning in other places, one on the Venadas vein, the second on a prospective target and the third underground.
"The Juanicipio joint venture property continues to be the gift that keeps on giving," President and CEO George Paspalas said in the release. "Discovering two new mineralized veins readily accessible from the underground workings we have been developing over the last 5 years, once again demonstrates Juanicipio's exceptional mineral endowment. We are pleased with the progress we are making with our JV partner Fresnillo, finalizing construction and operating agreements, and look forward to commencing the process plant construction in the near term."
Regarding full-year 2018, MAG reported a net loss of $5.8 million, or $0.07 per share, an improvement over the previous year, which yielded a net loss of $6.497 million, or $0.07 a share.
As of Dec. 31, 2018, the company had working capital of $129.3 million, including cash and cash equivalents, and no debt. It remains fully funded to maintain all of its properties and currently planned programs for beyond a year.
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