News

June 29, 2009

Great Future for Great Panther: Costs Are Down, Profits Are Up, And Now It’s Time To Hit The Acquisition Trail

By Daina Lawrence

While many of its counterparts have floundered in the recent tumultuous global markets, Canadian silver mining company Great Panther Resources has managed to cut costs and has now started hinting at expansion. Great Panther’s chief executive Bob Archer says his company is ready to start boosting production at its mines in Mexico, and there is even talk of acquiring a new mine in the not-so-distant future. “The biggest thing coming through the financial crisis of last fall was focusing on keeping our costs down”, says Bob. “In the last six to eight months that really has been the primary focus for the company and we have been doing that at the same time as increasing our production... and it was doubly rewarding, it was an achievement in and of itself, but to do it at a time like this was even more rewarding.”

The first quarter of 2009 marked an early milestone for the company when Great Panther found itself, for the first time in its history, posting an overall net positive cash flow from operations.  An 11 per cent increase in total quarterly production was also reported, up to 480,267 silver equivalent ounces in the first quarter of 2009, compared to 431,639 for the same period last year.

Bob explains how one of the keys to success for Great Panther, which operates two mines, is dealing...