San Cristobal Mine Costs Rise

“Apex Silver’s Costs on Its San Cristobal Project in Bolivia May Rise 10 Percent Over Estimates,” reports the Associates Press.

“Precious metals miner Apex Silver Mines Ltd. said Thursday that costs associated with the construction of its project in San Cristobal located in southwestern Bolivia could rise 10 percent over the $650 million it previously estimated,” said the AP.

The company said it has experienced operating costs without incoming revenue for a longer period than it expected. Apex Silver also cited additional costs related to repairs of mill equipment.

Apex Silver Mines added that the project remains on scheduled for initial production and sales in the third quarter. The company has also installed all major mechanical equipment at the mine and nearly completed the pre-commissioning and testing of processing systems.

On Thursday, shares of Apex Silver Mines rose 2 cents to $20.90 in morning trading.