It will take time for SVM to fully change to it's new method of "bulk underground mining", and for SVM to get the GC mine going. In the meantime, SVM must simply focus on PROTECTING CASH! All I care about in this metals market is that miners I invest in will not burn cash "willy nilly on blue sky ideas". SVM did an "OK" job of this in 2011 and 2012, however, 2013 will be very challenging, for sure. If SVM comes through this year with around 100 million in cash, and the DIVIDEND intact they will have proven (again) that they know what they are doing.
offset by 11% lower head grades from La Parrilla due to an increase in oxides production from the lower grade open pit. Combined recoveries for all mines in the first quarter were 57% and consistent compared to 57% in the first quarter of 2012 and 58% in the fourth quarter of 2012.
note AG mines have degraded by 11% except they got fresh ore up from other mines.