Fortuna is a rapidly growing precious metals producer, operating two low-cost mines in Peru and Mexico and holding commanding land positions in Peru, Mexico and Argentina. Established in 2005, the company is focused on acquiring precious metals exploration projects and producing mines in Latin America. Management has established a reputation as efficient mine builders and operators by driving operational excellence and organic growth since the Company's formation.
The rapid worldwide spread of COVID-19 is prompting governments to incrementally implement restrictive measures in an attempt to curb the spread of COVID-19. During this period of uncertainty, our priorities are to safeguard the health and safety of our personnel and our local communities; support and enforce government actions to slow the spread of COVID-19; and to assess and mitigate the risks to our business continuity.
On Sunday, March 15, 2020, the Government of Peru introduced a series of measures to contain the rapid spread of COVID-19 which included: the closing of international borders and a declaration of a fifteen-day period of mandatory national "social isolation". The period of social isolation has been subsequently extended to April 12, 2020. The Caylloma Mine continues to operate with a reduced task force drawing ore from its coarse ore stockpile (refer to Fortuna news release dated April 2, 2020 ).
On March 19, 2020, the Government of Argentina declared effective at midnight a period of mandatory national "social isolation" in relation to COVID-19, effective until March 31, 2020. The period of isolation has been subsequently extended until April 13, 2020. All construction activities have been temporarily halted at the Lindero Project and a reduced task force remains on site to maintain critical activities including security and environmental monitoring over the extended isolation period (refer to Fortuna news release dated April 2, 2020).
On March 31, 2020, the Government of Mexico announced extraordinary measures in response to the spread of COVID-19, which includes the suspension of all non-essential activities, including mining, until April 30, 2020. As a result, the Company has initiated the orderly temporary suspension of mining and processing activities. A reduced task force will remain on site to safeguard critical infrastructure and maintain environmental monitoring through the suspension period (refer to 2020 Fortuna news release dated April 2, 2020).
As a result of the government-mandated constraints on business in the countries that host our operations and the uncertainties related to these constraints, the Company is currently unable to determine the impact on its production and cost guidance for 2020. Therefore, the Company is withdrawing production and cost guidance for 2020 (refer to Fortuna news release dated February 20, 2020) until further notice.
Management is committed to operating safely and profitability and to maintaining industry best practices in employee relations, community outreach and environmental safeguards.
Fortuna is financially stable and does not hedge its silver or gold production. Shares of the company trade mainly on the New York Stock Exchange (NYSE: FSM) and Toronto Stock Exchange (TSX: FVI).