Pinos Altos

Chihuahua State, northern Mexico

Pinos Altos is in the mountainous region of northern Mexico, 220 km west of the city of Chihuahua. It is an underground mining operation containing reserves of gold and silver. Commercial production was achieved at the Pinos Altos mine in November 2009 and, under current mine plans, the mine is expected to be in production through 2028. A shaft sinking project was completed in June 2016 at the Pinos Altos mine and during 2018, the site transitioned into being a predominantly underground mining operation.

In 2020, the Company started underground and open pit production at Sinter, located approximately 2 kilometres northwest of the Pinos Altos minesite and depleted the Bravo pit at Creston Mascota in the third quarter of 2020, with residual gold leaching continuing through 2023. Open pit production commenced at Reyna de Plata in 2022. Initial production at the Cubiro satellite deposit is expected in the second half of 2024, providing additional production flexibility to the Pinos Altos operations.

Key Facts

Mine type


2023 production

97,642 oz gold

2023 production costs

$1,495/oz gold

2023 total cash costs

$1,229/oz gold

Gold reserves
as at December 31, 2023

546,000 oz

See 2023 year end Mineral Reserves and Mineral Resources statement for additional detail.

2024 production guidance

102,500 oz gold

2024 total cash costs guidance

$1,268/oz gold

Mine life


Mine Production

2023 Output