Orvana Restarts Bolivia Operations, Sets Production Targets for FY2026
Event summary
- Orvana commenced trial processing of legacy ore at its Don Mario plant in Bolivia, targeting initial doré production by late February 2026.
- FY2026 guidance for Bolivia includes 13,000–14,000 oz of gold and 6.7–7.5 million lbs of copper, with ramp-up expected through Q4 2026.
- Spain's Orovalle operation produced 10,576 GEO in Q1 FY2026, up 39% QoQ, driven by higher throughput and gold grades.
- Argentina's Taguas property drilling program began in January 2026, targeting a deep porphyry copper-gold system.
The big picture
Orvana's restart of operations in Bolivia marks a strategic pivot toward diversifying production beyond its Spanish assets, while the Taguas drilling program represents a long-term bet on resource expansion. The company's ability to balance near-term ramp-up challenges with exploration upside will be critical amid volatile commodity markets. Success in Bolivia could position Orvana as a multi-jurisdiction producer, though execution risks remain elevated.
What we're watching
- Ramp-Up Execution
- Whether Orvana can achieve full operational capacity at Don Mario by Q4 2026, given dependencies on plant performance and equipment reliability.
- Cost Optimization
- How the company will manage cash operating costs ($1,900–$2,300/oz gold) and all-in sustaining costs ($2,200–$2,600/oz gold) during the ramp-up phase.
- Exploration Potential
- The pace at which drilling at the Taguas property could delineate an economic porphyry copper-gold system, given initial geophysical targets.
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