SEMAFO: Cash Flow from Operations of $15.8 Million in Second Quarter 2018
MONTREAL, Aug. 07, 2018 (GLOBE NEWSWIRE) -- SEMAFO Inc. (TSX:SMF) (OMX:SMF) today reported its financial and operational results for the three-month period ended June 30, 2018. All amounts are in US dollars unless otherwise stated.
Second Quarter 2018 - in Review
• Gold production of 45,700 ounces compared to 47,600 ounces for the same period in 2017
• Gold sales of $58.5 million compared to $59.3 million for the same period in 2017
• All-in sustaining cost1 of $1,103 per ounce sold compared to $1,074 for the same period in 2017
• Cash flows from operating activities2 of $15.8 million or $0.05 per share1 compared to $23.6 million or $0.07 per share1 for the same period in 2017
• Adjusted net loss attributable to equity shareholders1 of $6.3 million or loss of $0.02 per share1 compared to adjusted net loss1 of $2.9 million or loss of $0.01 per share1 for the same period in 2017
• Underground mining services contract signed with AUMS for Siou Underground
• Osaanpalo Zone at Boungou Proximal returns up to 17.17 g/t Au over 3.0 meters
• Baali Zone at Boungou Regional returns up to 7.58 g/t Au over 9.4 meters
Boungou Mine
As at June 30, 2018:
• First gold poured on June 28, 2018
• Construction and commissioning of the mine 100% complete
• Construction capital expenditure on budget
• Pre-stripping of the projected 18 million tonnes complete
• Construction completed with 5.6 million man-hours (18 months) without lost-time injury
| 1 | All-in sustaining cost, adjusted net loss attributable to equity shareholders, adjusted basic loss per share and operating cash flows per share are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Corporation's MD&A, note 19. |
| 2 | Cash flows from operating activities exclude changes in non-cash working capital items. |
Mana, Burkina Faso
Mining Operations
| Three-month period | Six-month period | |||||||||||||
| ended June 30, | ended June 30, | |||||||||||||
| 2018 | 2017 | Variation | 2018 | 2017 | Variation | |||||||||
| Operating Data | ||||||||||||||
| Mining | ||||||||||||||
| Waste mined (tonnes) | 5,121,300 | 3,947,600 | 30 | % | 10,327,100 | 8,586,000 | 20 | % | ||||||
| Ore mined (tonnes) | 478,200 | 503,200 | (5 | %) | 1,070,500 | 982,600 | 9 | % | ||||||
| Operational stripping ratio | 10.7 | 7.8 | 37 | % | 9.6 | 8.7 | 10 | % | ||||||
| Capitalized Stripping Activity | ||||||||||||||
| Waste material – Siou (tonnes) | — | 4,547,200 | (100 | %) | — | 8,353,100 | (100 | %) | ||||||
| Waste material – Wona (tonnes) | 3,513,700 | 2,583,000 | 36 | % | 6,717,900 | 3,714,300 | 81 | % | ||||||
| 3,513,700 | 7,130,200 | (51 | %) | 6,717,900 | 12,067,400 | (44 | %) | |||||||
| Total strip ratio | 18.1 | 22.0 | (18 | %) | 15.9 | 21.0 | (24 | %) | ||||||
| Processing | ||||||||||||||
| Ore processed (tonnes) | 604,200 | 481,400 | 26 | % | 1,216,200 | 1,117,700 | 9 | % | ||||||
| Low grade material (tonnes) | 32,600 | 194,100 | (83 | %) | 72,300 | 289,600 | (75 | %) | ||||||
| Tonnes processed (tonnes) | 636,800 | 675,500 | (6 | %) | 1,288,500 | 1,407,300 | (8 | %) | ||||||
| Head grade (g/t) | 2.35 | 2.31 | 2 | % | 2.30 | 2.43 | (5 | %) | ||||||
| Recovery (%) | 95 | 95 | — | 96 | 94 | 2 | % | |||||||
| Gold ounces produced | 45,700 | 47,600 | (4 | %) | 91,200 | 103,000 | (11 | %) | ||||||
| Gold ounces sold | 45,100 | 46,900 | (4 | %) | 92,000 | 101,600 | (9 | %) | ||||||
| Statistics (in dollars) | ||||||||||||||
| Average realized selling price (per ounce) | 1,298 | 1,265 | 3 | % | 1,317 | 1,242 | 6 | % | ||||||
| Cash operating cost (per tonne processed)¹ | 56 | 43 | 30 | % | 55 | 48 | 15 | % | ||||||
| Cash operating cost, including stripping (per tonne processed)1 | 70 | 64 | 9 | % | 69 | 64 | 8 | % | ||||||
| Total cash cost (per ounce sold)¹ | 858 | 703 | 22 | % | 853 | 701 | 22 | % | ||||||
| All-in sustaining cost (per ounce sold) | 1,103 | 1,074 | 3 | % | 1,093 | 976 | 12 | % | ||||||
| Depreciation (per ounce sold)² | 499 | 527 | (5 | %) | 520 | 491 | 6 | % | ||||||
| 1 | Cash operating cost, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Corporation's MD&A, note 19. |
| 2 | Depreciation per ounce sold is a non-IFRS financial performance measure with no standard definition under IFRS and represents the depreciation expense per ounce sold. |
2018 Second Quarter Results
As expected, during the second quarter of 2018, the tonnes processed decreased by 6% due to the hardness of the ore. Consequently, the gold ounces produced and sold decreased compared to the same period in 2017. The higher mining operation expenses are mainly due to the higher operational stripping ratio and the hardness of the ore. The increase in the operational stripping ratio and the decrease in capitalized stripping activity are due to more operational activities being carried out than stripping activities, in accordance with the mine plan.
As expected, in the second quarter of 2018, the all-in sustaining cost was $1,103 per ounce sold compared to $1,074 per ounce sold in the same period in 2017. This is attributable to a higher cash operating cost per tonne mainly caused by the higher operational stripping ratio and partially offset by lower sustaining capital expenditures.
The Corporation reiterates its 2018 consolidated production outlook of between 235,000 and 265,000 ounces of gold at an all-in sustaining cost of between $900 and $940 per ounce.
Boungou Mine
Construction and commissioning of the mine were both completed in the second quarter of 2018. The first gold was poured on June 28, slightly ahead of schedule, and we expect to achieve commercial production in August. In summary, the following achievements have been made:
As at June 30, 2018:
• Construction and commissioning of the mine 100% complete
• Development on budget with $229 million of the $231 million capital expenditure incurred
• Recruitment of mine operator employees and their training complete
• Pre-stripping of 18 million tonnes complete
- 205,500 tonnes of ore stockpiled
• Construction completed with 5.6 million man-hours (18 months) without lost-time injury
Siou Underground Development
During the second quarter of 2018, we continued to advance development of Siou underground with the objective of achieving full production in the first quarter of 2020. Specifically, the following was achieved:
• Signing of underground mining services contract with AUMS
• Completion of detailed engineering required for development start-up
• Recruitment of key engineering personnel complete
• Construction of infrastructure pads
The Environmental and Social Impact Assessment (ESIA) study is expected to be filed in August.
Exploration
Boungou Mine
The Tapoa Permit Group consists of four contiguous permits - Boungou, Dangou, Pambourou and Bossoari- covering approximately 70 kilometers in strike length along the Diapaga belt in Burkina Faso. The 2018 exploration program at Tapoa is the first extensive drill program over the property following up on two years of detailed field work including mapping, trenching, geophysical surveys, soil and auger drilling. Initial exploration targeted two areas: Tawori and Dangou.
Boungou Proximal
A total of 22 RC holes (2,948 meters) was completed at Tawori, testing a shallow west-dipping structure dubbed the Osaanpalo Zone that outcrops four kilometers north of the Boungou Mine. The nature of mineralization of the Osaanpalo Zone including biotite alteration and shearing along with silicification, sericitization and pyrrhotite-arsenopyrite mineralization, shows similarities to the Boungou Shear Zone. To date, significant gold values have been obtained within the structure, showing a north-trending orientation of mineralization.
Table 1: Osaanpalo Zone Highlights1,2
| Hole No. | From (m) | To (m) | Length (m) | Au (g/t) |
| TPA1367 | 68.00 | 79.00 | 11.00 | 1.01 |
| TPA1370 | 34.00 | 44.00 | 10.00 | 2.17 |
| TPA1371 | 5.00 | 12.00 | 7.00 | 1.20 |
| TPA1377 | 22.00 | 24.00 | 2.00 | 3.12 |
| TPA1378 | 0.00 | 4.00 | 4.00 | 1.15 |
| TPA1402 | 46.00 | 49.00 | 3.00 | 17.17 |
| TPA1404 | 76.00 | 82.00 | 6.00 | 2.10 |
| TPA1407 | 56.00 | 57.00 | 1.00 | 19.20 |
1. All lengths are along the hole axis, and the true thickness has yet to be established.
2. All assay results are capped at 45 g/t Au.
The Osaanpalo Zone provides an indication of the potential at Tapoa, particularly proximal to the Boungou Mine and infrastructure. The discovery shows that multiple near-surface gold-bearing structures like those at Boungou occur on the property that could rapidly add to the already extensive gold reserves at Tapoa. Further follow-up drilling is currently ongoing at Osaanpalo to establish the extent of the structure.
Boungou Regional
The Dangou permit is located approximately 30 kilometers east-northeast of the Boungou Mine. Previous work at Dangou has shown that the area is underlain by intermediate to mafic intrusive rocks and mafic volcanic flows. Soil and auger sampling in the area uncovered a series of west-northwest trending gold anomalies coincident with induced polarization chargeability highs. By the end of the second quarter of 2018, a total of 88 RC holes and two core holes (10,561 meters) had been completed across the most promising anomalies.
Assay results from this drilling show that the area is highly anomalous in gold throughout. In addition, significant gold mineralization was obtained from altered and locally sheared intervals of the intrusive rocks.
Table 2: Dangou Highlights1,2
| Hole No. | From (m) | To (m) | Length (m) | Au (g/t) | Zone |
| TPA1419 | 90.00 | 96.00 | 6.00 | 2.62 | Baali |
| TPA1422 | 99.00 | 105.00 | 6.00 | 1.92 | |
| TPA1443 | 35.00 | 40.00 | 5.00 | 6.15 | |
| TPA1448 | 46.00 | 53.00 | 7.00 | 2.44 | |
| TPA1449 | 57.00 | 62.00 | 5.00 | 1.79 | |
| TPA1456 | 17.00 | 24.00 | 7.00 | 1.59 | |
| TPADD001 | 146.00 | 155.40 | 9.40 | 7.58 | Baali |
1. All lengths are along the hole axis, and the true thickness has yet to be established.
2. All assay results are below the capping grade of 45 g/t Au.
Among these results, the Baali Zone discovery appears promising with wide biotite alteration and gold mineralization. Although the geometry of the zone remains to be established, core follow up drilling suggests a subvertical zone of altered gabbro and basalt. The Dangou area has also returned significant values from mineralized quartz veins in a sheared gabbro (TPA1456) in addition to disseminated and stringer sulfides in gabbro (TPA1443). These, and other significant cuts from the drilling, will be followed up on in the coming months.
These results clearly demonstrate the potential for different styles of gold mineralization at Tapoa. Upcoming efforts will continue to focus on identifying and understanding new gold-bearing zones that could potentially add to the reserves base of the property.
Mana Project
Mana - Siou
In the quarter, a total of 5 core holes (3,114 meters) was drilled at the Siou North target area. To date, barring a few isolated gold values, no significant mineralization was obtained along the trend. Three holes remain pending, after which the potential of this target will be evaluated for further work.
Mana Regional
A series of satellite targets was tested within trucking distance of the Mana mill. In all, 68 RC holes totaling 9,243 meters and 3 core holes (709 meters) were completed. Significant assay results were obtained at a zone dubbed Doumakélé, which has hematized and pyritized intrusive and volcanic enclaves and is located 25 kilometers southeast of the mill. Highlights include 2.02 g/t Au over 5 meters (MRC18-5107), 8.69 g/t Au across 3.7 meters and 4.19 g/t Au over 4.5 meters (WDC-976), and 6.38 g/t Au over 10.7 meters (WDC-980). Most of the holes were drilled at different directions in order to establish the geometry of the mineralization, so the true thickness remains to be established. The objective is to identify near-surface satellite zones that can be readily transported to the existing mill. The economic potential of Doumakélé will be assessed once additional drilling to better define the zone is complete.
Yactibo (Nabanga Project)
The Yactibo Property hosts the Nabanga deposit, which has inferred mineral resources of 590,000 ounces at a grade of 10.0 g/t Au (1.84 million tonnes at a 5 g/t Au cut-off grade). The 2018 program is designed to test a new interpretation suggesting a shallower northern plunge of the high-grade shoots that could extend beyond 200 meters and along strike.
To date, a total of 25 holes (7,148 meters) core holes has been drilled along the Nabanga structure. Assay results have been received for 20 of the 25 holes drilled to date, and an additional seven holes will be completed when the rainy season ceases early in the fourth quarter.
Results appear to confirm the shallow plunge of the mineralization although the grades seem to gradually decrease at depth. Further drilling is scheduled in the fourth quarter this year following completion of the rainy season. On completion of the program, we will update our resource estimation.
SEMAFO’s Management’s Discussion and Analysis, Consolidated Financial Statements and related financial materials are available in the “Investor Relations” section of the Corporation's website at www.semafo.com. These and other corporate reports are also available on www.sedar.com.
Second Quarter Conference Call
A conference call will be held tomorrow, August 8, 2018, at 8:00 EDT to discuss this press release. Interested parties are invited to call the following telephone numbers to participate in the call:
Tel. local & overseas: +1 (647) 788 4922
Tel. North America: 1 (877) 223 4471
Webcast: www.semafo.com
Replay number: 1 (800) 585 8367 or +1 (416) 621 4642
Replay pass code: 7370499
Replay expiration: September 08, 2018
About SEMAFO
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation operates the Mana Mine in Burkina Faso, which includes the high-grade satellite deposit of Siou, and is targeting commercial production at the Boungou Mine in the third quarter of 2018. SEMAFO’s strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements include words or expressions such as “outlook”, “continues to advance”, “development”, " with the objective of", “start-up”, “expected”, “indication”, “potential”, “could”, “rapidly”, “add”, “ongoing”, "promising", "suggests", “will”, "in order to", "designed to", “additional”, "appear", "seem", "scheduled", “pursuing”, “growth”, “opportunities” and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to attain our 2018 consolidated production outlook of between 235,000 and 265,000 ounces of gold at an all-in sustaining cost of between $900 and $940 per ounce, the ability to achieve commercial production at the Boungou Mine in August, the ability to achieve full production at Siou Underground in the first quarter of 2020, the ability to file Siou’s ESIA study in August 2018, the ability of the Osaanpalo Zone to rapidly add to the gold reserves at Tapoa, the ability of the follow-up drilling at Osaanpalo to establish the extent of the structure, the ability of upcoming exploration efforts at Tapoa to identify and understand new gold-bearing zones that could add to the reserves base of the property, the ability of the Mana Regional exploration program to identify near-surface satellite zones that can be readily transported to the existing mill, the ability of the 2018 exploration program at Yactibo to confirm our new interpretation at the Nabanga deposit, the ability to execute on our strategic focus, fluctuation in the price of currencies, gold prices and operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO’s documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO’s 2017 Annual MD&A, as updated in SEMAFO’s 2018 First Quarter MD&A, 2018 Second Quarter MD&A, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
For more information, contact
John Jentz
Vice-President, Corporate Development & Investor Relations
Email: John.Jentz@semafo.com
Ruth Hanna
Analyst, Investor Relations
Email: Ruth.Hanna@semafo.com
Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
Website: www.semafo.com
| Consolidated Results and Mining Operations | ||||||||||||||
| Financial and Operating Highlights | ||||||||||||||
| Three-month period | Six-month period | |||||||||||||
| ended June 30, | ended June 30, | |||||||||||||
| 2018 | 2017 | Variation | 2018 | 2017 | Variation | |||||||||
| Gold ounces produced | 45,700 | 47,600 | (4 | %) | 91,200 | 103,000 | (11 | %) | ||||||
| Gold ounces sold | 45,100 | 46,900 | (4 | %) | 92,000 | 101,600 | (9 | %) | ||||||
| (in thousands of dollars, except amounts per share) | ||||||||||||||
| Revenues – Gold sales | 58,517 | 59,315 | (1 | %) | 121,215 | 126,201 | (4 | %) | ||||||
| Mining operation expenses | 36,139 | 30,573 | 18 | % | 72,773 | 66,138 | 10 | % | ||||||
| Government royalties | 2,540 | 2,389 | 6 | % | 5,684 | 5,081 | 12 | % | ||||||
| Depreciation of property, plant and equipment | 22,583 | 24,795 | (9 | %) | 48,011 | 50,063 | (4 | %) | ||||||
| Share-based compensation | 613 | (1,095 | ) | — | 2,031 | 124 | 1,538 | % | ||||||
| Other | 4,200 | 3,408 | 23 | % | 8,339 | 7,335 | 14 | % | ||||||
| Operating loss | (7,558 | ) | (755 | ) | (901 | %) | (15,623 | ) | (2,540 | ) | (515 | %) | ||
| Finance income | (612 | ) | (800 | ) | (24 | %) | (1,253 | ) | (1,536 | ) | (18 | %) | ||
| Finance costs | 287 | 321 | (11 | %) | 600 | 645 | (7 | %) | ||||||
| Foreign exchange (gain) loss | 1,292 | (6,103 | ) | — | 864 | (6,932 | ) | — | ||||||
| Income tax expense (recovery) | 2,588 | (3,521 | ) | — | 179 | (1,681 | ) | — | ||||||
| Net (loss) income for the period | (11,113 | ) | 9,348 | — | (16,013 | ) | 6,964 | — | ||||||
| Net (loss) income attributable to equity shareholders | (10,431 | ) | 8,854 | — | (15,141 | ) | 6,163 | — | ||||||
| Basic earnings (loss) per share | (0.03 | ) | 0.03 | — | (0.05 | ) | 0.02 | — | ||||||
| Diluted earnings (loss) per share | (0.03 | ) | 0.03 | — | (0.05 | ) | 0.02 | — | ||||||
| Adjusted amounts | ||||||||||||||
| Adjusted operating loss¹ | (7,696 | ) | (2,754 | ) | (179 | %) | (15,664 | ) | (4,643 | ) | (237 | %) | ||
| Adjusted net loss attributable to equity shareholders¹ | (6,317 | ) | (2,893 | ) | (118 | %) | (12,865 | ) | (7,267 | ) | (77 | %) | ||
| Per share¹ | (0.02 | ) | (0.01 | ) | (100 | %) | (0.04 | ) | (0.02 | ) | (100 | %) | ||
| Cash flows | ||||||||||||||
| Cash flows from operating activities² | 15,839 | 23,614 | (33 | %) | 34,230 | 46,761 | (27 | %) | ||||||
| Per share¹ | 0.05 | 0.07 | (29 | %) | 0.11 | 0.14 | (21 | %) | ||||||
| 1 | Adjusted operating loss, adjusted net loss attributable to equity shareholders, adjusted basic loss per share and operating cash flows per share are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Corporation's MD&A, note 19. |
| 2 | Cash flows from operating activities exclude changes in non-cash working capital items. |
| Interim Consolidated Statements of Financial Position |
| (Expressed in thousands of US dollars - unaudited) |
| As at | As at | ||||
| June 30, | December 31, | ||||
| 2018 | 2017 | ||||
| $ | $ | ||||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | 108,871 | 198,950 | |||
| Trade and other receivables | 25,427 | 22,649 | |||
| Income tax receivable | 6,332 | 3,186 | |||
| Inventories | 59,553 | 66,409 | |||
| Other current assets | 4,777 | 4,094 | |||
| 204,960 | 295,288 | ||||
| Non-current assets | |||||
| Advance receivable | 2,485 | 2,867 | |||
| Restricted cash | 23,015 | 23,237 | |||
| Property, plant and equipment | 783,127 | 703,341 | |||
| Intangible asset | 1,289 | 1,374 | |||
| Other non-current financial assets | 2,733 | 2,256 | |||
| 812,649 | 733,075 | ||||
| Total assets | 1,017,609 | 1,028,363 | |||
| Liabilities | |||||
| Current liabilities | |||||
| Trade payables and accrued liabilities | 70,042 | 72,720 | |||
| Current portion of long-term debt | 30,310 | 310 | |||
| Current portion of finance lease | 5,396 | 4,703 | |||
| Share unit plan liabilities | 4,205 | 6,404 | |||
| Provisions | 3,059 | 3,069 | |||
| 113,012 | 87,206 | ||||
| Non-current liabilities | |||||
| Long-term debt | 86,253 | 115,247 | |||
| Finance Lease | 19,038 | 19,008 | |||
| Share unit plan liabilities | 2,098 | 3,138 | |||
| Provisions | 22,604 | 12,258 | |||
| Deferred income tax liabilities | 30,225 | 30,944 | |||
| 160,218 | 180,595 | ||||
| Total liabilities | 273,230 | 267,801 | |||
| Equity | |||||
| Equity Shareholders | |||||
| Share capital | 623,604 | 622,294 | |||
| Contributed surplus | 6,771 | 7,220 | |||
| Accumulated other comprehensive (loss) income | (18,473 | ) | 2,256 | ||
| Retained earnings | 102,267 | 97,710 | |||
| 714,169 | 729,480 | ||||
| Non-controlling interests | 30,210 | 31,082 | |||
| Total equity | 744,379 | 760,562 | |||
| Total liabilities and equity | 1,017,609 | 1,028,363 | |||
| Interim Consolidated Statements of (Loss) Income |
| (Expressed in thousands of US dollars, except per share amounts - unaudited) |
| Three-month period | Six-month period | |||||||||
| ended June 30, | ended June 30, | |||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||
| $ | $ | $ | $ | |||||||
| Revenue – Gold sales | 58,517 | 59,315 | 121,215 | 126,201 | ||||||
| Costs of operations | ||||||||||
| Mining operation expenses | 38,679 | 32,962 | 78,457 | 71,219 | ||||||
| Depreciation of property, plant and equipment | 22,583 | 24,795 | 48,011 | 50,063 | ||||||
| General and administrative | 3,859 | 3,329 | 7,776 | 6,871 | ||||||
| Corporate social responsibility expenses | 341 | 79 | 563 | 464 | ||||||
| Share-based compensation | 613 | (1,095 | ) | 2,031 | 124 | |||||
| Operating loss | (7,558 | ) | (755 | ) | (15,623 | ) | (2,540 | ) | ||
| Other expenses (income) | ||||||||||
| Finance income | (612 | ) | (800 | ) | (1,253 | ) | (1,536 | ) | ||
| Finance costs | 287 | 321 | 600 | 645 | ||||||
| Foreign exchange loss (gain) | 1,292 | (6,103 | ) | 864 | (6,932 | ) | ||||
| Income (loss) before income taxes | (8,525 | ) | 5,827 | (15,834 | ) | 5,283 | ||||
| Income tax expense (recovery) | ||||||||||
| Current | (238 | ) | 514 | 289 | 2,235 | |||||
| Deferred | 2,826 | (4,035 | ) | (110 | ) | (3,916 | ) | |||
| 2,588 | (3,521 | ) | 179 | (1,681 | ) | |||||
| Net (loss) income for the period | (11,113 | ) | 9,348 | (16,013 | ) | 6,964 | ||||
| Attributable to: | ||||||||||
| Equity shareholders | (10,431 | ) | 8,854 | (15,141 | ) | 6,163 | ||||
| Non-controlling interests | (682 | ) | 494 | (872 | ) | 801 | ||||
| (11,113 | ) | 9,348 | (16,013 | ) | 6,964 | |||||
| Earnings (loss) per share | ||||||||||
| Basic | (0.03 | ) | 0.03 | (0.05 | ) | 0.02 | ||||
| Diluted | (0.03 | ) | 0.03 | (0.05 | ) | 0.02 | ||||
| Interim Consolidated Statements of Comprehensive (Loss) Income |
| (Expressed in thousands of US dollars - unaudited) |
| Three-month period | Six-month period | |||||||||
| ended June 30, | ended June 30, | |||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||
| $ | $ | $ | $ | |||||||
| Net (loss) income for the period | (11,113 | ) | 9,348 | (16,013 | ) | 6,964 | ||||
| Other comprehensive (loss) income | ||||||||||
| Item that will be reclassified to profit or loss | ||||||||||
| Changes in fair value of available-for-sale assets (net tax of nil) | n/a | (479 | ) | n/a | 339 | |||||
| Item that will not be reclassified to profit or loss | ||||||||||
| Changes in fair value of equity investments at FVOCI (net of tax of nil) | (478 | ) | n/a | (1,031 | ) | n/a | ||||
| Total comprehensive (loss) income for the period, net of tax | (11,591 | ) | 8,869 | (17,044 | ) | 7,303 | ||||
| Attributable to: | ||||||||||
| Equity shareholders | (10,909 | ) | 8,375 | (16,172 | ) | 6,502 | ||||
| Non-controlling interests | (682 | ) | 494 | (872 | ) | 801 | ||||
| (11,591 | ) | 8,869 | (17,044 | ) | 7,303 | |||||
| Interim Consolidated Statements of Cash Flows |
| (Expressed in thousands of US dollars - unaudited) |
| Three-month period | Six-month period | |||||||||
| ended June 30, | ended June 30, | |||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||
| $ | $ | $ | $ | |||||||
| Cash flows from (used in): | ||||||||||
| Operating activities | ||||||||||
| Net (loss) income for the period | (11,113 | ) | 9,348 | (16,013 | ) | 6,964 | ||||
| Adjustments for: | ||||||||||
| Depreciation of property, plant and equipment | 22,583 | 24,795 | 48,011 | 50,063 | ||||||
| Share-based compensation | 613 | (1,095 | ) | 2,031 | 124 | |||||
| Unrealized foreign exchange loss (gain) | 991 | (5,331 | ) | 439 | (6,339 | ) | ||||
| Deferred income tax expense (recovery) | 2,826 | (4,035 | ) | (110 | ) | (3,916 | ) | |||
| Other | (61 | ) | (68 | ) | (128 | ) | (135 | ) | ||
| 15,839 | 23,614 | 34,230 | 46,761 | |||||||
| Changes in non-cash working capital items | 5,039 | (2,842 | ) | (10,597 | ) | (8,594 | ) | |||
| Net cash provided by operating activities | 20,878 | 20,772 | 23,633 | 38,167 | ||||||
| . | ||||||||||
| Financing activities | ||||||||||
| Drawdown of long-term debt | — | 60,000 | — | 60,000 | ||||||
| Repayment of equipment financing | (78 | ) | (79 | ) | (155 | ) | (155 | ) | ||
| Payments of finance lease | (1,165 | ) | — | (2,310 | ) | — | ||||
| Proceeds on issuance of share capital, net of expenses | 120 | 12 | 861 | 61 | ||||||
| Net cash (used in) provided by financing activities | (1,123 | ) | 59,933 | (1,604 | ) | 59,906 | ||||
| Investing activities | ||||||||||
| Net proceed on disposition (acquisition) of equity investment | 98 | — | (1,508 | ) | — | |||||
| Acquisition of property, plant and equipment | (48,700 | ) | (43,864 | ) | (109,856 | ) | (81,096 | ) | ||
| Increase in restricted cash | — | (15,077 | ) | — | (15,077 | ) | ||||
| Net cash used in investing activities | (48,602 | ) | (58,941 | ) | (111,364 | ) | (96,173 | ) | ||
| Effect of exchange rate changes on cash and cash equivalent | (1,702 | ) | 6,372 | (744 | ) | 7,625 | ||||
| Change in cash and cash equivalents during the period | (30,549 | ) | 28,136 | (90,079 | ) | 9,525 | ||||
| Cash and cash equivalents – beginning of period | 139,420 | 255,161 | 198,950 | 273,772 | ||||||
| Cash and cash equivalents – end of period | 108,871 | 283,297 | 108,871 | 283,297 | ||||||
| Interest paid | 2,406 | 892 | 4,736 | 1,780 | ||||||
| Interest received | 739 | 693 | 1,449 | 1,132 | ||||||
| Income tax paid | 2,010 | 3,506 | 3,366 | 5,667 | ||||||