Centamin Reduces 2018 Guidance For Sukari Gold Mine
Centamin Plc(LSE: CEY; TSX: CEE), which operates the Sukari Gold Mine in Egypt, has trimmedits production forecast for 2018. The company says open-pit tonnage is ahead ofschedule but grades are below budget. Also, underground output is 10% below itsforecast. “As a result of persisting lowgrades from the transitional zone in the open pit, combined with lowerdevelopment grade from underground, production guidance for 2018 from Sukarihas been revised to between 505,000 and 515,000 ounces, at a cash cost ofproduction of $625 to $640 per ounce produced and an all-in-sustaining cost of$875 to $890 per ounces sold,” the company says. As of Centamin’s last earningsreport released at the start of the month, the company was projecting 2018guidance of 580,000 ounces at cash costs of $555 an ounce and AISC of $770.“The updated mine plan forecasts a weaker Q2 and strong Q3 and Q4 productionprofile,” Centamin reports.
By Allen Sykoraof Kitco News; asykora@kitco.com
SilvercorpReports Dip In Quarterly Profit
Friday May 25, 2018 08:18
SilvercorpMetals Inc. (TSX, NYSE American: SVM) reports that net income inits fiscal fourth quarter, which ended March 31, fell to $12.2 million, or 7 cents per share, from$13.5 million, or 8 cents, in the same period a year ago. Adjusted net incomewas $7.5 million, or 4 cents, after an impairment reversal of $4.7 million,compared to an adjusted profit of $8.2 million, or 5 cents, in the year-agoperiod. The company lists sales of some 1.4 million ounces of silver, 13.3million pounds of lead, and 2.6 million pounds of zinc, compared to 1.3 millionounces of silver, 14.3 million pounds of lead, and 1.5 million pounds of zincin the prior-year quarter. The all-in sustaining cost per ounce of silver,after by-product credits, was $3.04, down from $3.26 a year ago. The companysays it spent $2.4 million to buy back 929,100 common shares. Meanwhile, for fiscal year 2018that ended March 31, net income was $47 million,or 28 cents per share, up from $43.7 million, or 26 cents, in fiscal 2017.Adjusted net income was $41.5 million, or 25 cents, after adjustments ofimpairment reversal and dilution gain, compared to $38.6 million, or 23 cents,in fiscal 2017. Silvercorp reports fiscal 2018 sales of 6 million ounces of silver, 61.9 millionpounds of lead, and 19.6 million pounds of zinc, compared to 6.5 million ouncesof silver, 70.5 million pounds of lead, and 18.3 million pounds of zinc in theprior year. The decrease of silver and lead sold was mainly due tosilver-lead concentrate inventory built up as inventories of silver-lead concentratestood at 4,070 tonnes (containing approximately 0.4 million ounces of silver),the company says.
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.