Centerra 1Q Profit, Gold Production Decline
Centerra GoldInc. (TSX: CG) reports net earnings of $9 million, or 3 cents per share, in thefirst quarter, down from $57 million, or20 cents, in the same period a year ago. The January-March results includecharges of $4.4 million for the acquisition of AuRico Metals Inc. Excludingthis, adjusted earnings in the first quarter were $13.5 million, or a nickel.Revenue fell to $235 million from $285 million. The lower earnings reflect theshutdown and partial restart of milling operations at Mount Milligan, Centerrasays. The company also reports lower gold production at Kumtor, due primarilyto processing Sarytor ore with lower grades and lower recoveries. In all,Centerra produced 129,764 ounces of gold, including 100,220 ounces at Kumtorand 29,544 ounces at Mount Milligan. This was down from 172,644 in the sameperiod of 2017. Company-wide all-in sustaining costs on a by-product basis perounce sold were $932, excluding revenue-based tax in the Kyrgyz Republic andincome tax reflecting the lower sales volumes. Mount Milligan produced 6.1million pounds of copper during the quarter. “Another significant milestoneachieved during the quarter was that we commenced construction activity at the?-ks? 1/4 t project in Turkey,” says Scott Perry, president and chief executive officer.“Our site contractor mobilized their equipment and crews and started work onthe main access road to site.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Goldcorp, Tr'ond?<Tuesday May 1, 2018 08:54
GoldcorpInc. (TSX: G; NYSE: GG) and Tr'ond?<By Allen Sykoraof Kitco News; asykora@kitco.com
Hecla MiningAgrees To Settlement Of Labor Charge
Tuesday May 1, 2018 08:27
Hecla Mining Co. (NYSE: HL) says it has reached an agreement -without any admission of fault, back payments or penalties - with the NationalLabor Relations Board to settle the unfair labor practice charge filed by theUnited Steelworkers in March 2017 over a strike at the Lucky Friday Mine inIdaho. “This action does not resolve the key differences in the ongoing labordispute, nor put the two sides closer to a contract,” Hecla says. As part ofthe settlement, Hecla says it has rescinded the terms of its last, best andfinal offer implemented in March 2017. Since then, Hecla and UnitedSteelworkers’ representatives have met over 20 times, officials said. A revisedfinal offer was presented to the United Steelworkers’ representatives inDecember and remains on the table. Hecla said its production guidance remainsunchanged, with no material production expected from the Lucky Friday Mine in2018.
By Allen Sykoraof Kitco News; asykora@kitco.com
Argonaut1Q Adjusted Profit Rises From Year Ago
Tuesday May 1, 2018 08:27
ArgonautGold Inc. (TSX: AR) says its adjusted first-quarter profit rose as output andthe gold price climbed but costs fell. First-quarter net income was $12.2 million, or 7 cents perbasic, in line with $12 million, also 7 cents, in the first quarter of 2017.However, excluding special items, the rise in adjusted income was morepronounced, as this climbed to $7.9 million, or 4 cents, from $4.9 million, or3 cents, a year ago. Argonaut says this was mainly due to the recognition ofpreviously unrecognized Mexican deferred tax assets in the first quarter of2017, which reduced deferred tax expense. The companyproduced 40,853 gold-equivalent ounces at an all-in sustaining cost of $781 pergold ounce, compared to 37,707 ounces at AISC of $870 a year ago. The averagerealized gold price rose to $1,330 from $1,228. “We made significantinvestments during 2017, and 2018 is about harvesting those investments andadding cash to our balance sheet through strong free cash flow,” says PeteDougherty, president and chief executive officer. “During the first quarter, weadded $7.2 million in net cash to our balance sheet.”
By Allen Sykoraof Kitco News; asykora@kitco.com
McEwen Mining: Black Fox Exploration Results ‘Encouraging’
Tuesday May 1, 2018 08:27
McEwen Mining Inc.(NYSE, TSX: MUX)says exploration results fromits Black Fox Complex in Ontario are “encouraging.” The company says it hasspent approximately 30% of its $15 million 2018 exploration budget at Black Foxso far, with 42,400 meters of drilling completed in the first quarter. Thecompany says some of the best intercepts encountered were 639 grams of gold over 0.55 meter in a holeat Gibson Southwest, 5.24 g/t gold over11.96 meters in a hole at Stock East, 4.50 g/t gold over 3.79 meters in a hole at Black Fox, and 23.88 g/t of gold-equivalent over 6.47 metersfrom a hole atTamarack.
By Allen Sykoraof Kitco News; asykora@kitco.com
Guyana Goldfields Profitable In 1Q; Output Dips
Tuesday May 1, 2018 08:27
Guyana Goldfields Inc. (TSX: GUY) reports first-quarter netearnings of $8.4 million, or a nickel per share, down slightly from $9.9million, or 6 cents, in the same period a year ago. Goldproduction fell to 38,500 ounces from 40,900 in the first quarter of 2017. Thecompany reports record mill throughput, averaging 6,720 tonnes per day for thequarter, of which 100% was hard rock. All-in sustaining costs were $934 anounce. The average realized gold price rose to $1,333 from $1,227. The companysays it completed the first phase of a mill expansion on time and under budget,and this will allow for increased mill throughputs and recoveries going forward."Withincreased throughput and higher grades expected in the second half of the year,we are confident in our ability to meet 2018 guidance,” says Scott Caldwell,president and chief executive officer. The company maintained full-yearguidance of 190,000 to 210,000 ounces. “We look forward to initiating thedevelopment of the underground in the fourth quarter of this year in our effortto accelerate selective mining of higher grade stopes starting in 2019. We havebegun the bidding process to bring on the required underground mining technicalexpertise, as well as initiated the movement of previously purchasedunderground mining equipment to site," Caldwell adds.
By Allen Sykoraof Kitco News; asykora@kitco.com
Alacer Gold ListsFirst-Quarter Profit
Tuesday May 1, 2018 08:27
Alacer Gold Corp.(TSX: ASR; ASX: AQG), which has an 80% interest in the ????pler Gold Mine inTurkey, reports a first-quarter net profit of $26.7 million,or 9 cents per share. Gold production was 37,875 ounces, and attributableoutput was 30,300 ounces. All-in sustaining costs were $737 an ounce. Duringthe quarter, Alacer hedged an additional 20,000 ounces of gold at an averageprice of $1,350, with settlements between July and December, to secure the goldprice on oxide gold production during the ramp-up of the sulfide project.“Production and costs are tracking in line with guidance as we progressivelytransition from oxide to predominately sulfide ore in the second half of theyear,” says Rod Antal, president and chief executive officer.
By Allen Sykora For 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.
Tuesday May 1, 2018 08:54
GoldcorpInc. (TSX: G; NYSE: GG) and Tr'ond?< By Allen Sykoraof Kitco News; asykora@kitco.com Tuesday May 1, 2018 08:27 Hecla Mining Co. (NYSE: HL) says it has reached an agreement -without any admission of fault, back payments or penalties - with the NationalLabor Relations Board to settle the unfair labor practice charge filed by theUnited Steelworkers in March 2017 over a strike at the Lucky Friday Mine inIdaho. “This action does not resolve the key differences in the ongoing labordispute, nor put the two sides closer to a contract,” Hecla says. As part ofthe settlement, Hecla says it has rescinded the terms of its last, best andfinal offer implemented in March 2017. Since then, Hecla and UnitedSteelworkers’ representatives have met over 20 times, officials said. A revisedfinal offer was presented to the United Steelworkers’ representatives inDecember and remains on the table. Hecla said its production guidance remainsunchanged, with no material production expected from the Lucky Friday Mine in2018. By Allen Sykoraof Kitco News; asykora@kitco.com Tuesday May 1, 2018 08:27 ArgonautGold Inc. (TSX: AR) says its adjusted first-quarter profit rose as output andthe gold price climbed but costs fell. First-quarter net income was $12.2 million, or 7 cents perbasic, in line with $12 million, also 7 cents, in the first quarter of 2017.However, excluding special items, the rise in adjusted income was morepronounced, as this climbed to $7.9 million, or 4 cents, from $4.9 million, or3 cents, a year ago. Argonaut says this was mainly due to the recognition ofpreviously unrecognized Mexican deferred tax assets in the first quarter of2017, which reduced deferred tax expense. The companyproduced 40,853 gold-equivalent ounces at an all-in sustaining cost of $781 pergold ounce, compared to 37,707 ounces at AISC of $870 a year ago. The averagerealized gold price rose to $1,330 from $1,228. “We made significantinvestments during 2017, and 2018 is about harvesting those investments andadding cash to our balance sheet through strong free cash flow,” says PeteDougherty, president and chief executive officer. “During the first quarter, weadded $7.2 million in net cash to our balance sheet.” By Allen Sykoraof Kitco News; asykora@kitco.com Tuesday May 1, 2018 08:27 By Allen Sykoraof Kitco News; asykora@kitco.com Tuesday May 1, 2018 08:27 Guyana Goldfields Inc. (TSX: GUY) reports first-quarter netearnings of $8.4 million, or a nickel per share, down slightly from $9.9million, or 6 cents, in the same period a year ago. Goldproduction fell to 38,500 ounces from 40,900 in the first quarter of 2017. Thecompany reports record mill throughput, averaging 6,720 tonnes per day for thequarter, of which 100% was hard rock. All-in sustaining costs were $934 anounce. The average realized gold price rose to $1,333 from $1,227. The companysays it completed the first phase of a mill expansion on time and under budget,and this will allow for increased mill throughputs and recoveries going forward."Withincreased throughput and higher grades expected in the second half of the year,we are confident in our ability to meet 2018 guidance,” says Scott Caldwell,president and chief executive officer. The company maintained full-yearguidance of 190,000 to 210,000 ounces. “We look forward to initiating thedevelopment of the underground in the fourth quarter of this year in our effortto accelerate selective mining of higher grade stopes starting in 2019. We havebegun the bidding process to bring on the required underground mining technicalexpertise, as well as initiated the movement of previously purchasedunderground mining equipment to site," Caldwell adds. By Allen Sykoraof Kitco News; asykora@kitco.com Tuesday May 1, 2018 08:27 Alacer Gold Corp.(TSX: ASR; ASX: AQG), which has an 80% interest in the ????pler Gold Mine inTurkey, reports a first-quarter net profit of $26.7 million,or 9 cents per share. Gold production was 37,875 ounces, and attributableoutput was 30,300 ounces. All-in sustaining costs were $737 an ounce. Duringthe quarter, Alacer hedged an additional 20,000 ounces of gold at an averageprice of $1,350, with settlements between July and December, to secure the goldprice on oxide gold production during the ramp-up of the sulfide project.“Production and costs are tracking in line with guidance as we progressivelytransition from oxide to predominately sulfide ore in the second half of theyear,” says Rod Antal, president and chief executive officer. For Kitco NewsHecla MiningAgrees To Settlement Of Labor Charge
Argonaut1Q Adjusted Profit Rises From Year Ago
McEwen Mining: Black Fox Exploration Results ‘Encouraging’
McEwen Mining Inc.(NYSE, TSX: MUX)says exploration results fromits Black Fox Complex in Ontario are “encouraging.” The company says it hasspent approximately 30% of its $15 million 2018 exploration budget at Black Foxso far, with 42,400 meters of drilling completed in the first quarter. Thecompany says some of the best intercepts encountered were 639 grams of gold over 0.55 meter in a holeat Gibson Southwest, 5.24 g/t gold over11.96 meters in a hole at Stock East, 4.50 g/t gold over 3.79 meters in a hole at Black Fox, and 23.88 g/t of gold-equivalent over 6.47 metersfrom a hole atTamarack.Guyana Goldfields Profitable In 1Q; Output Dips
Alacer Gold ListsFirst-Quarter Profit
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.