Freshet takes spring out of Minto's step
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"Global inflationary pressures and difficult environmental conditions during the Yukon's record spring freshet this year presented Minto's operations team with particular challenges during Quarter 2," Minto's president and CEO Chris Stewart said.
A freshet is when a spring thaw results in snow and ice melt in upper North American rivers.
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Minto said this year's freshet resulted in three times the amount of water being received on the Minto copper-gold mine, which caused the milling operation to be temporarily suspended on two separate occasions for a total duration of four-and-a-half weeks.
The company recorded a net loss of C$9.5 million (US$7.32 million) for the three months, which compares to a net income of $3.05 million a year earlier. Its adjusted EBITDA fell to a loss of $941,000, from $8.72 million.
The company's loss per share was C$0.13 for Q2, which compares to C$0.00 a year earlier.
Minto's mill feed for the quarter fell 24% year on year to 176,169 dry metric tonnes.
All-in sustaining costs fell by 5% to US$4.75/pound.
Minto had a share price of C$1.90 on 23 August.