Guyana Goldfields Posts 3Q Loss, Trims Output Guidance
Guyana Goldfields Inc. (TSX: GUY) reports a net loss for the third quarterand downgraded its full-year production guidance, explaining that grades have not rebounded as quickly asanticipated in the fourth quarter. The net loss for thethird quarter was $2.2 million, or a penny per share, which officials says wasinfluenced by increased deferred tax expense and management restructuringcharges. In the same quartera year ago, the company listed a profit of $6.1 million, or 4 cents a share.The company reports improved mining rates, but lower-than-expected head grades. Production guidance for 2018 was reviseddownward to 150,000 to 155,000 from the previous range of175,000 to 185,000 ounces. All-in sustaining costs are expected to be $1,025 -$1,050 per ounce."We acknowledge and share the disappointment surrounding the revisedproduction guidance and are actively positioning ourselves to address the gradevariability,” says Scott A. Caldwell, president and chief executive officer.“We have engaged an independent engineer and expect to deliver a full report inthe first quarter of 2019. On a positive note, our average mining rate hasshown a further improvement of 17% from the third quarter and we are achievingtargeted levels of 70,000 tpd [tones per day]. In addition, the mill continuesto perform exceedingly well with throughput and recovery rates deliveringcontinuously above designed rates.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Aloro Completes Private Placement; Agnico EagleLead Subscriber
Tuesday October 30, 2018 08:58
Aloro Mining Corp. (TSXV: AORO) announces that it has closed anon-brokered private placement of 8 million common shares at 10 Canadian centseach, with Agnico Eagle Mines Ltd. the lead subscriber after purchasing 4million shares. Agnico now owns 8.7% of the Aloro’s shares. Further, Agnico wasgranted a right to participate in future equity financings to either maintainits current ownership increase it to 9.9%. Thomas A. Doyle, president and chiefexecutive officer of Aloro, says “having Agnico as a strategic investor,particularly given its technical knowledge in an area that is geologicallycomplex, will be a great advantage...especially during the exploration stage.”Proceeds from the private placement will be used for an exploration program atthe Los Venados project.
By Allen Sykoraof Kitco News; asykora@kitco.com
Alacer: SulfidePlant Construction Finished; Net Loss In 3Q
Tuesday October 30, 2018 08:58
Alacer Gold Corp.(TSX: ASR; ASX: AQG) reports the company’s sulfide plant construction iscomplete, with a staged start-up under way. Alacer lists a net loss for the third quarter of $27.1 million,compared to a year-ago profit of $29.1 million, with the company saying theturnaround was due to a $37.7 million foreign-exchange loss due tothe weaker Turkish lira($30.1 million attributable) and a $39 million lower income tax benefit ($31.2 million attributable). The per-share losswas 9 cents, compared to a 10-cent profit a year ago. The ????pler Mine in Turkeyproduced 26,160 ounces during the quarter, down from 39,312 in the same perioda year ago, at all-in sustaining costs of $626 per oxide ounce that werecomparable to $623 a year ago. The attributable share to Alacer, with its 80%ownership, was 20,928 ounces. The lower production was the result of anincrease in the heap-leach inventory and timing of gold pours, Alacer says.Alacer reports that the sulfide plant construction is on track to be 11% underbudget. “This year represents a significant step change for Alacer as we bringthe sulfide plant online in a staged and disciplined manner,” says Rod Antal,president and chief executive officer. “During the quarter, we were successfulin completing construction of the sulfide plant and processing oxide ore.Currently, we are preparing to start the first autoclave, which is now beingacid cured and is heating up to begin processing sulfide ore this week....Wecontinue to have success across the business with the start of mining at??akmaktepe in September and growing confidence in the potential to add futureproduction from the ????pler District.” Year-to-date production is on target tomeet the lower end of full-year consolidated production guidance of 160,000 to230,000 ounces, Alacer reports.
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. |