OceanaGold Posts Record Quarterly, Annual Profit
OceanaGoldCorp. (TSX, ASX: OGC) reports a record net profit for both the fourth quarterand full-year 2017, helped by record revenues. The full-year profit was $172million, or 28 cents a share, up from $136 million, or 22 cents, in 2016. Theincrease was 26% despite a non-cash impairment of $18 million taken in thesecond quarter, OceanaGold says. Record annual revenue was $724 million, 15%higher than 2016 due mainly to increased gold sales and prices. In the fourthquarter, the company achieved record quarterly revenue of $246 million, leadingto a record net profit of $89 million, or 14 cents per share, up from $42.6million, or 7 cents, in the year-ago quarter. “On the back of the significantcash-flow generation from our suite of high-quality assets, the companycontinued to strengthen its balance sheet,” says Mick Wilkes, president andchief executive officer. “In the fourth quarter alone, we increased our cashbalance from $61 million to $73 million while reducing our revolving creditfacility from $273 million to $200 million.” OceanaGold’s production was166,211 ounces of gold in the fourth quarter and 574,606 for the full year. Thelatter was up from 416,741 in 2016.
By Allen Sykoraof Kitco News; asykora@kitco.com
Torex Reports4Q Loss, Ramping Up Operations
Thursday February 22, 2018 10:35
Torex Gold Resources Inc. (TSX: TXG) reports a net loss $25 million, or 31 cents per share, for the fourth quarter, during which operations at the ELGmine complex were shut down by a blockade. Torex lists a net loss of $12.6million, or 16 cents per share, for full-year 2017. Excluding special items,the adjusted net loss was $14.3 million, or 18 cents per share, for the year,and $20 million, or 25 cents, for the fourth quarter. “We are happy to have 2017 behind us, with its ramp-upchallenges and illegal blockade, now in the rear-view mirror,” says FredStanford, president and chief executive officer. Since the blockade was ended,around half of the company’s employees have been called back to work, with theremaining ones expected to be called back by the end of the month, Torex says.As of Sunday, 25,000 ounces of gold had been poured since Jan. 16, when theoperations restart was initiated. Cash reserves at the beginning of this weekwere $118 million, including $14 million set aside for reclamation obligations,Torex adds.
By Allen SykoraFor Kitco News
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