OceanaGold Reports Rise In 1Q Net Earnings
OceanaGold Corp. (TSX/ASX: OGC) reports a higher first-quarterprofit as gold prices rose. The company lists net income of $44.5 million, or 7cents per share, that was up from $36 million, or 6 cents, in the same quartera year ago. The average realized gold price was $1,340 an ounce.“Operationally, gold production was generally in line with our expectations,despite a severe cold weather event that impacted the Haile operation early inthe year. In the Philippines, ramp-up of the underground operations isprogressing to plan,” says Mick Wilkes, president and chief executive officer.Company-wide operations produced 125,646 ounces of gold and 3,889 tonnes ofcopper, down from the previous quarter, although this was forecast.Consolidated all-in sustaining costs were $799 per gold ounce. Late in thequarter, the company began the permitting process for a 10-year mine lifeextension at Waihi. Meanwhile, at Haile, OceanaGold is preparing to beginpermitting the expansion in the middle of the year. At Didipio, ramp-up ofunderground operations continues to progress as planned, the company reports.
By Allen Sykoraof Kitco News; asykora@kitco.com
New Gold ReportsFirst-Quarter Loss; Production Rises
Thursday April 26, 2018 07:50
New Gold Inc.(TSX, NYSE American: NGD)reports a loss during the first quarter even though production rose. Thecompany lists a loss from continuing operations of $29 million,or 5 cents per share, compared to earnings of $31million, or 6 cents, in the same quarter ayear ago. The first-quarter included a $20 million non-cashforeign-exchange loss and a $10 million pre-tax gainon the revaluation of the company's copper price option contracts andgold-stream obligation. New Gold had an adjusted loss from continuingoperations of $16 million, or 3 centsper share, compared to earnings of $1 million, or zerocents, a year earlier. The company says the adjusted loss includes the netimpact of a $22 million increase in depreciation anddepletion expense, a $16 million increase in financecosts, partially offset by a $14 million increase inoperating margin, a $4 million decrease in adjustedincome tax expense, and a $3 million decrease inexploration, business development, and corporate general and administrativeexpenses. First-quarter revenues increased by $69 million, or 55%, from a year ago due to higher metal sales andprices. Gold sales rose by 65%, thanks to the start-up of RainyRiver, and the average realized gold price increased by $52 per ounce.Copper sales and output also rose. First-quarter gold production was 96,882ounces, with all-in sustaining costs of $1,219 per ounce, and copper productionincreased by 8% to 22.2 million pounds. New Gold reiterates its guidance for full-year gold productionof 525,000 to 595,000 ounces. Assuming current commodity prices andforeign-exchange rates, New Gold is maintaining full-year AISC of $860 to $900 per ounce.
By Allen Sykoraof Kitco News; asykora@kitco.com
Klondex Mines: 1QGold Output Within Guidance
Thursday April 26, 2018 07:50
Klondex MinesLtd. (TSX: KDX; NYSE American: KLDX), which has agreed to be purchased by Hecla Mining Co. (NYSE: HL), reportsfirst-quarter gold production of 43,525gold-equivalent ounces. This was within company expectations. Klondex sold42,541 gold-equivalent ounces.
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.