Primero: Mexican Authorities Approve Acquisition By First Majestic
PrimeroMining Corp. (TSX: P) reports that the Comisi??n Federal deCompetencia Econ??mica has provided antitrust clearance for a planned merger inwhich First Majestic Silver Corp. (TSX: FR; NYSE: AG) will acquire Primero.Officials say this was the final government agency approval required beforeclosing. Primero says closing of the deal is expected on Thursday. Thecompanies announced the all-stock merger in early January, in which FirstMajestic will gain Primero's San Dimas silver-gold mine in Mexico.
By Allen Sykoraof Kitco News; asykora@kitco.com
SEMAFO Reports1Q Net Loss; Gold Output Eases
Wednesday May 9, 2018 08:53
SEMAFO Inc.(TSX, OMX: SMF) reports a bigger net loss in the first quarter as productioneased from a year ago due to the content of the ore. The net loss for theJanuary-March period was put at $4.7 million, or a penny per share, compared tonet loss of $2.7 million, also a penny, for the same period in 2017. Goldproduction fell to 45,500 ounces from 55,400 in the year-ago quarter. Thecompany says the number of tones processed declined by 11% due to the hardnessof the ore. There was also a decline in head grade, as reflected in the mineplan. In the first quarter of 2018, theall-in sustaining cost reached $1,083 per ounce sold, compared to $892 perounce sold in the same period in 2017. This is due to a lower head grade andhigher cash operating cost per tonne, the latter being mainly caused bynegative foreign-exchange fluctuations, the company says. SEMAFO reports thatas of the end of April, commissioning of the Boungou mine was 57% complete. Thecompany says it remains on line for a first gold pour early in the thirdquarter.
By Allen Sykoraof Kitco News; asykora@kitco.com
Premier GoldMines Reports 1Q Loss
Wednesday May 9, 2018 08:53
Premier GoldMines Ltd. (TSX: PG) reports a net loss for the first quarter as output fellfrom a year ago. The company produced 30,550 ounces of gold and 59,826 ouncesof silver, compared to 50,979 ounces of gold and 98,382 ounces of silver duringthe first quarter of 2017. Premier lists $39.2 million in revenue and incomefrom mining operations of $9.6 million. Officials say this is down from a yearago primarily due to decreased production from South Arturo, where mining ofthe phase-two pit was completed in 2017. “Programs to support the company’slonger-term objective of increased annual production over the next three tofive years resulted in $6.5 million in exploration expense, that when factoredwith the reduction in mine operating income during the period, contributed to anet loss of $2 million,” the company says in its earnings statement. Thecompany had a profit of $5.1 million in the same quarter of 2017. Total capitalspending was $5.3 million. Ewan Downie, president and chief executive officer,says the company expects to “meet or beat” 2018 guidance. He adds: “Ourcontinued strong cash position will fund the near-term development of threeadditional deposits from within our project portfolio, including theconstruction of two new mining operations at the South Arturo [joint venturewith Barrick Gold Corp.] in Nevada.” Premier’s production guidance for 2018 is85,000 to 95,000 ounces of gold.
By Allen Sykoraof Kitco News; asykora@kitco.com
Torex Gold Resources Posts Profit In First Quarter
Wednesday May 9, 2018 08:53
Torex Gold Resources Inc. (TSX: TXG) reports a profit for the first quarter,even though operations were hampered for months by a blockade of the ELGcomplex that has finally ended. Net income was put at $10.2 million, or 12 cents per share, whileadjusted earnings came in at $6.6 million, or 8 cents. The company produced 67,167 gold ounces in dore and an additional 8,887ounces in carbon fines.
By Allen SykoraFor Kitco News
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