Teranga Posts Higher 1Q Adjusted Profit, Production
Teranga GoldCorp. (TSX: TGZ) reports a higher adjusted profit than a year ago as output andprices rose but costs fell. The company lists adjusted earnings of $10.7million, or 10 cents per share, up from $6.7 million, or 6 cents, a year ago.Net income, however, fell to $3 million, or 3 cents, from $5.6 million, or anickel. The company produced 64,031 ounces of gold, up 13% from 56,903 in thesame period a year ago. The average realized price climbed to $1,326 from$1,226, while all-in sustaining costs fell to $888 from $939 an ounce. “Withthe financings now in place to build our second mine and to move a thirdproject through a future feasibility study, we have a well-defined roadmap forexecuting on our vision,” says Richard Young, president and chief executiveofficer. “Beyond the near-term priorities of Wahgnion and Golden Hill, we arealso focused on advancing our extensive organic pipeline in C??te d’Ivoire forfuture growth.”
By Allen Sykoraof Kitco News; asykora@kitco.com
TahoeReports 1Q Loss With Escobal Mine Still Shuttered
Thursday May 3, 2018 09:25
TahoeResources Inc. (TSX: THO, NYSE: TAHO) reports a net loss of$6.9 million, or 2 cents per share, in the first quarter, a turnaround from aprofit of $74.7 million, or 24 cents, in the same period a year ago. Tahoe saysthe results were negatively impacted by the ongoing suspension of mining atEscobal in Guatemala, which resulted in no material revenue for the quarter,compounded by care-and-maintenance costs of $10.4 million. Escobal, one of theworld’s largest silver mines, has been shuttered since last year due to alicense issue. “However, we are encouraged by the constructive public statements madeby the new Constitutional Court president in Guatemala and we have hadproductive dialogue at the Casillas roadblock,” says Ron Clayton,president and chief executive officer. “We believe we are well positionedto resume operations at Escobal once a positive court ruling is received.” Meanwhile,Tahoe reports that first-quarter gold production was 90,900 ounces at all-insustaining costs of $1,158. Output was down from 119,000 ounces in the sameperiod a year ago, while AISC are up from $860. Production at the La Arena,Shahuindo and Bell Creek mines went according to plan during the quarter, Tahoesaid. However, production at Timmins West was less than planned due to pastefill delays because of extreme cold weather in January and mechanical issues inFebruary, which have since been resolved. An expansion atShahuindo, for processing of 36,000 tonnes per day, is on track for ramp-up bythe end of the year, Tahoe says. Also, the Bell Creek shaft project isprogressing towards completion early in the fourth quarter.
By Allen Sykoraof Kitco News; asykora@kitco.com
Royal GoldReports Higher Adjusted Profit
Thursday May 3, 2018 09:25
RoyalGold, Inc. (Nasdaq: RGLD) reports an adjusted profit of $31.3 million, or 48cents per share, for its fiscal third quarter that ended March 31. The companysaid this was up 32% from the prior-year quarter. Royal Gold lists a net lossof $153.7 million, or $2.35 per share. However, Royal Gold says this includednon-cash special items of $184.9 million. “We delivered another quarter of solidoperating performance, which included our first full quarter sales of gold andsilver from Rainy River,” commented Tony Jensen, President and CEO. “While anon-cash impairment from Pascua-Lama impacted our reported earnings, wecontinue to believe that the project presents significant option value forRoyal Gold shareholders.” Revenue increased 8% to $116 million. Volumeof 87,300 gold-equivalent ounces was in line with the same quarter a year ago.However, the average realized gold price rose 9% to $1,329 an ounce. The end-of-quarter inventory included26,000 gold ounces and 659,000 silver ounces, an increase over the priorquarter due to deliveries received in late March, Royal Gold says.
By Allen Sykoraof Kitco News; asykora@kitco.com
GoldenStar Reports 1Q Net Profit
Thursday May 3, 2018 09:25
Golden Star Resources Ltd. (NYSE American: GSS; TSX: GSC; GSE:GSR) reports net incomein the first quarter was $1 million, or zero cents per share, compared to$170,000, or zero cents, in the first quarter of 2017. The company lists anadjusted loss of $1.4 million, or zero cents, compared to an adjusted profit of$3.4 million, or a penny, in the same period a year ago. Goldproduction of 57,616 ounces in the first quarter of 2018 was comparable to57,795 ounces a year ago. All-in sustaining costs per ounce were $1,171. Thecompany says higher-than-expected costs were due to “challenges” at the Presteaunderground gold mine in the first quarter. However, Golden Star says, the Presteaunderground performance has improved “significantly” since the start of thesecond quarter. Golden Star says it on track to achieve its consolidated fullyear guidance for production and costs.
By Allen SykoraFor Kitco News
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