Yamana Reports Two Fatalities At Mine In Argentina
Yamana Gold Inc. (TSX: YRI; NYSE: AUY) reportstwo fatalities occurred in an accident at the Gualcamayo mine in Argentina.Officials say the incident involved two employees of a local contractortraveling in a truck on an access road at the Las Vacas exploration site, butfurther details and exact cause are not known at this time. An investigationhas begun. “On behalf of everyone at Yamana, our deepest sympathies andthoughts are with the families and friends of those involved in this tragicaccident. They had been working at Gualcamayo for many years and were wellknown at the operation,” says Daniel Racine, Yamana’s executive vice presidentand chief operating officer.
By Allen Sykoraof Kitco News; asykora@kitco.com
Klondex: Record 2017 Output Falls Short Of Revised Guidance
Friday February 2, 2018 09:12
Klondex Mines Ltd. (TSX: KDX; NYSE American: KLDX) reports that 2017 production was arecord 189,456 gold-equivalent ounces, an increase of 17% from 161,289 in 2016.However, this was below the most recent guidance range primarily due to resultsfrom Hollister and True North, Klondex says. At Hollister, the company opted todefer processing of a majority of the mined Hollister ore as it continued tooptimize recoveries at the Midas mill for this ore. Stockpiles at the end of2017 contained approximately 15,000 GEOs from 44,000 tons, in line with expectations.Also, expected output was not achieved at True North as a result of aggressiveexpectations and operational issues, Klondex says. Fourth-quarter output was47,619 GEOs. “2017 was a year of progress and learning for Klondex,” says PaulHuet, president and chief executive officer. “The company produced more ouncesthan any year in the company’s history, 28,000 GEOs or 17% more than last year.Our core operations, Fire Creek and Midas, continue to perform well, asexpected.” For 2018, Klondex listed guidance of 186,000 to 202,000 ounce atall-in sustaining costs of $940 to $990. Production will not be equally distributed by quarter duringthe year as higher levels are expected during the second and third quarters dueto the processing of tailings, Klondex says.
By Allen Sykoraof Kitco News; asykora@kitco.com
Centerra Gold Closes $500 Million Revolving Credit Facility
Friday February 2, 2018 08:23
Centerra Gold Inc. (TSX: CG) says it has entered into a $500million four-year senior secured revolving credit facility with a syndicate ofeight financial institutions. The credit facility replaces the $315 millionCenterra B.C. Holdings Inc. credit facilities, for the wholly-owned subsidiarythrough which Centerra holds the Mount Milligan Mine, which had an outstandingbalance $190 million, and the non-revolving $125 million credit facilityentered into in early January in connection with the acquisition of AuRicoMetals Inc., the company says. The new credit facility is for general corporatepurposes, including working capital, investments, acquisitions and capital expenditures.“While Centerra has a strong balance sheet and we generate significantoperating cash flow, we feel it is important to have the added financialflexibility which a corporate revolving credit facility gives us,” says ScottPerry, president and chief executive officer. The company also reports that onJan. 29, Centerra repaid the outstanding balance of $76 million under its $150million corporate revolving credit facility with the European Bank forReconstruction and Development.
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.