Asanko Gold Lists 3Q Loss, Record Production
AsankoGold Inc. (TSX, NYSE American: AKG) reports a third-quarter loss but also listsrecord output. The loss was $0.3 million, or zero cents per share, compared to net income of$4.2 million, or 2 cents, in the year-ago period. The reduction was mainly dueto lower mine operating earnings on the Asanko Gold Mine joint venture and thestart of equity accounting for Asanko’s interest in the mine. Also, productioncosts and depreciation for the mine were higher than a year ago. The companylists an adjusted loss of $1.6 million, or a penny per share. Meanwhile, Asankoreports record quarterly gold production of 61,599ounces. “Aswe enter the final quarter of the year, with production of 163,329 ounces andAISC (all-in sustaining costs) of $1,072 year to date, the mine is wellpositioned to meet the top end of 2018 guidance of 200,000-220,000 ounces atAISC of $1,050-$1,150,” says Peter Breese,president and chief executive officer.
By Allen Sykoraof Kitco News; asykora@kitco.com
Torex Gold Resources Reports 3Q Profit On RecordOutput
Thursday November 08, 2018 09:10
Torex Gold Resources Inc. (TSX: TXG), which operates the El Lim??n Guajesmining complex in Mexico, reports a profitable third quarter as output hit arecord high. Net income after current and deferred income tax expense totaled$23.9 million, or 28 cents a share, a marked improvement from a loss of $1.6million, or 2 cents, a year ago. Excluding special items, adjusted net earningswere $7.3 million, or 9 cents per share. Torex lists record gold production of 100,346 ounces in dore and an additional1,135 ounces in carbon fines. “This was an excellent quarter with recordgold production of over 100,000 ounces as the company successfully continuestoward full ramp-up,” says Fred Stanford, president and chief executiveofficer. “Grades processed were above LOM (life-of-mine) average, recoveriesabove design, and plant throughput is ramping toward design levels by year end.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Alio Gold Net LossIncludes Impairment Charge
Thursday November 08, 2018 09:10
Alio Gold Inc. (TSX,NYSE American: ALO) lists a third-quarter net loss of $3.72 million, or 4 cents per share,which includes a one-time impairment charge of $8.96 million on the usedprocessing plant being stored for use at Ana Paula. The profit in the sameperiod a year ago was $5.2 million, or 12 cents. The company produced 23,606ounces of gold at anall-in sustaining cost of $1,293 per ounce. The company also announces updated mineral reserves and resources. Provenand probable reserves at the San Francisco Mine totaled 55.5 million tonnes ofore with an average grade of 0.49 gram of gold per tonne, containing 854,472ounces of gold as of July 1. Measured and indicated resources at the FloridaCanyon Mine totaled 132.9 million tonnes of ore with an average grade of 0.40g/t, containing 1.7 million ounces of gold as of July 31.
By Allen Sykoraof Kitco News; asykora@kitco.com
MandalayReports 3Q Loss, Lowers Output Guidance
Thursday November 08, 2018 09:10
MandalayResources Corp. reports a third-quarter net loss as output declined on operationalissues, with the company also trimming its full-year production guidance.Mandalay lists a net loss of $7.5 million, compared to a $7.2 million loss inthe third quarter of 2017. Consolidated gold production fell to 16,874 ouncesfrom 25,819 a year ago, while all-in sustaining costs rose to $1,631 from$1,301. “Operationally, Mandalay had achallenging third quarter as we worked to address and correct productiondisruptions at both of our producing mines,” says Dominic Duffy, president andchief executive officer. “The lower production and sales volumes for thequarter compared to previous quarters negatively impacted the company’sfinancial performance and led to uncharacteristically high unit costs, which wedo not expect to recur in the coming quarters. Production and sales thisquarter were significantly impacted by a delay in the on-vein development ofthe Brunswick lode at Costerfield, caused by the need for more dewatering thananticipated. This was combined with a changeover of the underground haulagecontractor at Bj??rkdal, which caused a haulage bottleneck of higher-gradeunderground ore, resulting in the need to process lower-grade stockpiledmaterial.” Duffy says the company expects a stronger fourth quarter butnevertheless revised its guidance to 66,000 to 71,000 ounces of goldproduction, compared to original guidance of 83,000 to 93,000.
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. |