Coeur Mining: Production Begins At Silvertip
Production has begun at Coeur Mining,Inc.’s (NYSE: CDE) Silvertip Mine in British Columbia following thecommissioning of mill operations, the company says. Ramp-up was described asslightly ahead of schedule, with mill throughput expected to steadily increasethroughout the remainder of the year from an estimated 250 tonnes per day inApril to 750 by year-end. “Ramp-up of milling rates and production is plannedto continue under temporary permit coverage through year-end,” says Mitchell J.Krebs, president and chief executive officer. “We expect to submit anapplication for a full permit amendment during the second quarter, receiveapproval by year-end and reach nameplate capacity of 1,000 tpd in early 2019.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Pretium Lists Adjusted 4Q Profit WhileRamping Up Brucejack
Friday March 09, 2018 08:23
Pretium Resources Inc. (TSX, NYSE: PVG),which last year began production at the Brucejack Mine in British Columbia,reports an adjusted profit for the fourth quarter. “Our financial performance was in line withour expectations for production ramp-up of Brucejack,” says Joseph Ovsenek,president and chief executive officer. The company lists a net loss of $2.7million, or a penny per share, but adjusted earnings of $12.7 million, or 7cents. The company reports output of 152,000 gold ounces during the first sixmonths of ramp-up. Ovsenek says the company has implemented operationalimprovements based on experiences during the fourth quarter. “We expect todeliver on our H1 2018 production guidance of 150,000 to 200,000 ounces ofgold, and to achieve steady-state production by mid-to-late 2018,” the CEOsays. “We also anticipate we will see more momentum towards those achievementsin Q2 2018 as our grade control program progresses. We remain confident indeveloping Brucejack into a premier low-cost intermediate gold producer by theend of 2019.” For full-year 2017, the company listed a net loss of $16.5million, or 9 cents share. Adjusted earnings were $17.4 million, or 10 cents.
By Allen Sykoraof Kitco News; asykora@kitco.com
Detour Gold Reverses To Profit In FourthQuarter
Friday March 09, 2018 08:23
Detour Gold Corp. (TSX: DGC) reversed to aprofit in the fourth quarter. Net earnings were listed at $16.7 million, or 10cents per share, a turnaround from a net loss of $13.5 million, or 8 cents, inthe same period a year ago. Excluding special items, adjusted earnings were$40.2 million, or 23 cents, compared to an adjusted loss of $6 million, or 3cents, in the same period of 2016. Fourth-quarter gold production was 150,046ounces, up from 143,512 a year earlier. Fourth-quarter all-in sustaining costsdecreased to $989 per ounce sold from $1,132 due to lower cash costs and thetiming of capital expenditures, the company says. Meanwhile, for full-year2017, Detour reports net earnings of $88.2 million, or 50 cents per share, compared to a loss of $6.9million, or 4 cents, in 2016. Adjusted 2017 earnings were $114.5 million, or 66cents, compared to adjusted income of $10.4 million, or 6 cents, in 2016.Annual gold production of 571,463 ounces was within mid-range of guidance of550,000 to 600,000 ounces. This was up from 537,765 ounces in 2016. AISC of$1,064 per ounce sold was at mid-point of guidance of $1,025 to $1,125,although this increased by 6% from 2016 mainly as a result of higher plannedsustaining capital expenditures, the company says.
By Allen Sykoraof Kitco News; asykora@kitco.com
Tahoe: Guatemalan Court Asks For MoreInformation In Licensing Issue
Friday March 09, 2018 08:23
Tahoe Resources (TSX: THO; NYSE: TAHO)says the Constitutional Court of Guatemala has requested additional informationwhile trying to decide the fate of for Minera San Rafael’s Escobal mininglicense. The Escobal mine, one of the largest silver operations in the world,is currently shut down over licensing issues. Officials say additionalemployees will be terminated due to the continued delay in the legalproceedings.
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.