Detour Gold Reports 1Q Profit, Lower Output Guidance
Detour Gold Corp. (TSX: DGC) reports a profitable first quarterand announces revised output guidance for 2018. Net earnings for the firstquarter were $9.9 million, or 6 cents per share, up from $6 million, or 3cents, in the same period a year ago. Adjusted net earnings came to $28.2million, or 16 cents, up from $5 million, or 3 cents. Gold production was157,141 ounces during the first quarter, up from 131,418 a year ago. All-insustaining costs were $1,072 per ounce sold, down from $1,118. The average realizedgold price rose to $1,330 from $1,216. Guidance was revised due to a number offactors, including the revised life-of-mine plan and projected lower millthroughput, the company says. Detour now looks for 2018 gold production of595,000 to 635,000 ounces, compared to a previous range of 600,000 to 650,000.AISC are now listed at $1,200 to $1,280, compared to $1,050 to $1,150previously.
By Allen Sykoraof Kitco News; asykora@kitco.com
Eldorado Reports Higher 1Q Profit, Output
Friday April 27, 2018 07:51
Eldorado Gold Corp. reports a higher first-quarter profit andhigher output. The company lists a net profit of $8.7 million, or a penny pershare, up from $6.8 million, also a penny, in the first quarter2017. Adjusted net earnings rose to $14 million from $8 million. Eldoradolists gold production of 89,374 ounces, which includes 2,740ounces of Lamaque pre-commercial output. This is up from 75,172 ounces in theyear-ago period. Gold revenues rose to $115.4 million forthe January-March period on sales of 86,587 ounces at an average realized priceof $1,333 per ounce. By contrast, a year ago, the company had revenues of $90.5million on sales of 74,068 ounces at $1,222 per ounce. All-in sustaining cash costs averaged $878 per ounce in the first quarter 2017, downslightly from $791. George Burns, president and chief executive officer, saysproduction was in line with plans. “We removed the tailings bottleneck atOlympias with the installation of a second tailings filter press. We alsomade good progress at our Lamaque project, including advancing refurbishment ofthe Sigma mill and continuing underground development at the Triangledeposit. At Kisladag, we are transitioning to right size the workforce tosupport leaching of the pad inventory and mine pre-stripping as we advancepermitting and complete a feasibility study to position this asset for the nextphase of growth." The CEO says the company is now in the delivery phase ofits new business plan and is confident of re-establishing annual low-costproduction of 600,000 ounces by 2021. For the current year, Eldorado expects toproduce 290,000 to 330,000 ounces of gold, including pre-commercial ounces fromLamaque.
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.