Iamgold: Feasibility Study Points To Improved C??t?(C) Gold Economics
Iamgold Corp. (TSX: IMG; NYSE: IAG) says a feasibility study for a joint venture withSumitomo Metal Mining Co., Ltd., for the C??t?(C) Gold project in northern Ontario,points to “an economically viable, long-life project that is expected to be alow-cost producing mine.” Compared to the prefeasibility study, proven andprobable reserves increased by 1.4 million ounces to 7.3 million. Measured andindicated resources (inclusive of reserves) increased by 1.9 million ounces toalmost 10 million, while inferred resources increased by 1.2 million ounces to2.4 million. Under the base-case scenario, the life-of-mine plan calls foraverage annual output of 367,000 ounces, with 428,000 for years one through 12.
By Allen Sykoraof Kitco News; asykora@kitco.com
Alamos Lists 3Q Net Profit, Ups AISC Guidance
Friday November 02, 2018 08:21
Alamos Gold Inc. (TSX, NYSE: AGI) reports a third-quarternet profit, says it remains on track to meet full-year production guidance butupped cost guidance. The company’s net earnings came in at $7.2 million, or 2cents a share, although this was down from $28.8 million from the same quarterin 2017. Alamos lists an adjusted loss of$1.9 million, or zero cents per share, primarily due to adjustments forunrealized foreign-exchange gains recorded within both deferred taxes andforeign exchange of $8.7 million. The adjusted profit a year ago was $13.7million. Gold production rose to 124,000 ounces from 107,000 a year ago, helpedby the acquisition of the Island Gold Mine. However, the realized gold pricefell to $1,229 from $1,281. “We met our quarterly production guidance andremain well positioned to achieve full-year guidance,” says John A. McCluskey,president and chief executive officer. Alamos expects to produce between490,000 and 530,000 ounces of gold. However, given-higher-than budgeted costs at Young-Davidson and El Chanatethrough the first nine months of 2018, Alamos says it revised guidance forall-in sustaining costs from $950 to $990 per ounce. Alamos says that it ended the quarter with no debt.
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. |