Kirkland Lake Gold 3Q Profit, Production Guidance Increase
Kirkland Lake GoldLtd. (TSX, NYSE: KL; ASX: KLA) reports a jump in its third-quarter profit andupped output guidance for the full year. Third-quarter net earnings totaled$55.9 million, or 27 cents per share, compared to $43.7 million, or 21 cents,in the same period of 2017. Adjusted earnings for the July-September quarterwere $60.6 million, or 29 cents, up from $35.3 million, or 17 cents, a yearago. Third-quarter production of 180,155 ounces was a quarterly record,increasing 30% from 139,091 ounces in the third quarter of 2017 and 9% from164,685 ounces in the second quarter of this year. The increase was driven byFosterville, which produced a quarterly record 90,618 ounces, Kirkland Lakereports. “Based on our performance year to date, we have been able to announcesignificant improvements to our 2018 consolidated production and unit costguidance for a second time during the year,” says Tony Makuch, president andchief executive officer “In addition, Q3 2018 provided a clear demonstration ofour company’s ability to internally fund the growth projects needed to reachour goal of a million ounces per year of production.” Consolidated productionguidance for 2018 increased to between 655,000 and 670,000 ounces from over635,000 ounces previously. Guidance for all-in sustaining costs fell to$735-$760 from $750-$800.
By Allen Sykoraof Kitco News; asykora@kitco.com
Centerra Gold Lists 3Q Profit, Ups Output Guidance
Wednesday October 31, 2018 09:25
Centerra Gold Inc.(TSX: CG) reports a profitable third quarter and hiked its production guidancefor the year. The company lists net earnings of $6 million or 2 cents pershare, compared to a net loss of $0.8 million, or zero per share, in the sameperiod a year ago. The July-September results include an impairment charge of$8.5 million to write down Mongolian assets to their sale value, with the saleclosing on Oct. 11. Excluding this, adjusted earnings in the third quarter of2018 were $14.5 million or 5 cents per share, compared to $52.3 million, or 18cents, a year ago when there was a large one-time charge on a settlement withthe government of the Kyrgyz Republic. In the third quarter, Centerra produced181,243 ounces of gold and 12.7 million pounds of copper. The company uppedconsolidated gold-production guidance to between 665,000 and 705,000 ounces for2018, compared to 625,000 to 695,000 previously. This reflects increasedproduction guidance at Kumtor of 490,000 to 510,000 ounces, compared to 450,000to 500,000 previously. Centerra also lowered guidance for all-in sustainingcosts on a by-product basis to $782 to $829 an ounce, compared to $812 to $903previously.
By Allen Sykoraof Kitco News; asykora@kitco.com
McEwen MiningReports 3Q Loss; Gold Bar Output Targeted For 1Q
Wednesday October 31, 2018 09:25
McEwen Mining Inc.(NYSE, TSX: MUX) reports a third-quarter net loss of $13.3 million, or 4 centsper share, compared to loss of $8.1 million, or 3 cents, in the same period ayear ago. Consolidated gold-equivalentoutput rose to 43,742 ounces from 29,047 in the same quarter a year ago, helpedby the acquisition of the Black Fox Mine in Canada. Output at El Gallo inMexico has exceeded guidance for the full year, McEwen says. Construction onGold Bar in Nevada is advancing on schedule for completion by the end of 2018,with production targeted for the first quarter, the company says. During thefirst three years of operation, Gold Bar is projected to produce 55,000, 74,000and 68,000 ounces of gold, respectively.
By Allen Sykoraof Kitco News; asykora@kitco.com
New Gold Completes Sale Of Mesquite Mine ToEquinox
Wednesday October 31, 2018 09:25
New Gold Inc. (TSX, NYSE American: NGD) has completed thepreviously announced sale of the Mesquite Mine in California to Equinox GoldCorp. for $158 million, subject to certain post-closing adjustments, the twocompanies report. “The transaction strengthens the company's liquidity positionand enhances its financial flexibility,” New Gold says. Equinoxsays the mine means immediate production and cash flow for the company. “TheMesquite acquisition immediately transforms Equinox Gold from a developer to aproducer, bringing meaningful gold production from a well-establishedoperation,” says Christian Milau, chief executive officer of Equinox Gold.
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. |