OceanaGold Posts 3Q Profit, Ups Production Guidance
OceanaGold Corp.(TSX, ASX: OGC) reported a net profit for the third quarter of $21.7 million,or 4 cents a share, which was the same as in the third quarter of 2017. Thecompany lists production of 138,034 ounces of gold, up from around 136,000 inthe year-ago period. All-in sustaining costs were $761 an ounce. The averagegold price fell to $1,202 from $1,276. OceanaGold also produced 4,310 tonnes ofcopper. The company upped its 2018 production guidance to a range of 515,000 to545,000 gold ounces, compared to 500,000 to 540,000 ounces previously. Guidancefor AISC remained in a range of $725 to $775. OceanaGold says it reduced totaldebt by 23% quarter-on-quarter through the discretionary repayment of $50million towards the revolving credit facility and $2.7 million in equipmentleases.
By Allen Sykoraof Kitco News; asykora@kitco.com
B2Gold: MineralResource Estimate For Fekola Mine Increases
Thursday October 25, 2018 09:20
B2Gold Corp. (TSX:BTO, NYSE American: BTG, NSX: B2G) is reporting a “substantial increase” in theestimate for mineral resources at the Fekola Mine in southwestern Mali. This,combined with a Fekola mill expansion study, indicates potential to increasemill throughput tonnage and increase annual gold production with “moderate”capital expenditures, B2Gold says. The company says its operations team iscurrently designing a new mine plan based on the new mineral resource estimate,to establish new probable reserves. In conjunction, an engineering study isunder way to evaluate the Fekola mill expansion potential along with anevaluation of larger mining fleet options. The company reported on 192,000meters of exploration drilling in 928 drill holes. B2Gold lists an updatedindicated mineral resource estimate of 92,810,000 tonnes at 1.92 grams pertonne for a total of 5,730,000 ounces of gold. The company also lists aninferred mineral resource estimate of 26,500,000 tonnes at 1.61 g/t gold for atotal of 1,370,000 ounces of gold.
By Allen Sykoraof Kitco News; asykora@kitco.com
Detour Gold 3QProfit Declines From Year Ago
Thursday October 25, 2018 09:20
Detour Gold Corp.(TSX: DGC) reports that net earnings in the third quarter were $12.7 million,or 7 cents per share, down from $41.1 million, or 24 cents, in the same periodof 2017. The company lists an adjusted loss of $1.5 million, or a penny pershare, compared to an adjusted profit of $27.1 million, or 15 cents, a yearago. Gold production was 151,402 ounces, up from 139,861 in the same quarter ayear ago. All-in sustaining costs were $1,377, up from $1,032. The higher AISCwas attributed to higher operating costs related to depreciation, sustainingcapital expenditures of $53 million and deferred stripping costs of $21.8million. Detour says it expects to be within guidance of 595,000 to 635,000ounces for the full year, with AISC expected to be at the high end of slightlyabove guidance of $1,200 to $1,280.
By Allen Sykoraof Kitco News; asykora@kitco.com
New Gold Reports Net Loss With $162 Million Impairment Charge
Thursday October 25, 2018 09:20
New Gold Inc.(TSX, NYSE American: NGD) reports a third-quarter net loss of $166 million, or29 cents per share, which includes an impairment loss, net of tax of $162million, related to the sale of the Mesquite Mine. By contrast, a year ago thecompany had a net profit of $27 million, or 5 cents per share. The adjustedloss from continuing operations was $5 million, or a penny per share, comparedto adjusted earnings of $3 million, or a penny, in the prior-year quarter.Revenues increased by $54.1 million year-on-year to $147.1 million due tohigher gold sales volume, which offset lower gold prices, the company says.Gold production rose to 114,025 ounces from 82,027 a year ago. Copper output of21.7 million pounds was down from 22.8 million. The average realized gold pricefell to $1,205 from $1,290.
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. |