Pretium Reports Year-On-Year Rise In 3Q Profit
PretiumResources Inc. (TSX, NYSE: PVG), which operates the Brucejack Mine in BritishColumbia that began commercial production in July 2017, reports adjustedearnings rose to $26.3 million, or 14 cents per share, in the third quarter, upfrom $14 million, or 8 cents, in the same period a year ago. Net earnings were$10.7 million, or 6 cents per share, compared to a net loss of $7 million, or 4cents, a year ago. Production totaled 92,641 ounces of gold and 95,741 ouncesof silver, up from 82,203 ounces of gold and 83,233 ounces of silver a yearago. “Brucejack delivered another profitable quarter in a declining gold-priceenvironment, which speaks to the robust economics of the mine,” said JosephOvsenek, president and chief executive officer. “We have generated significantearnings from mine operations every quarter since achieving commercialproduction, and have built a cash balance of over $190 million. We remain ontrack to refinance our construction debt facility and repurchase theprecious-metals stream by year-end without issuing equity.” The metals streamwas sold as a part of financing for Brucejack.
By Allen Sykoraof Kitco News; asykora@kitco.com
SSR Mining 3QProfit Rises With Higher Production
Friday November 09, 2018 08:23
SSR MiningInc. (Nasdaq, TSX: SSRM) reports a third-quarter profit and higher productionthan the same quarter a year ago. Net income was $2.2 million, or 5 cents pershare, up from $1.8 million, or a penny, in the same period of 2017. Adjustednet income rose to $10.8 million, or 9 cents, from $4.4 million, or 4 cents.Consolidated production increased to 94,808 gold equivalent ounces. “We morethan doubled operating cash flow and increased attributable earnings comparedto last quarter, having set new operating records at Marigold and Seabee, andachieved key milestones at Chinchillas,” says Paul Benson, president and chiefexecutive officer. “This added confidence in the business led to improved 2018guidance, as we deliver another year of value and growth for our shareholders.”At the Seabee gold operation, annual production guidance was increased tobetween 90,000 and 95,000 gold ounces, while the outlook for cash costs waslowered to between $535 and $560. AtMarigold, annual production was narrowed to between 195,000 and 205,000 goldounces, while guidance for cash costs is now expected to be between $715 and$735. The Chinchillas project remains on budget, and commercial production isexpected by the end of the year, SSR says.
By Allen Sykoraof Kitco News; asykora@kitco.com
Fortuna SilverMines: 3Q Profit Dips On Lower Metals Prices
Friday November 09, 2018 08:23
Fortuna Silver Mines Inc. (NYSE: FSM; TSX:FVI) reports third-quarter net income of $6.9 million, or 4 cents per share, compared to$10.3 million, or 6 cents, in the same period a year ago. Adjusted net incomeeased to $7.1 million from $13.1 million. “We have delivered a solid quarterin spite of a 12% and 5% decrease in silver and gold prices,respectively,” says Jorge A. Ganoza, president and chief executive officer. Sales decreased 7% year-on-year to $59.6 million dueprimarily to a decline in metal prices for silver, lead, and zinc and to alesser extent, the timing of recognizing revenue on concentrates delivered towarehouse prior to the end of the quarter, Fortuna says. Silver and gold production totaled 2.2 millionand 12,542 ounces, respectively, compared to 2 million and 13,412 in theyear-ago period. All-in sustaining costs per silver-equivalent ounce were$10.80, compared to $11.10 a year ago.
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. |