Roxgold Reports Higher Profit, Gold Output
Roxgold Inc.(TSX: ROXG) reports a higher profit and output in the second quarter. Netincome totaled $10.8 million, or 3 cents a share, up from $5.7 million, or 2cents, in the comparable period a year ago. Roxgold reports production of35,828 ounces of gold, up from 27,970 a year ago. “Operations at Yaramokocontinued to deliver strong production and cash-flow results in the secondquarter,” says John Dorward, president and chief executive officer. As aresult, he continues, the company expects to be in the upper end of its rangeof production guidance of 120,000 to 130,000 ounces and within its forecast forall-in sustaining costs between $740 and $790 an ounce.
By Allen Sykoraof Kitco News; asykora@kitco.com
Gran Colombia Adjusted Earnings, Gold OutputRise
Wednesday August 15, 2018 09:11
Gran Colombia Gold Corp. (TSX: GCM) reports a higher adjusted profit in thesecond quarter as output rose. Excluding special items, adjusted net income was$8.2 million, or 29cents per share, up from $6.8 million, or 33 cents, in the second quarter oflast year. Gran Colombia lists a net loss of $30.7 million, or $1.09, compared with net income of $33.8 million, or$1.65, a year ago. The company lists $26.4 million of losses on financialinstruments, primarily triggered by the extinguishment of 2020 and 2024debentures in the second quarter, and a $7.6 million charge for the costsassociated with an offering completed in the second quarter. “We are very pleased with the outcome of our efforts thisyear to fix our capital structure, reduce our leverage and strengthen ourbalance sheet. Over senior debt is now down to $93 million, about half of whatit was two years ago,” says Serafino Iacono, executive co-chairman. The companylast month raised its output guidance to above 200,000 ounces of gold thisyear. Production of 52,906 ounces in the second quarter was up 15% over thesame period a year ago. The company’s trailing 12-month gold productionincreased to 198,632 ounces as of July, up 14% over the total for 2017 of173,821 ounces and above the initial guidance range for 2018 of between 182,000and 193,000 ounces.
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.