Tahoe Resources Reports 4Q Loss As Escobal Shutdown Continues
TahoeResources Inc. (TSX: THO; NYSE: TAHO), which has been dealing with ashutdown of the giant Escobal silver mine in Guatemala over a mining-licenseissue, posted a loss in the fourth quarter of $18 million, or 6 cents pershare. This compares to 0.3 million, or nil, in the same period a year ago. Theadjusted loss was $17.7 million, a turnaround from an $18.4 million profit ayear ago. For full-year 2017, net earnings were $81.8 million, or 26 cents,down from $117.9 million, or 41 cents, in 2016. Adjusted earnings fell to $84million from $180.4 million. The company lists no silver output in the fourthquarter, while 2017 production fell to 9.9 million ounces from 21.3 million.Gold output was 105,800 ounces in the fourth quarter. “Tahoeachieved record gold production of 445,900 ounces in 2017, realizing the highend of its annual gold production guidance range of 400,000 to 450,000 ounces,”says Ron Clayton, president and chief executive officer. “Thestrong gold production for the year was driven primarily by La Arena.” He lateradds, “We remain optimistic that based on legal precedent, the GuatemalanConstitutional Court will issue a favorable ruling reinstating the Escobalmining license.” As the Escobal shutdown continues, the company is not listing2018 silver-output guidance. Officials project gold production of between400,000 and 475,000 ounces, noting this is down 25,000 from the initial target.
By Allen Sykoraof Kitco News; asykora@kitco.com
SSR MiningProfitable In 4Q, Sees Higher 2018 Output
Friday February 23, 2018 09:10
SSR MiningInc. (Nasdaq, TSX: SSRM) posted a fourth-quarter profit and looks forgold-equivalent output to rise 27% in 2018. October-December net earnings were$16.9 million, or 14 cents per share, up from $12.1 million, or 10 cents, inthe year-ago period. However, adjusted earnings fell to $2.9 million, or 2cents, from $30.8 million, or 26 cents. For full-year 2017, SSR generated netincome of $71.5 million, or 58 cents per share, up from $65 million, or 63cents, in 2016. Adjusted 2017 net income was $40.1 million, or 34 cents, downfrom $100.3 million, or 97 cents. Paul Benson, president and chief executiveofficer, says the company generated $145 million of operating cash flow frommore than 370,000 gold-equivalent ounces of annual production. He adds that SSRhas met or exceeded annual production and cost guidance for six consecutiveyears, while increasing reserves and mine life. “Looking ahead, 2018 is anexciting year for SSR Mining with the ramping up of the Chinchillas mine andcontinued growth in production at Seabee,” the CEO says. “Our current mineplans forecast consolidated production to rise by 27% from this year to over410,000 gold-equivalent ounces in 2021, and this is before we evaluate apotential expansion at Marigold, and any increase resulting from our investmentin brownfields exploration.”
By Allen Sykoraof Kitco News; asykora@kitco.com
GuyanaGoldfields 4Q Profit Rises On Record Production
Friday February 23, 2018 09:10
GuyanaGoldfields Inc. (TSX: GUY) reports a profitable fourth quarteron record output. Net income was $14 million, up from $3.4 million in the sameperiod of 2016. For the full year, net income was steady at $27 million. Thecompany lists record gold production of48,900 ounces in the fourth quarter. Full-year output of 160,500 ounces of gold was within guidance. "GuyanaGoldfields closed out 2017 on an operational high note, achievingrecord gold production along with record low operating-cost metrics,” says ScottCaldwell, president and chief executive officer. “Looking ahead for2018, we are looking forward to maintaining this momentum as we deliver on theoptimized life-of-mine plan which envisages 200,000 ounces of gold produced for2018 and providing consistent production growth thereafter. The Phase 1 millexpansion is expected to be completed on time and on budget by the end of Marchand we expect the Phase 2 mill expansion, which would increase hard rockthroughput capacity to 7,500 tonnes per day, to be completed by the end of thisyear.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Centerra GoldFourth-Quarter Rises Sharply
Friday February 23, 2018 08:21
Centerra GoldInc. (TSX: CG) says its fourth-quarter profit doubled as revenues rose sharply.The company lists net earnings of $130 million, or 45 cents per share, onrevenues of $358.2 million in the fourth quarter. During the same period in2016, net earnings were $63.6 million, or 23 cents, on revenues of $305.7million. For the October-December period, earnings included a tax benefit of$21.3 million as a result of a change in tax legislation enacted in the U.S.,Centerra says. Excluding this item, adjusted earnings in the fourth quarterwere $108.7 million, or 37 cents, up from $68.6 million, or 24 cents, a yearago. For full-year 2017, Centerra recorded net earnings of $209.5 million, or72 cents, on revenues of $1.2 billion. This is up from income of $151.5million, or 60 cents, on revenues of $757.7 million in 2016. The increase inearnings in 2017 reflects a full-year of operations at Mount Milligan andincreased production at Kumtor, the company says. Excluding a number of specialitems, adjusted earnings in 2017 were $281 million, or 96 cents, compared to$160.9 million, or 64 cents, in the comparative year. “I am pleased to reportthat we met our overall gold production guidance, producing 785,316 ounces atan all-in sustaining cost on a byproduct basis of $688 per ounce sold, beatingthe low end of our all-in-sustaining cost guidance for the year,” says ScottPerry, president and chief executive officer. He later adds, ““For 2018, we areestimating consolidated gold production to be in the range of 645,000 to715,000 ounces. Additionally, we are expecting 47 million to 52 million poundsof payable copper production from Mount Milligan for the year.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Teranga GoldPosts 4Q Profit, Higher Output
Friday February 23, 2018 08:21
Teranga GoldCorp. (TSX: TGZ) lists a fourth-quarter profitof $5.8 million, or a nickel a share, a turnaround from a loss of $1.3 million,or a penny, in the same period a year ago. The company produced 67,934 goldounces, up from 43,987. For full-year 2017, Teranga lists a profit of $31.9million, or 30 cents, compared to $23.1 million, or 28 cents, in 2016. Thecompany reports record gold production of233,267 ounces. “Last year we achieved record gold productionat our flagship Sabodala mine and advanced the Wahgniongold project through feasibility study and construction readiness,putting Wahgnion on track for first pour by the end of 2019,” says RichardYoung, president andchief executive officer.
By Allen Sykoraof Kitco News; asykora@kitco.com
ArgonautReports Higher Fourth-Quarter Profit
Friday February 23, 2018 08:21
ArgonautGold Inc. (TSX: AR) reports fourth-quarter net income of $5.2 million, or 3 centsper share, up from 0.5 million, or nil per share, in the same period of 2016.Excluding special items, the profit was $6.4 million, or 4 cents per share, upfrom $5.7 million, also 4 cents. For the full year, net income was $23.9million, 14 cents, up from $4.3 million, or 3 cents, in 2016. Adjusted earningswere $14.5 million, or 9 cents, in 2017. The company produced 34,987gold-equivalent ounces in the October-December period, comparable to 34,384 ayear earlier. Full-year output of 126,704 ounces was up from 122,097.
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.