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McEwen Mining Receives Permit To Begin Mine Construction

Kitco News

McEwen Mining Inc. (NYSE, TSX: MUX) says it has received a key environmental permit for the Gold Bar project in Nevada and construction will begin immediately.Our mission to build Gold Bar has been ongoing since 2013; during that time we have overcome many challenges involved in bringing a new mining project to fruition,” says Rob McEwen, chairman and chief owner. “Gold Bar is the first new gold mine in Nevada to gain permit approval in several years.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

SSR Mining Posts Lower 3Q Profit

Wednesday November 8, 2017 09:00

SSR Mining Inc. (NASDAQ, TSX: SSRM) reports a decline in third-quarter net income as revenue fell with gold production. The net profit was $1.1 million, or a penny per share, down from $38 million, or 32 cents, a year ago. Adjusted net income minus special items was $4.4 million, or 4 cents, down from $37.2 million, or 31 cents. Revenue fell to $106 million from $143.4 million. SSR says this was due to lower sales and average prices of gold and silver. Gold production fell to 38,699 ounces from 47,456 in the same quarter a year ago. Marigold output declined as expected due to lower grades, while the Seabee gold operation was impacted by forest fires.  Due to planned lower production from processing stockpiles at Puna, 30% less silver was sold relative to a year ago. “With strong performance through the first nine months, we remain on track to meet our corporate-level annual guidance,” says Paul Benson, president and chief executive officer. Still, the company says, production guidance at Marigold has been reduced by 10,000 ounces to between 195,000 and 205,000 ounces of gold.

By Allen Sykora of Kitco News; asykora@kitco.com

 

SSR Mining: Full Production To Resume Soon At Marigold Mine

Wednesday November 8, 2017 09:00

SSR Mining Inc. (NASDAQ, TSX: SSRM) anticipates resuming operations at its Marigold gold mine in Nevada within days. The mine was shut down after an Oct. 31 accident that resulted in the deaths of two employees. The Mine Safety and Health Administration is conducting an investigation. “MSHA has now removed restrictions allowing the restart of operations,” SSR Mining says in its third-quarter earnings release. “After management site reviews, open-pit operations have resumed and are in sequential ramp-up as crews return to the mine and complete incident and operational briefings. Mine operations were fully or partially suspended for six days and the mine is expected to resume full operations over the next several days.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

Dundee Improves Guidance After 3Q Profit

Wednesday November 8, 2017 08:16

Dundee Precious Metals Inc. (TSX: DPM) improved production guidance after reporting a profitable third quarter. Net earnings from continuing operations were $3.1 million, or 2 cents per share, a turnaround from a net loss of $29.8 million, or 19 cents, for the same period in 2016. Adjusted net earnings were $7.6 million, or 4 cents, compared to an adjusted net loss of $19.4 million, or 12 cents, a year ago. During the July-September period, gold production increased by 32% to 48,449 ounces, while copper output of 9.5 million pounds and silver production of 56,934 ounces were comparable to the corresponding period in 2016. Dundee says the rise in gold production was due primarily to higher recoveries and grades. All-in sustaining costs per ounce of gold were $685, which was $398 lower than a year ago. Dundee says it now looks for 2017 gold production of 185,000 to 195,000 ounces, up from 157,000 to 174,000 originally. AISC was trimmed to $715 to $785 an ounce from the prior range of $840-$965. Copper guidance was hiked to a range of 35 million to 39 million pounds, compared to 33.7 million to 37 million originally. Rick Howes, president and chief executive officer, cites a "solid” performance at the Chelopech and Tsumeb mines. “At Krumovgrad, construction is proceeding well and remains on track for first production in the fourth quarter of 2018. With $297 million of available capital resources, we are well positioned to complete our low cost Krumovgrad gold project," he says.

By Allen Sykora of Kitco News; asykora@kitco.com

 

B2Gold 3Q Income Declines On Lower Gold Sales

Wednesday November 8, 2017 08:16

B2Gold Corp. (TSX: BTO; NYSE: BTG; NSX: B2G) posted a smaller net profit in the third quarter as production and gold-sales revenue declined. Net income was $12.4 million, or a penny per share, down from net income of $35.7 million, or 4 cents, in the same quarter last year. Adjusted net income was $13.9 million, also a penny, compared to $48.6 million, or a nickel, in the prior-year quarter. “The decrease in adjusted net income was mainly attributable to lower gold sales revenue…and higher operating costs,” B2Gold says. Production was 135,628 ounces, including 6,340 ounces of pre-commercial output from Fekola. The company says consolidated production was down from the same period last year although it exceeded revised guidance by 17,372 ounces. The Otjikoto Mine achieved record quarterly production of 55,151 ounces. Consolidated gold revenue in the third quarter was $154.1 million on sales of 121,597 ounces at an average price of $1,267, compared to $193 million on sales of 145,029 ounces at an average $1,331 in the third quarter of 2016. The 20% decrease in revenue was mainly attributable to a 16% decrease in gold sales volume, due to lower production and the timing of gold shipments, and a 5% decrease in the average realized gold price, B2Gold says. For full-year 2017, B2Gold says it is on track to meet the upper end of its revised guidance range of 530,000 to 570,000 ounces and be at the lower end of its guidance ranges for cash operating costs of ($610 to $650) and all-in sustaining costs ($940 to $970). Meanwhile, B2Gold says the ramp-up to full production at Fekola is ahead of schedule, with the mine expected to achieve commercial output by the end of November. The company’s 2018 outlook calls for production growth of approximately 70%, with the planned first full year of mining from Fekola pushing consolidated output to between 925,000 and 975,000 ounces.

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.

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