Primero Reports 3Q Adjusted Profit; Output Down From Year Ago
Primero Mining Corp. (TSX: P) announces an adjusted profit – excluding special items – of $1.8 million, or a penny per share, in the third quarter, compared to an adjusted net loss of $7.9 million, or 4 cents, in the same period of 2016. The company lists a net loss of $7.6 million in the third quarter, compared to a net loss of $11.7 million in the year-ago period. July-September production of 36,602 gold-equivalent ounces was down from 44,684 a year ago. All-in sustaining costs were $1,235 per gold ounce. During the third quarter, San Dimas continued to ramp up following a strike by unionized employees that ended in the second quarter. Primero says the ramp-up ran into “significant” delays due to issues with underground equipment reliability, plus July output was limited due to periods of inactivity during the negotiation of the 2016 annual workers' bonus. Black Fox – which was sold in early October -- produced 16,065 ounces of gold in the third quarter, comparable to 16,230 in the same period a year ago.