Golden Star Resources' Profit Rises Along With Output
Golden Star Resources Ltd. (NYSE American: GSS; TSX: GSC; GSE: GSR) reports a higher profit in the fourth quarter as output also rose. Net income totaled $12.6 million, or 3 cents per share, compared to $3.4 million, or a penny, in the same period of 2016. Adjusted net income was $15.2 million, up from $0.1 million a year ago. Golden Star lists a 34% year-on-year increase in fourth-quarter gold production to 71,769 ounces, while all-in sustaining costs fell 16% to $1,002. For full-year 2017, net income totaled $38.8 million, or a dime per share, compared to a net loss of $39.6 million, or 13 cents, for 2016. Adjusted net income for 2017 was $46.1 million, up from $11.2 million. For the full year, the company lists a 38% increase in gold production to 267,565 ounces. "In 2017, Golden Star ramped up two underground mines and achieved or outperformed our full-year guidance on all stated metrics,” says Sam Coetzer, president and chief executive officer. The company’s 2018 guidance includes gold production of 230,000 to 255,000 ounces at AISC of $850 to $950 per ounce.