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Coeur Mining: Production Begins At Silvertip

Kitco News

Production has begun at Coeur Mining, Inc.’s (NYSE: CDE) Silvertip Mine in British Columbia following the commissioning of mill operations, the company says. Ramp-up was described as slightly ahead of schedule, with mill throughput expected to steadily increase throughout the remainder of the year from an estimated 250 tonnes per day in April to 750 by year-end. “Ramp-up of milling rates and production is planned to continue under temporary permit coverage through year-end,” says Mitchell J. Krebs, president and chief executive officer. “We expect to submit an application for a full permit amendment during the second quarter, receive approval by year-end and reach nameplate capacity of 1,000 tpd in early 2019.”

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

 

Pretium Lists Adjusted 4Q Profit While Ramping Up Brucejack

Friday March 09, 2018 08:23

Pretium Resources Inc. (TSX, NYSE: PVG), which last year began production at the Brucejack Mine in British Columbia, reports an adjusted profit for the fourth quarter.  “Our financial performance was in line with our expectations for production ramp-up of Brucejack,” says Joseph Ovsenek, president and chief executive officer. The company lists a net loss of $2.7 million, or a penny per share, but adjusted earnings of $12.7 million, or 7 cents. The company reports output of 152,000 gold ounces during the first six months of ramp-up. Ovsenek says the company has implemented operational improvements based on experiences during the fourth quarter. “We expect to deliver on our H1 2018 production guidance of 150,000 to 200,000 ounces of gold, and to achieve steady-state production by mid-to-late 2018,” the CEO says. “We also anticipate we will see more momentum towards those achievements in Q2 2018 as our grade control program progresses. We remain confident in developing Brucejack into a premier low-cost intermediate gold producer by the end of 2019.” For full-year 2017, the company listed a net loss of $16.5 million, or 9 cents share. Adjusted earnings were $17.4 million, or 10 cents.

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

 

Detour Gold Reverses To Profit In Fourth Quarter

Friday March 09, 2018 08:23

Detour Gold Corp. (TSX: DGC) reversed to a profit in the fourth quarter. Net earnings were listed at $16.7 million, or 10 cents per share, a turnaround from a net loss of $13.5 million, or 8 cents, in the same period a year ago. Excluding special items, adjusted earnings were $40.2 million, or 23 cents, compared to an adjusted loss of $6 million, or 3 cents, in the same period of 2016. Fourth-quarter gold production was 150,046 ounces, up from 143,512 a year earlier. Fourth-quarter all-in sustaining costs decreased to $989 per ounce sold from $1,132 due to lower cash costs and the timing of capital expenditures, the company says. Meanwhile, for full-year 2017, Detour reports net earnings of $88.2 million, or 50 cents per share, compared to a loss of $6.9 million, or 4 cents, in 2016. Adjusted 2017 earnings were $114.5 million, or 66 cents, compared to adjusted income of $10.4 million, or 6 cents, in 2016. Annual gold production of 571,463 ounces was within mid-range of guidance of 550,000 to 600,000 ounces. This was up from 537,765 ounces in 2016. AISC of $1,064 per ounce sold was at mid-point of guidance of $1,025 to $1,125, although this increased by 6% from 2016 mainly as a result of higher planned sustaining capital expenditures, the company says.

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

 

Tahoe: Guatemalan Court Asks For More Information In Licensing Issue

Friday March 09, 2018 08:23

Tahoe Resources (TSX: THO; NYSE: TAHO) says the Constitutional Court of Guatemala has requested additional information while trying to decide the fate of for Minera San Rafael’s Escobal mining license. The Escobal mine, one of the largest silver operations in the world, is currently shut down over licensing issues. Officials say additional employees will be terminated due to the continued delay in the legal proceedings.

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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