Detour Gold Reports 1Q Profit, Lower Output Guidance
Detour Gold Corp. (TSX: DGC) reports a profitable first quarter and announces revised output guidance for 2018. Net earnings for the first quarter were $9.9 million, or 6 cents per share, up from $6 million, or 3 cents, in the same period a year ago. Adjusted net earnings came to $28.2 million, or 16 cents, up from $5 million, or 3 cents. Gold production was 157,141 ounces during the first quarter, up from 131,418 a year ago. All-in sustaining costs were $1,072 per ounce sold, down from $1,118. The average realized gold price rose to $1,330 from $1,216. Guidance was revised due to a number of factors, including the revised life-of-mine plan and projected lower mill throughput, the company says. Detour now looks for 2018 gold production of 595,000 to 635,000 ounces, compared to a previous range of 600,000 to 650,000. AISC are now listed at $1,200 to $1,280, compared to $1,050 to $1,150 previously.
By Allen Sykora of Kitco News; firstname.lastname@example.org
Eldorado Reports Higher 1Q Profit, Output
Friday April 27, 2018 07:51
Eldorado Gold Corp. reports a higher first-quarter profit and higher output. The company lists a net profit of $8.7 million, or a penny per share, up from $6.8 million, also a penny, in the first quarter 2017. Adjusted net earnings rose to $14 million from $8 million. Eldorado lists gold production of 89,374 ounces, which includes 2,740 ounces of Lamaque pre-commercial output. This is up from 75,172 ounces in the year-ago period. Gold revenues rose to $115.4 million for the January-March period on sales of 86,587 ounces at an average realized price of $1,333 per ounce. By contrast, a year ago, the company had revenues of $90.5 million on sales of 74,068 ounces at $1,222 per ounce. All-in sustaining cash costs averaged $878 per ounce in the first quarter 2017, down slightly from $791. George Burns, president and chief executive officer, says production was in line with plans. “We removed the tailings bottleneck at Olympias with the installation of a second tailings filter press. We also made good progress at our Lamaque project, including advancing refurbishment of the Sigma mill and continuing underground development at the Triangle deposit. At Kisladag, we are transitioning to right size the workforce to support leaching of the pad inventory and mine pre-stripping as we advance permitting and complete a feasibility study to position this asset for the next phase of growth." The CEO says the company is now in the delivery phase of its new business plan and is confident of re-establishing annual low-cost production of 600,000 ounces by 2021. For the current year, Eldorado expects to produce 290,000 to 330,000 ounces of gold, including pre-commercial ounces from Lamaque.