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SEMAFO Reports Increase In 4Q Adjusted Profit

Kitco News

SEMAFO Inc. (TSX, OMX: SMF) reports higher adjusted income in the fourth quarter compared to a year ago even as output eased. Adjusted net income was $7.9 million, or 2 cents per share, compared to $4.2 million, also 2 cents, in the same period of 2015. Production of 55,100 ounces was down from 57,500 in the year-ago period, although all-in sustaining costs fell to $694 from $719.  For full-year 2016, SEMAFCO says it met production and cost guidance for the ninth straight year. Output of 240,200 ounces was down 6% from 2015 due to mine sequencing, the company says.  Adjusted full-year net income was $48.1 million, or 15 cents per share, compared to $40.9 million, or 14 cents, for 2015. Full-year cash flow from operating activities was $142.2 million. As of year-end, proven and probable mineral reserves stood at 28.2 million tonnes averaging 3.31 grams per tonne of gold for 3 million ounces. This compares to 30.5 million tonnes at 3.32 g/t Au for 3.3 million ounces at the end of 2015.

By Allen Sykora of Kitco News;


AuRico Metals Completes Acquisition Of Kiska Metals

Wednesday March 08, 2016 09:26

AuRico Metals Inc. (TSX: AMI) announces completion of the previously announced acquisition of all shares of Kiska Metals Corp. other than those already owned by AuRico. Kiska is now a wholly owned subsidiary of AuRico. The merger was approved at a special meeting of Kiska security holders last week by 96.31% of the votes cast, AuRico says.

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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