SEMAFO Reports Increase In 4Q Adjusted Profit
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; firstname.lastname@example.org
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.