Detour Gold Records Profit In First Quarter
Detour Gold Corp. (TSX: DGC) reports first-quarter net income of $6 million, or 3 cents per share, down from $27.6 million, or 16 cents, in the same period a year ago. Adjusted net earnings amounted to $10.5 million, or 6 cents, compared to $11.3 million, or 7 cents, in the year-ago period. Gold production was 131,418 ounces, up from 127,136 in the same period a year ago. All-in sustaining costs came in at $1,118 per ounce. “We have achieved our operational targets for the first quarter and reduced our debt a further $20 million from cash flow,” said Paul Martin, president and chief executive officer. Detour's guidance for 2017 is between 550,000 and 600,000 ounces of gold, with AISC expected to be between $1,025 and $1,125 per ounce sold. Mining rates are expected to trend higher starting in the second quarter with the addition of a CAT6060 shovel and four haul trucks, bringing the available fleet to six shovels and 32 trucks and supported by the addition of a ROM fleet, Detour says.
By Allen Sykora of Kitco News; firstname.lastname@example.org
Eldorado Gold Reverses To First-Quarter Profit
Friday April 28, 2017 08:02
Eldorado Gold Corp. (NYSE: EGO) reports a first-quarter profit of $3.8 million, or a penny per share, a turnaround from a loss of $2.5 million, or zero cents per share, in the same period of 2016. Adjusted net earnings were $8 million, also a penny, compared to an adjusted net loss of $0.7 million, or zero cents, in the first quarter 2016. Gold production was 75,172 ounces, down from 140,989 in the same period a year ago, while gold revenues came to $90.5 million on sales of 74,068 ounces at an average realized gold price of $1,222 per ounce. All-in sustaining cash costs averaged $791 per ounce, which was below 2017 AISC guidance of $845 to $875 per ounce. Olympias Phase II began commissioning in the first quarter, while construction at Skouries continued on track for anticipated 2019 start-up, Eldorado says. George Burns is taking on role of president and chief executive officer Friday. Outgoing President and CEO Paul Wright expresses confidence that Burns and the Eldorado team can “grow our company in a manner that provides significant additional value for shareholders.” The company anticipates full-year 2017 output of 365,000 to 400,000 ounces of gold.