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SSR Mining Net Profit Rises, Helped By Impairment Reversal

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SSR Mining Inc. (NASDAQ, TSX: SSRM), which until this month was known as Silver Standard Resources Inc., reports second-quarter net income of $37.7 million, or 31 cents per share, up from $12.5 million, or 13 cents, in the same period a year ago. The improved results include the impact of an impairment reversal of the Pirquitas plant of $24.4 million resulting from an extension of its life, the company says. Adjusted net income was $13 million, or 11 cents per share, down from $23.6 million, or 25 cents a year ago. Quarterly production was 102,930 gold-equivalent ounces at all-in sustaining costs of $889 per payable gold equivalent ounce sold. Paul Benson, president and chief executive officer, says the company “improved guidance at all operations after a strong first half and our confidence in the second half outlook.” Production guidance was hiked at the Seabee and Puna operations, while guidance for cash costs was improved at the Marigold and Puna operations.

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

 

B2Gold Adjusted 2Q Profit Down From Year Ago

Thursday August 10, 2017 08:34

B2Gold Corp. (TSX: BTO; NYSE MKT: BTG; NSX: B2G) reports a smaller adjusted profit in the second quarter as production fell and costs rose, although both did better than originally expected by the company. B2Gold lists net income of $19.3 million, or 2 cents per share, compared to a net loss of $11.8 million, or a penny, in the same period a year ago. Adjusted net income was $12.9 million, or a penny, in the April-June period, compared to $29 million, or 3 cents, a year ago. Consolidated gold production was 121,448 ounces, which was 1,611 ounces above budget, B2Gold says. However, compared to a year ago, output was lower by 13,794 ounces, reflecting the operational issues at La Libertad and El Limon. Also, the prior-year quarter benefitted from near-record levels of output from Masbate due to higher grades. All-in sustaining costs from April through June were $974 per ounce, $185 per ounce below budget, although $243 more than a year ago. For full-year 2017, B2Gold has revised its consolidated output guidance range lower by 4% to between 530,000 and 570,000 ounces. The company calls for a big jump in output next year of some 65% to between 900,000 and 950,000 ounces due to the planned first full year of production from the Fekola project.

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

 

Royal Gold Lists Quarterly Profit

Thursday August 10, 2017 08:34

Royal Gold Inc. (NASDAQ: RGLD) reports net income of $20 million, or 31 cents per share, for its fiscal fourth quarter that ended June 30, compared to $20.4 million, or 32 cents, in the same period a year ago. Income included higher noncash compensation costs and mark-to-market adjustments on warrants and Canadian deferred tax liabilities, as well as higher exploration and legal costs, the company says. Volume was 86,700 gold-equivalent ounces, a year-on-year increase of 16%.

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

 

Klondex Reverses To Net Profit In Second Quarter

Thursday August 10, 2017 08:34
 
Klondex Mines Ltd. (TSX: KDX; NYSE: KLDX) lists second-quarter net income of $7.7 million, or 4 cents per share, a turnaround from a net loss of $4.5 million, or 3 cents, in the same period a year ago. The company lists sales of 69,511 gold-equivalent ounces, consisting of 65,293 gold ounces and 307,899 silver ounces. Revenue was a quarterly record of $86.8 million, up 74% year-on-year. “Our Q2 2017 operational and financial performance was the strongest in the company’s history,” says Paul Huet, president and chief executive officer. “Our core assets in Nevada continued to perform exceptionally well and, as a result, have allowed us to increase our consolidated production guidance for the year at slightly lower costs.” Klondex upped full-year output guidance to 213,000 to 230,000 gold-equivalent ounces, up slightly from 210,000 to 225,000. Additionally, the company lowered its estimate of consolidated production cash costs per gold equivalent ounce sold to between $675 and $700, down slightly from original guidance of $680 to $710.

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

 

Primero Reports 2Q Loss; San Dimas Impacted By Strike

Thursday August 10, 2017 08:34

Primero Mining Corp. (TSX: P; NYSE: PPP) reports an adjusted net loss of $2.9 million, or 2 cents per share, in the second quarter, compared to $3.5 million, also 2 cents, in the same period a year ago. The company lists a net loss of $300.4 million versus $19.4 million in the same period a year ago, with the April-June loss including a $285 million impairment of the company's assets. Primero produced 35,965 gold-equivalent ounces in the last quarter, compared to 49,499 in the same period of 2016. "Although we saw an improvement in operations at Black Fox during the second quarter of 2017, the strike action at San Dimas early in the quarter followed by further labor disruptions, have weighed on the company," says Joseph F. Conway, interim president and chief executive officer. The company reports that a phased restart is occurring at San Dimas, however, following a strike.

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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