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Yamana Reports Two Fatalities At Mine In Argentina

Kitco News

Yamana Gold Inc. (TSX: YRI; NYSE: AUY) reports two fatalities occurred in an accident at the Gualcamayo mine in Argentina. Officials say the incident involved two employees of a local contractor traveling in a truck on an access road at the Las Vacas exploration site, but further details and exact cause are not known at this time. An investigation has begun. “On behalf of everyone at Yamana, our deepest sympathies and thoughts are with the families and friends of those involved in this tragic accident. They had been working at Gualcamayo for many years and were well known at the operation,” says Daniel Racine, Yamana’s executive vice president and chief operating officer.

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

 

Klondex: Record 2017 Output Falls Short Of Revised Guidance

Friday February 2, 2018 09:12

Klondex Mines Ltd. (TSX: KDX; NYSE American: KLDX) reports that 2017 production was a record 189,456 gold-equivalent ounces, an increase of 17% from 161,289 in 2016. However, this was below the most recent guidance range primarily due to results from Hollister and True North, Klondex says. At Hollister, the company opted to defer processing of a majority of the mined Hollister ore as it continued to optimize recoveries at the Midas mill for this ore. Stockpiles at the end of 2017 contained approximately 15,000 GEOs from 44,000 tons, in line with expectations. Also, expected output was not achieved at True North as a result of aggressive expectations and operational issues, Klondex says. Fourth-quarter output was 47,619 GEOs. “2017 was a year of progress and learning for Klondex,” says Paul Huet, president and chief executive officer. “The company produced more ounces than any year in the company’s history, 28,000 GEOs or 17% more than last year. Our core operations, Fire Creek and Midas, continue to perform well, as expected.” For 2018, Klondex listed guidance of 186,000 to 202,000 ounce at all-in sustaining costs of $940 to $990. Production will not be equally distributed by quarter during the year as higher levels are expected during the second and third quarters due to the processing of tailings, Klondex says.

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

 

Centerra Gold Closes $500 Million Revolving Credit Facility

Friday February 2, 2018 08:23

Centerra Gold Inc. (TSX: CG) says it has entered into a $500 million four-year senior secured revolving credit facility with a syndicate of eight financial institutions. The credit facility replaces the $315 million Centerra B.C. Holdings Inc. credit facilities, for the wholly-owned subsidiary through which Centerra holds the Mount Milligan Mine, which had an outstanding balance $190 million, and the non-revolving $125 million credit facility entered into in early January in connection with the acquisition of AuRico Metals Inc., the company says. The new credit facility is for general corporate purposes, including working capital, investments, acquisitions and capital expenditures. “While Centerra has a strong balance sheet and we generate significant operating cash flow, we feel it is important to have the added financial flexibility which a corporate revolving credit facility gives us,” says Scott Perry, president and chief executive officer. The company also reports that on Jan. 29, Centerra repaid the outstanding balance of $76 million under its $150 million corporate revolving credit facility with the European Bank for Reconstruction and Development.

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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