Make Kitco Your Homepage

OceanaGold Reports Rise In 1Q Net Earnings

Kitco News

OceanaGold Corp. (TSX/ASX: OGC) reports a higher first-quarter profit as gold prices rose. The company lists net income of $44.5 million, or 7 cents per share, that was up from $36 million, or 6 cents, in the same quarter a year ago. The average realized gold price was $1,340 an ounce. “Operationally, gold production was generally in line with our expectations, despite a severe cold weather event that impacted the Haile operation early in the year. In the Philippines, ramp-up of the underground operations is progressing to plan,” says Mick Wilkes, president and chief executive officer. Company-wide operations produced 125,646 ounces of gold and 3,889 tonnes of copper, down from the previous quarter, although this was forecast. Consolidated all-in sustaining costs were $799 per gold ounce. Late in the quarter, the company began the permitting process for a 10-year mine life extension at Waihi. Meanwhile, at Haile, OceanaGold is preparing to begin permitting the expansion in the middle of the year. At Didipio, ramp-up of underground operations continues to progress as planned, the company reports.

By Allen Sykora of Kitco News;


New Gold Reports First-Quarter Loss; Production Rises

Thursday April 26, 2018 07:50

New Gold Inc. (TSX, NYSE American: NGD) reports a loss during the first quarter even though production rose. The company lists a loss from continuing operations of $29 million, or 5 cents per share, compared to earnings of $31 million, or 6 cents, in the same quarter a year ago. The first-quarter included a $20 million non-cash foreign-exchange loss and a $10 million pre-tax gain on the revaluation of the company's copper price option contracts and gold-stream obligation. New Gold had an adjusted loss from continuing operations of $16 million, or 3 cents per share, compared to earnings of $1 million, or zero cents, a year earlier. The company says the adjusted loss includes the net impact of a $22 million increase in depreciation and depletion expense, a $16 million increase in finance costs, partially offset by a $14 million increase in operating margin, a $4 million decrease in adjusted income tax expense, and a $3 million decrease in exploration, business development, and corporate general and administrative expenses. First-quarter revenues increased by $69 million, or 55%, from a year ago due to higher metal sales and prices. Gold sales rose by 65%, thanks to the start-up of Rainy River, and the average realized gold price increased by $52 per ounce. Copper sales and output also rose. First-quarter gold production was 96,882 ounces, with all-in sustaining costs of $1,219 per ounce, and copper production increased by 8% to 22.2 million pounds. New Gold reiterates its guidance for full-year gold production of 525,000 to 595,000 ounces. Assuming current commodity prices and foreign-exchange rates, New Gold is maintaining full-year AISC of $860 to $900 per ounce.

By Allen Sykora of Kitco News;


Klondex Mines: 1Q Gold Output Within Guidance

Thursday April 26, 2018 07:50

Klondex Mines Ltd. (TSX: KDX; NYSE American: KLDX), which has agreed to be purchased by Hecla Mining Co. (NYSE: HL), reports first-quarter gold production of 43,525 gold-equivalent ounces. This was within company expectations. Klondex sold 42,541 gold-equivalent ounces.

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.

Precious Metal Charts

Follow Kitco News