Centamin Reduces 2018 Guidance For Sukari Gold Mine
Centamin Plc (LSE: CEY; TSX: CEE), which operates the Sukari Gold Mine in Egypt, has trimmed its production forecast for 2018. The company says open-pit tonnage is ahead of schedule but grades are below budget. Also, underground output is 10% below its forecast. “As a result of persisting low grades from the transitional zone in the open pit, combined with lower development grade from underground, production guidance for 2018 from Sukari has been revised to between 505,000 and 515,000 ounces, at a cash cost of production of $625 to $640 per ounce produced and an all-in-sustaining cost of $875 to $890 per ounces sold,” the company says. As of Centamin’s last earnings report released at the start of the month, the company was projecting 2018 guidance of 580,000 ounces at cash costs of $555 an ounce and AISC of $770. “The updated mine plan forecasts a weaker Q2 and strong Q3 and Q4 production profile,” Centamin reports.
By Allen Sykora of Kitco News; firstname.lastname@example.org
Silvercorp Reports Dip In Quarterly Profit
Friday May 25, 2018 08:18
Silvercorp Metals Inc. (TSX, NYSE American: SVM) reports that net income in its fiscal fourth quarter, which ended March 31, fell to $12.2 million, or 7 cents per share, from $13.5 million, or 8 cents, in the same period a year ago. Adjusted net income was $7.5 million, or 4 cents, after an impairment reversal of $4.7 million, compared to an adjusted profit of $8.2 million, or 5 cents, in the year-ago period. The company lists sales of some 1.4 million ounces of silver, 13.3 million pounds of lead, and 2.6 million pounds of zinc, compared to 1.3 million ounces of silver, 14.3 million pounds of lead, and 1.5 million pounds of zinc in the prior-year quarter. The all-in sustaining cost per ounce of silver, after by-product credits, was $3.04, down from $3.26 a year ago. The company says it spent $2.4 million to buy back 929,100 common shares. Meanwhile, for fiscal year 2018 that ended March 31, net income was $47 million, or 28 cents per share, up from $43.7 million, or 26 cents, in fiscal 2017. Adjusted net income was $41.5 million, or 25 cents, after adjustments of impairment reversal and dilution gain, compared to $38.6 million, or 23 cents, in fiscal 2017. Silvercorp reports fiscal 2018 sales of 6 million ounces of silver, 61.9 million pounds of lead, and 19.6 million pounds of zinc, compared to 6.5 million ounces of silver, 70.5 million pounds of lead, and 18.3 million pounds of zinc in the prior year. The decrease of silver and lead sold was mainly due to silver-lead concentrate inventory built up as inventories of silver-lead concentrate stood at 4,070 tonnes (containing approximately 0.4 million ounces of silver), the company says.