SEMAFO Reports Adjusted Loss For Second Quarter
SEMAFO Inc. (TSX, OMX: SMF) reports an adjusted net loss in the second quarter of $6.3 million, or 2 cents per share, compared to adjusted net loss of $2.9 million, or a penny, for the same period in 2017. Gold production of 45,700 ounces dipped from 47,600 ounces a year ago. The number of tonnes processed decreased by 6% due to the hardness of the ore, SEMAFO says, thus the amount of gold produced also fell. Higher mining operation expenses were blamed on the higher operational stripping ratio and the hardness of the ore. All-in sustaining costs edged up to $1,103 per ounce sold from $1,074 for the same period in 2017. SEMAFO reiterates its 2018 consolidated production outlook of between 235,000 and 265,000 ounces of gold at AISC of between $900 and $940 per ounce.
By Allen Sykora of Kitco News; email@example.com
Premier Reverses To 2Q Loss As Output Falls
Wednesday August 8, 2018 08:18
Premier Gold Mines (TSX: PG) reports a loss of $7.7 million, or 4 cents per share, for the second quarter as production fell from a year ago. This compares to a profit of $12.5 million, or 6 cents, in the same quarter of 2017. The company reports $27.5 million in revenue, down from $55.5 million a year ago. The reduction is mainly the result of lower production from South Arturo (a joint venture operated by Barrick Gold Corp.), where mining of the phase 2 pit was completed in 2017 and there is requirement to redesign stopes in new mining zones following changes in geologic interpretations at Mercedes. “This redesign at Mercedes resulted in a development intensive first half of the year, with increased costs per ounce,” Premier says. “Production at Mercedes will be weighted toward the second half of 2018 following the completion of stope designs in the new Diluvio, Lupita and Rey de Oro deposits.” Premier lists output of 16,007 gold ounces and 51,746 silver ounces during the April-June period, down from 37,617 gold ounces and 97,007 silver ounces a year ago. All-in sustaining costs were $1,088 per ounce of gold sold. Last month, the company revised full-year consolidated gold production guidance from a range of 85,000 to 95,000 to a higher range of 90,000 to 100,000 ounces.