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Pretium Profitable In 2Q; New Brucejack Mine Meets Guidance

Kitco News

Pretium Resources Inc. (TSX, NYSE: PVG), which is ramping up production at the Brucejack Mine since commercial operations began last summer, reports second-quarter net earnings of $31.1 million, or 17 cents per share. Adjusted earnings are listed at $47 million, or 26 cents. The company reports quarterly production of 111,340 ounces of gold with all-in sustaining costs of $648 per gold ounce sold. “In the first half of the year, we’ve reached steady-state production, fully implemented our grade-control program and met our production guidance,” says Joseph Ovsenek, president and chief executive officer. Gold production at the Brucejack Mine for the second half is expected to be in the range of 200,000 to 220,000 ounces, which would bring total 2018 gold production of 387,000 to 407,000 ounces, the company says.

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

 

Silvercorp Reports Rise In Quarterly Profit

Friday August 10, 2018 08:24

Silvercorp Metals Inc. (TSX, NYSE American: SVM) reports net income of $10.9 million, or 7 cents per share, in the company’s fiscal first quarter, compared to $6.6 million, or 4 cents, in the same period a year ago after excluding a one-time non-cash gain on disposal of NSR. The company sold 1.5 million ounces of silver, 700 ounces of gold, 14.9 million pounds of lead, and 6.4 million pounds of zinc, compared to 1.5 million ounces of silver, 900 ounces of gold, 15.9 million pounds of lead, and 5 million pounds of zinc, respectively, in the year-ago period. All-in sustaining cost per ounce of silver, after by-product credits, were 41 cents, compared to $4.70 in the prior-year quarter.

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

 

SSR Mining Reports 2Q Adjusted Profit

Friday August 10, 2018 08:24

SSR Mining Inc. (NASDAQ, TSX: SSRM) reports that second-quarter adjusted net income was $12.1 million, or 10 cents a share, compared to $13 million, or 11 cents, in the same period a year ago. Revenue decreased by 11% year-on-year mainly due to an expected decline in sales at Puna operations as the company processed lower-grade stockpiles, and at the Marigold mine, due to variations in production and leach cycles, SSR says. Net income was $2.6 million, down from $37.7 million in the same quarter a year ago. Net income was impacted by a one-time $5.8 million tax expense for reorganization of business units in Argentina. The company pre-reported production last month. At Marigold, the company produced 49,436 ounces of gold, up from the first quarter but down from 55,558 in the second quarter of 2017. Seabee turned out 23,582 ounces of gold, comparable the first quarter but up from 20,690 in the year-ago period. The Puna operations churned out 954,000 million ounces of silver, up slightly from the first quarter but down from 1.9 million in the year-ago period. Paul Benson, president and chief executive officer, said the company is on track to achieve full-year production guidance.
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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