Roxgold Reports Higher Profit, Gold Output
Roxgold Inc. (TSX: ROXG) reports a higher profit and output in the second quarter. Net income totaled $10.8 million, or 3 cents a share, up from $5.7 million, or 2 cents, in the comparable period a year ago. Roxgold reports production of 35,828 ounces of gold, up from 27,970 a year ago. “Operations at Yaramoko continued to deliver strong production and cash-flow results in the second quarter,” says John Dorward, president and chief executive officer. As a result, he continues, the company expects to be in the upper end of its range of production guidance of 120,000 to 130,000 ounces and within its forecast for all-in sustaining costs between $740 and $790 an ounce.
By Allen Sykora of Kitco News; firstname.lastname@example.org
Gran Colombia Adjusted Earnings, Gold Output Rise
Wednesday August 15, 2018 09:11
Gran Colombia Gold Corp. (TSX: GCM) reports a higher adjusted profit in the second quarter as output rose. Excluding special items, adjusted net income was $8.2 million, or 29 cents per share, up from $6.8 million, or 33 cents, in the second quarter of last year. Gran Colombia lists a net loss of $30.7 million, or $1.09, compared with net income of $33.8 million, or $1.65, a year ago. The company lists $26.4 million of losses on financial instruments, primarily triggered by the extinguishment of 2020 and 2024 debentures in the second quarter, and a $7.6 million charge for the costs associated with an offering completed in the second quarter. “We are very pleased with the outcome of our efforts this year to fix our capital structure, reduce our leverage and strengthen our balance sheet. Over senior debt is now down to $93 million, about half of what it was two years ago,” says Serafino Iacono, executive co-chairman. The company last month raised its output guidance to above 200,000 ounces of gold this year. Production of 52,906 ounces in the second quarter was up 15% over the same period a year ago. The company’s trailing 12-month gold production increased to 198,632 ounces as of July, up 14% over the total for 2017 of 173,821 ounces and above the initial guidance range for 2018 of between 182,000 and 193,000 ounces.