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OceanaGold Posts 3Q Profit, Ups Production Guidance

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OceanaGold Corp. (TSX, ASX: OGC) reported a net profit for the third quarter of $21.7 million, or 4 cents a share, which was the same as in the third quarter of 2017. The company lists production of 138,034 ounces of gold, up from around 136,000 in the year-ago period. All-in sustaining costs were $761 an ounce. The average gold price fell to $1,202 from $1,276. OceanaGold also produced 4,310 tonnes of copper. The company upped its 2018 production guidance to a range of 515,000 to 545,000 gold ounces, compared to 500,000 to 540,000 ounces previously. Guidance for AISC remained in a range of $725 to $775. OceanaGold says it reduced total debt by 23% quarter-on-quarter through the discretionary repayment of $50 million towards the revolving credit facility and $2.7 million in equipment leases.

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

 

B2Gold: Mineral Resource Estimate For Fekola Mine Increases

Thursday October 25, 2018 09:20

B2Gold Corp. (TSX: BTO, NYSE American: BTG, NSX: B2G) is reporting a “substantial increase” in the estimate for mineral resources at the Fekola Mine in southwestern Mali. This, combined with a Fekola mill expansion study, indicates potential to increase mill throughput tonnage and increase annual gold production with “moderate” capital expenditures, B2Gold says. The company says its operations team is currently designing a new mine plan based on the new mineral resource estimate, to establish new probable reserves. In conjunction, an engineering study is under way to evaluate the Fekola mill expansion potential along with an evaluation of larger mining fleet options. The company reported on 192,000 meters of exploration drilling in 928 drill holes. B2Gold lists an updated indicated mineral resource estimate of 92,810,000 tonnes at 1.92 grams per tonne for a total of 5,730,000 ounces of gold. The company also lists an inferred mineral resource estimate of 26,500,000 tonnes at 1.61 g/t gold for a total of 1,370,000 ounces of gold.

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

 

Detour Gold 3Q Profit Declines From Year Ago

Thursday October 25, 2018 09:20

Detour Gold Corp. (TSX: DGC) reports that net earnings in the third quarter were $12.7 million, or 7 cents per share, down from $41.1 million, or 24 cents, in the same period of 2017. The company lists an adjusted loss of $1.5 million, or a penny per share, compared to an adjusted profit of $27.1 million, or 15 cents, a year ago. Gold production was 151,402 ounces, up from 139,861 in the same quarter a year ago. All-in sustaining costs were $1,377, up from $1,032. The higher AISC was attributed to higher operating costs related to depreciation, sustaining capital expenditures of $53 million and deferred stripping costs of $21.8 million. Detour says it expects to be within guidance of 595,000 to 635,000 ounces for the full year, with AISC expected to be at the high end of slightly above guidance of $1,200 to $1,280.

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

 

New Gold Reports Net Loss With $162 Million Impairment Charge

Thursday October 25, 2018 09:20

New Gold Inc. (TSX, NYSE American: NGD) reports a third-quarter net loss of $166 million, or 29 cents per share, which includes an impairment loss, net of tax of $162 million, related to the sale of the Mesquite Mine. By contrast, a year ago the company had a net profit of $27 million, or 5 cents per share. The adjusted loss from continuing operations was $5 million, or a penny per share, compared to adjusted earnings of $3 million, or a penny, in the prior-year quarter. Revenues increased by $54.1 million year-on-year to $147.1 million due to higher gold sales volume, which offset lower gold prices, the company says. Gold production rose to 114,025 ounces from 82,027 a year ago. Copper output of 21.7 million pounds was down from 22.8 million. The average realized gold price fell to $1,205 from $1,290.

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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