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Kirkland Lake Gold 3Q Profit, Production Guidance Increase

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Kirkland Lake Gold Ltd. (TSX, NYSE: KL; ASX: KLA) reports a jump in its third-quarter profit and upped output guidance for the full year. Third-quarter net earnings totaled $55.9 million, or 27 cents per share, compared to $43.7 million, or 21 cents, in the same period of 2017. Adjusted earnings for the July-September quarter were $60.6 million, or 29 cents, up from $35.3 million, or 17 cents, a year ago. Third-quarter production of 180,155 ounces was a quarterly record, increasing 30% from 139,091 ounces in the third quarter of 2017 and 9% from 164,685 ounces in the second quarter of this year. The increase was driven by Fosterville, which produced a quarterly record 90,618 ounces, Kirkland Lake reports. “Based on our performance year to date, we have been able to announce significant improvements to our 2018 consolidated production and unit cost guidance for a second time during the year,” says Tony Makuch, president and chief executive officer “In addition, Q3 2018 provided a clear demonstration of our company’s ability to internally fund the growth projects needed to reach our goal of a million ounces per year of production.” Consolidated production guidance for 2018 increased to between 655,000 and 670,000 ounces from over 635,000 ounces previously. Guidance for all-in sustaining costs fell to $735-$760 from $750-$800.

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

 

Centerra Gold Lists 3Q Profit, Ups Output Guidance

Wednesday October 31, 2018 09:25

Centerra Gold Inc. (TSX: CG) reports a profitable third quarter and hiked its production guidance for the year. The company lists net earnings of $6 million or 2 cents per share, compared to a net loss of $0.8 million, or zero per share, in the same period a year ago. The July-September results include an impairment charge of $8.5 million to write down Mongolian assets to their sale value, with the sale closing on Oct. 11. Excluding this, adjusted earnings in the third quarter of 2018 were $14.5 million or 5 cents per share, compared to $52.3 million, or 18 cents, a year ago when there was a large one-time charge on a settlement with the government of the Kyrgyz Republic. In the third quarter, Centerra produced 181,243 ounces of gold and 12.7 million pounds of copper. The company upped consolidated gold-production guidance to between 665,000 and 705,000 ounces for 2018, compared to 625,000 to 695,000 previously. This reflects increased production guidance at Kumtor of 490,000 to 510,000 ounces, compared to 450,000 to 500,000 previously. Centerra also lowered guidance for all-in sustaining costs on a by-product basis to $782 to $829 an ounce, compared to $812 to $903 previously.

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

 

McEwen Mining Reports 3Q Loss; Gold Bar Output Targeted For 1Q

Wednesday October 31, 2018 09:25

McEwen Mining Inc. (NYSE, TSX: MUX) reports a third-quarter net loss of $13.3 million, or 4 cents per share, compared to loss of $8.1 million, or 3 cents, in the same period a year ago.  Consolidated gold-equivalent output rose to 43,742 ounces from 29,047 in the same quarter a year ago, helped by the acquisition of the Black Fox Mine in Canada. Output at El Gallo in Mexico has exceeded guidance for the full year, McEwen says. Construction on Gold Bar in Nevada is advancing on schedule for completion by the end of 2018, with production targeted for the first quarter, the company says. During the first three years of operation, Gold Bar is projected to produce 55,000, 74,000 and 68,000 ounces of gold, respectively.

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

 

New Gold Completes Sale Of Mesquite Mine To Equinox

Wednesday October 31, 2018 09:25

New Gold Inc. (TSX, NYSE American: NGD) has completed the previously announced sale of the Mesquite Mine in California to Equinox Gold Corp. for $158 million, subject to certain post-closing adjustments, the two companies report. “The transaction strengthens the company's liquidity position and enhances its financial flexibility,” New Gold says. Equinox says the mine means immediate production and cash flow for the company. “The Mesquite acquisition immediately transforms Equinox Gold from a developer to a producer, bringing meaningful gold production from a well-established operation,” says Christian Milau, chief executive officer of Equinox Gold.

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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