Iamgold: Feasibility Study Points To Improved Côté Gold Economics
Iamgold Corp. (TSX: IMG; NYSE: IAG) says a feasibility study for a joint venture with Sumitomo Metal Mining Co., Ltd., for the Côté Gold project in northern Ontario, points to “an economically viable, long-life project that is expected to be a low-cost producing mine.” Compared to the prefeasibility study, proven and probable reserves increased by 1.4 million ounces to 7.3 million. Measured and indicated resources (inclusive of reserves) increased by 1.9 million ounces to almost 10 million, while inferred resources increased by 1.2 million ounces to 2.4 million. Under the base-case scenario, the life-of-mine plan calls for average annual output of 367,000 ounces, with 428,000 for years one through 12.
By Allen Sykora of Kitco News; email@example.com
Alamos Lists 3Q Net Profit, Ups AISC Guidance
Friday November 02, 2018 08:21
Alamos Gold Inc. (TSX, NYSE: AGI) reports a third-quarter net profit, says it remains on track to meet full-year production guidance but upped cost guidance. The company’s net earnings came in at $7.2 million, or 2 cents a share, although this was down from $28.8 million from the same quarter in 2017. Alamos lists an adjusted loss of $1.9 million, or zero cents per share, primarily due to adjustments for unrealized foreign-exchange gains recorded within both deferred taxes and foreign exchange of $8.7 million. The adjusted profit a year ago was $13.7 million. Gold production rose to 124,000 ounces from 107,000 a year ago, helped by the acquisition of the Island Gold Mine. However, the realized gold price fell to $1,229 from $1,281. “We met our quarterly production guidance and remain well positioned to achieve full-year guidance,” says John A. McCluskey, president and chief executive officer. Alamos expects to produce between 490,000 and 530,000 ounces of gold. However, given-higher-than budgeted costs at Young-Davidson and El Chanate through the first nine months of 2018, Alamos says it revised guidance for all-in sustaining costs from $950 to $990 per ounce. Alamos says that it ended the quarter with no debt.