Make Kitco Your Homepage

Asanko Gold Lists 3Q Loss, Record Production

Kitco News

Asanko Gold Inc. (TSX, NYSE American: AKG) reports a third-quarter loss but also lists record output. The loss was $0.3 million, or zero cents per share, compared to net income of $4.2 million, or 2 cents, in the year-ago period. The reduction was mainly due to lower mine operating earnings on the Asanko Gold Mine joint venture and the start of equity accounting for Asanko’s interest in the mine. Also, production costs and depreciation for the mine were higher than a year ago. The company lists an adjusted loss of $1.6 million, or a penny per share. Meanwhile, Asanko reports record quarterly gold production of 61,599 ounces. “As we enter the final quarter of the year, with production of 163,329 ounces and AISC (all-in sustaining costs) of $1,072 year to date, the mine is well positioned to meet the top end of 2018 guidance of 200,000-220,000 ounces at AISC of $1,050-$1,150,” says Peter Breese, president and chief executive officer.

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

 

Torex Gold Resources Reports 3Q Profit On Record Output

Thursday November 08, 2018 09:10

Torex Gold Resources Inc. (TSX: TXG), which operates the  El LimĂłn Guajes mining complex in Mexico, reports a profitable third quarter as output hit a record high. Net income after current and deferred income tax expense totaled $23.9 million, or 28 cents a share, a marked improvement from a loss of $1.6 million, or 2 cents, a year ago. Excluding special items, adjusted net earnings were $7.3 million, or 9 cents per share. Torex lists record gold production of 100,346 ounces in dore and an additional 1,135 ounces in carbon fines. “This was an excellent quarter with record gold production of over 100,000 ounces as the company successfully continues toward full ramp-up,” says Fred Stanford, president and chief executive officer. “Grades processed were above LOM (life-of-mine) average, recoveries above design, and plant throughput is ramping toward design levels by year end.”

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

 

Alio Gold Net Loss Includes Impairment Charge

Thursday November 08, 2018 09:10

Alio Gold Inc. (TSX, NYSE American: ALO) lists a third-quarter net loss of $3.72 million, or 4 cents per share, which includes a one-time impairment charge of $8.96 million on the used processing plant being stored for use at Ana Paula. The profit in the same period a year ago was $5.2 million, or 12 cents. The company produced 23,606 ounces of gold at an all-in sustaining cost of $1,293 per ounce. The company also announces updated mineral reserves and resources. Proven and probable reserves at the San Francisco Mine totaled 55.5 million tonnes of ore with an average grade of 0.49 gram of gold per tonne, containing 854,472 ounces of gold as of July 1. Measured and indicated resources at the Florida Canyon Mine totaled 132.9 million tonnes of ore with an average grade of 0.40 g/t, containing 1.7 million ounces of gold as of July 31.

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

 

Mandalay Reports 3Q Loss, Lowers Output Guidance

Thursday November 08, 2018 09:10

Mandalay Resources Corp. reports a third-quarter net loss as output declined on operational issues, with the company also trimming its full-year production guidance. Mandalay lists a net loss of $7.5 million, compared to a $7.2 million loss in the third quarter of 2017. Consolidated gold production fell to 16,874 ounces from 25,819 a year ago, while all-in sustaining costs rose to $1,631 from $1,301. “Operationally, Mandalay had a challenging third quarter as we worked to address and correct production disruptions at both of our producing mines,” says Dominic Duffy, president and chief executive officer. “The lower production and sales volumes for the quarter compared to previous quarters negatively impacted the company’s financial performance and led to uncharacteristically high unit costs, which we do not expect to recur in the coming quarters. Production and sales this quarter were significantly impacted by a delay in the on-vein development of the Brunswick lode at Costerfield, caused by the need for more dewatering than anticipated. This was combined with a changeover of the underground haulage contractor at Björkdal, which caused a haulage bottleneck of higher-grade underground ore, resulting in the need to process lower-grade stockpiled material.” Duffy says the company expects a stronger fourth quarter but nevertheless revised its guidance to 66,000 to 71,000 ounces of gold production, compared to original guidance of 83,000 to 93,000.

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.

Precious Metal Charts

Follow Kitco News