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Pretium Reports Year-On-Year Rise In 3Q Profit

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Pretium Resources Inc. (TSX, NYSE: PVG), which operates the Brucejack Mine in British Columbia that began commercial production in July 2017, reports adjusted earnings rose to $26.3 million, or 14 cents per share, in the third quarter, up from $14 million, or 8 cents, in the same period a year ago. Net earnings were $10.7 million, or 6 cents per share, compared to a net loss of $7 million, or 4 cents, a year ago. Production totaled 92,641 ounces of gold and 95,741 ounces of silver, up from 82,203 ounces of gold and 83,233 ounces of silver a year ago. “Brucejack delivered another profitable quarter in a declining gold-price environment, which speaks to the robust economics of the mine,” said Joseph Ovsenek, president and chief executive officer. “We have generated significant earnings from mine operations every quarter since achieving commercial production, and have built a cash balance of over $190 million. We remain on track to refinance our construction debt facility and repurchase the precious-metals stream by year-end without issuing equity.” The metals stream was sold as a part of financing for Brucejack.

By Allen Sykora of Kitco News;


SSR Mining 3Q Profit Rises With Higher Production

Friday November 09, 2018 08:23

SSR Mining Inc. (Nasdaq, TSX: SSRM) reports a third-quarter profit and higher production than the same quarter a year ago. Net income was $2.2 million, or 5 cents per share, up from $1.8 million, or a penny, in the same period of 2017. Adjusted net income rose to $10.8 million, or 9 cents, from $4.4 million, or 4 cents. Consolidated production increased to 94,808 gold equivalent ounces. “We more than doubled operating cash flow and increased attributable earnings compared to last quarter, having set new operating records at Marigold and Seabee, and achieved key milestones at Chinchillas,” says Paul Benson, president and chief executive officer. “This added confidence in the business led to improved 2018 guidance, as we deliver another year of value and growth for our shareholders.” At the Seabee gold operation, annual production guidance was increased to between 90,000 and 95,000 gold ounces, while the outlook for cash costs was lowered to between $535 and $560.  At Marigold, annual production was narrowed to between 195,000 and 205,000 gold ounces, while guidance for cash costs is now expected to be between $715 and $735. The Chinchillas project remains on budget, and commercial production is expected by the end of the year, SSR says.

By Allen Sykora of Kitco News;


Fortuna Silver Mines: 3Q Profit Dips On Lower Metals Prices

Friday November 09, 2018 08:23

Fortuna Silver Mines Inc. (NYSE: FSM; TSX: FVI) reports third-quarter net income of $6.9 million, or 4 cents per share, compared to $10.3 million, or 6 cents, in the same period a year ago. Adjusted net income eased to $7.1 million from $13.1 million. “We have delivered a solid quarter in spite of a 12% and 5% decrease in silver and gold prices, respectively,” says Jorge A. Ganoza, president and chief executive officer. Sales decreased 7% year-on-year to $59.6 million due primarily to a decline in metal prices for silver, lead, and zinc and to a lesser extent, the timing of recognizing revenue on concentrates delivered to warehouse prior to the end of the quarter, Fortuna says. Silver and gold production totaled 2.2 million and 12,542 ounces, respectively, compared to 2 million and 13,412 in the year-ago period. All-in sustaining costs per silver-equivalent ounce were $10.80, compared to $11.10 a year ago.

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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