Pretium Reports 4Q Profit, Higher Output
Pretium Resources Inc. (TSX, NYSE: PVG) reports a profit in the fourth quarter and full-year 2018, the first full year of operations for the company’s Brucejack Mine in British Columbia. Fourth-quarter net earnings were $2.8 million, or a penny per share, a turnaround from a year-ago net loss of $2.7 million. Adjusted earnings were $20.2 million, or 11 cents, up from $12.7 million in the fourth quarter 2017. Full-year 2018 adjusted earnings were $99.3 million, while net earnings were $36.6 million (54 cents a share). Production totaled 96,342 ounces of gold in the fourth quarter, up from 70,281 a year earlier. Annual 2018 production was 376,012 ounces of gold and 422,562 ounces of silver. For 2019, Brucejack gold production is expected to be in the range of 390,000 ounces to 420,000 ounces. All-in sustaining costs for 2019 are expected to range from $775 to $875 per ounce gold sold.
By Allen Sykora of Kitco News; email@example.com
Silvercorp Quarterly Profit Declines
Friday February 15, 2019 08:30
Silvercorp Metals Inc. (TSX, NYSE American: SVM), a Canadian company with multiple silver mines in China, reports that net income in its fiscal third quarter was $8.7 million, or 5 cents per share, compared to $12.7 million, or 8 cents, in the same period a year earlier. The company says its results were impacted in part by a decrease in prices for silver, lead and zinc, plus a 36% decline in zinc sales. The company sold approximately 1.7 million ounces of silver, 1,100 ounces of gold, and 17.8 million pounds of lead, up 13%, 57%, and 13%, respectively, from a year ago. However, zinc sales of 4.1 million pounds were down 36% year-on-year. All-in sustaining cost per ounce of silver, net of by-product credits, was $6.53, compared to $3.16 in the prior year.