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McEwen Mining Suspends Dividend Distribution

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McEwen Mining Inc. (NYSE, TSX: MUX) says it has decided to suspend the distribution of a dividend of one-half cent per share, which would have been paid on March 15. “We have experienced operating issues at our Black Fox Mine and with the startup of our Gold Bar Mine,” says Rob McEwen, chairman and chief owner. “While viewed as temporary, these issues have resulted in much lower revenue this quarter than planned. As a result, we decided the prudent and responsible course of action was to conserve our cash and suspend the distribution.”

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

 

Detour Gold Reports 4Q Profit On Record Output

Thursday March 7, 2019 08:49

Detour Gold Corp. (TSX: DGC) lists an adjusted profit for the fourth quarter after the company’s best quarterly gold output ever. The adjusted profit was put at $17 million, or 10 cents per share, down from $26.8 million, or 15 cents, in the same period a year ago. Gold output was a quarterly record of 158,200 ounces, up from 150,046 in the same period a year earlier. The net loss was pegged at $32.4 million, or 19 cents per share. The adjusted results excluded $16.3 million of expenses tied to the takeover of the board of directors by nominees backed by well-known fund manager John Paulson, the report says. Some of the expenses were from changes in the share option plan, restricted share unit plan and certain employment contracts. Detour also incurred costs for the proxy contest and a reimbursement of costs claimed by Paulson. For full-year 2018, Detour listed an adjusted profit of $64.2 million, or 37 cents, down from $75.1 million, or 43 cents, in 2017. Full-year production was 621,128 ounces, above mid-point of guidance of 595,000 to 635,000 ounces and up from 571,463 in 2017. Mineral reserves as of Dec. 31 were put at 15.4 million ounces of gold, down from the end of 2017 due to mining depletion at the Detour Lake mine.

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