Make Kitco Your Homepage

Gran Colombia Gold: 4Q Output, Adjusted Profit Rise

Kitco News

Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

Gran Colombia Gold Corp. (TSX: GCM) reports that its adjusted profit rose in the fourth quarter as gold production also climbed. Adjusted net income was listed at $14.3 million, or 30 cents per share, up from $9.1 million, or 44 cents, in the fourth quarter of last year. The company reports a favorable impact on income tax expense in the October-December quarter due to Colombian tax reforms announced in December, which also will mean a reduction in future income-tax rates. Gran Colombia reports net income for the fourth quarter of $8 million, or 17 cents per share, compared with $4.9 million, or 23 cents, in the fourth quarter last year. “2018 was the watershed year for us, the one where everything we had being doing to turn things around in the two prior years all came together,” says Serafino Iacono, executive chairman. “2018’s gold production surpassed 200,000 ounces for the first time, up 25% from 2017….” The company says it exceeded guidance for 2018 with output totaling 218,001 ounces. Fourth-quarter gold production increased to 55,260 ounces, up 7% year-over-year. For the full year, adjusted net income in 2018 increased to $42.3 million, or $1.22 per share, from $22.9 million, or $1.13 per share, in 2017.

By Allen Sykora of Kitco News;


OceanaGold Provides Update On Reserves

Thursday March 28, 2019 08:56

OceanaGold Corp. (TSX, ASX: OGC) reports that the company’s exploration program offset much of its mining depletion in 2018. As of year-end, proven and probable reserves stand at 5.56 million ounces of gold, 3.38 million ounces of silver and 0.14 million tonnes of copper. The year-on-year growth in reserves offset 36% of 2018 mining depletion, OceanaGold says. The company lists total measured and indicated mineral resources of 8.59 million ounces of gold, 5.52 million of silver and 0.16 Mt of copper, with gold resource growth nearly offsetting 2018 mining depletion. Consolidated inferred resources increased to 3.6 million ounces of gold, 3.5 million of silver and 0.03 Mt of copper. This represents a 42% year-on-year increase in inferred gold resources mainly due to growth at Waihi, OceanaGold says. “Exploration is a key component of our value-creating strategy, and we have increased our exploration budget each year since 2015,” says Mick Wilkes, president and chief executive officer. “Operating and exploring in prolific gold districts in the United States, New Zealand and the Philippines has afforded us the opportunity to make prudent investments in extensive drill programs that have translated into growth of our resource base.”

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.