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Pretium: 1Q Adjusted Profit Rises; Executive Chairman To Retire

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Pretium Resources Inc. (TSX, NYSE: PVG), which operates the still-new Brucejack Mine in British Columbia, reports a rise in its first-quarter adjusted profit and the planned year-end retirement of its executive chairman and founding shareholder, Robert Quartermain. The board has begun the process of seeking a successor. ““I have had the great pleasure over the past nine years to work with the highly professional team at Pretivm in developing the Brucejack project into Canada’s newest, profitable, high-grade gold mine,” Quartermain says. Adjusted earnings in the first quarter were $16.5 million, or 9 cents per share, up from $5.8 million, or 3 cents, in the same quarter a year ago. Net earnings came in at $4.2 million, or 2 cents. Gold production was 79,180 ounces, up 5% from 75,689 in the first quarter 2018. “We made significant progress in the quarter towards achieving our 3,800 tonnes-per-day production-rate target at Brucejack and with increased accessibility from continued underground development, we have established a solid foundation for operating effectively at our higher target rate,” says Joseph Ovsenek, president and chief executive officer. “Both grade and tonnes are expected to be higher in the second half of the year and we remain on track to achieve 2019 guidance.” The company expects to produce between 390,000 and 420,000 ounces this year. All-in sustaining costs are expected range from $775 to $875 per ounce gold sold. For the first quarter, AISC was within guidance at $868, the company says.

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

 

Eldorado Reports 1Q Loss On Delay In Gold Sales

Thursday May 3, 2019 08:36

Eldorado Gold Corp. (TSX: ELD; NYSE: EGO) reports an adjusted loss in the first quarter as revenues were hurt by a delay in gold sales. The adjusted net loss was $17.9 million, or 11 cents per share, compared to adjusted net earnings of $14 million, or 9 cents, in the first quarter of 2018. The January-March net loss was $27 million, or 17 cents a share. Gold production totaled 82,977 ounces in the first quarter, including 19,678 ounces of pre-commercial production from Lamaque. Gold sales from Efemcukuru were lower than expected – coming in at 43,074 ounces after 86,587 in the same period a year ago -- due to a contract dispute with a customer and delays in shipments due to weather, the company says. This meant lower revenue in the first quarter. However, sales are expected to exceed production in the second quarter and rebalance throughout the year. The company achieved commercial production at Lamaque on March 31. Mining, crushing and placing of ore resumed at Kisladag. “We achieved two major milestones already this year with the resumption of full operations at Kisladag and the start of commercial operations at Lamaque,” says George Burns, president and chief executive officer. He later adds, “The company is reaffirming its production and cost guidance and expects to generate significant free cash flow over the next several quarters."

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

 

Detour Gold 1Q Adjusted Profit Narrows

Thursday May 3, 2019 08:36

Detour Gold Corp. (TSX: DGC) reports first-quarter adjusted net earnings were $18.3 million, or 10 cents per shares, compared to $28.2 million, or 16 cents, in the same period a year ago. First-quarter net earnings were $38.9 million, or 22 cents. Gold production totaled 154,709 ounces in the first quarter, down modestly from 157,141 in the same period a year ago. “I would expect that by year-end we start achieving predictable and consistent operational results and shift towards the optimization phase,” says Frazer Bourchier, chief operating officer. “We are tracking well to achieve our annual guidance and execute on our 2018 life-of-mine plan.” Michael McMullen became president and chief executive officer and a director of Detour Gold on May 1. “There are still many opportunities to be realized, and I look forward to engaging with our stakeholders to determine the optimal way to create shareholder value going forward,” he says.

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

 

Teranga Reports Adjusted Profit On Record Output

Thursday May 3, 2019 08:36

Teranga Gold Corp. (TSX: TGZ) reports an adjusted net profit and record gold production in the first quarter. Adjusted income was $2.2 million, or 2 cents per share, down from $9.1 million, or 8 cents, in the same quarter a year ago. The company had a net loss of $2.7 million, or 3 cents. Net and adjusted net income were both negatively impacted by a pending tax assessment for $10 million, the company says. Meanwhile, record quarterly gold production of 71,946 ounces was a year-on-year increase of 12%. The company says it is on track to meet full-year production and cost guidance. “Our 10-year-old cornerstone asset, Sabodala, set a record for quarterly production in the first quarter,” says Richard Young, president and chief executive officer. “With over 12 years of mine life remaining, Sabodala is delivering solid free cash flow to support our growth initiatives.” Construction for Teranga’s second mine, Wahgnion, located in Burkina Faso, is on schedule and entering its final phases, the company reports.

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

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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