SEMAFO 1Q Profit Jumps Along With Gold Output
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SEMAFO Inc. (TSX, OMX: SMF) reports that first-quarter net income was $17.7 million, or 5 cents per share, a turnaround from a year-ago net loss of $4.7 million, or a penny. Officials say output was a record 102,400 ounces, well up from 45,500 in the same quarter of 2018. The company operates the Boungou and Mana mines in Burkina Faso, with Boungou going into commercial production in the second half of 2018. “Both assets performed well, and the strong quarterly contribution from Boungou helped to achieve record production and financial performance on a gross and per share basis,” says Benoit Desormeaux, president and chief executive officer. Full-year production guidance was not changed. The average selling price for an ounce of gold fell to $1,306 an ounce from $1,336.
Sandstorm 1Q Net Income Rises But Sales Volume Lower
Royalty company Sandstorm Gold Ltd. (NYSE American: SAND, TSX: SSL) reports first-quarter net income rose to $2.5 million from $0.4 million in the same period a year ago. Some of the improvement was partly due to certain non-recurring items that were recognized during the first quarter of 2018, officials say. Gold-equivalent ounces sold in the January-March period dipped to 14,071 from 14,685 a year ago. Based on existing royalties, the company says it expects to sell between 63,000 and 70,000 ounces gold-equivalent ounces in 2019, but sees gold-equivalent production rising to over 140,000 ounces in 2023. In early April, Sandstorm received its first silver delivery from Cerro Moro – 300,000 silver ounces -- under the Yamana silver stream agreement.
Torex Gold Resources Reports Loss In 1Q
Torex Gold Resources Inc. (TSX: TXG) reports an adjusted first-quarter net loss of $5.7 million, or 7 cents per share, compared to an adjusted loss of $12.2 million, or 15 cents, in the same quarter of 2018. The net loss was $1.3 million, or 2 cents, compared to net income of 10.2 million, or 12 cents, in the same period a year earlier. The company produced 77,870 ounces of gold, up slightly from 76,054 in the year-ago quarter. All-in sustaining costs came in at $1,161 an ounce, up from $954 a year ago. The average realized gold price dipped to $1,302 from $1,331. Fred Stanford, president and chief executive officer, says 2019 guidance is weighted toward the second half of the year andguidance range.