Off The Wire
Sandstorm Gold pulls output guidance, reports progress on share buybacks
(Kitco News) - Royalty company Sandstorm Gold Ltd. (NYSE: SAND, TSX: SSL) late Wednesday pulled its production guidance due to the unpredictable impact of the COVID-19 virus. The company also announced progress on its share buyback program.
“Due to the unknown long-term effects of the current global health pandemic, Sandstorm has made the decision to withdraw the company’s 2020 production guidance for the year,” Sandstorm said in a prepared statement. “Although Sandstorm has not received any direct notification of closures at any partner mine sites, we believe it is reasonable to expect that actions taken to reduce the spread of COVID-19 will affect global mining production levels during 2020.”
The company said it will provide an update in the coming months.
Meanwhile, Sandstorm also reported that it has already repurchased 14.6 million shares, with 3.7 million of those coming in March. During the fourth quarter, Sandstorm announced plans to purchase up to 18.3 million of its shares.
In yet another announcement, officials said the annual general and special shareholders meeting on April 15 will be held on a “virtual electronic basis” in order to protect the health of participants amid the COVID-19 pandemic. The company will issue details on how to joint the meeting in the coming weeks.