Make Kitco Your Homepage

Anaconda achieves production guidance; net income soars 22 times

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Anaconda Mining (TSX:ANX)(OTCQX:ANXGF) reported today that the company produced 18,268 ounces of gold in 2020 from its Point Rousse operation in Newfoundland, Canada, achieving its annual guidance of 18,000 to 19,000 ounces, with the processing of ore from the Argyle gold mine commencing in late Q4 2020.

The company said that the Point Rousse complex generated $20.5 million for the year ended December 31, 2020, a 107% increase compared to $9.9 million in 2019, driven by higher ounces sold and a significantly higher gold price.

Anaconda’s net income for 2020 was $8,228,243, or $0.06 per share, compared to $373,047, or $0.00 per share, for 2019, mainly due to the significantly higher gold price and increased gold sales.

Anaconda is a gold mining, development, and exploration company, focused on Atlantic Canada. The company operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland. Anaconda is also developing the Goldboro gold project in Nova Scotia, a high-grade resource and the subject of an on-going feasibility study.

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.