Dynacor expects to beat 2021 guidance on strong gold sales
(Kitco News) - Dynacor Gold Mines (TSX:DNG), an international gold ore industrial corporation servicing artisanal and small-scale miners, today announced US$15.7 million in sales for May 2021 and cumulative 2021 sales of US$69.1 million. May was the company’s second-best month of sales year to date and a 26% month-over-month increase.
The company said that it is well within exceeding its financial guidance based on the strong results from the first five months of the year. On February 18, 2021, Dynacor published an annual financial guidance report including sales of US$150 million and earnings per share of US$0.18 at an average US$1,850 per ounce gold price. The average selling price of gold per ounce in May 2021 was US$1,873, Dynacor noted.
Meanwhile, the expansion of the processing plant is nearing completion that will permit Dynacor to maintain a maximum gold recovery rate and boost processing volumes to 430 tonnes per day (TPD). The expansion, which began in March, is progressing as planned and will be complete in the coming days, the company said.
Due to a significant rise in ore supply over the last number of months, Dynacor said it has been steadily growing its throughput levels from its nameplate capacity of 300 TPD. As of today, the plant is operating at its maximum rate of 345 TPD.
Dynacor is a dividend-paying industrial gold ore processor headquartered in Montreal, Canada. The corporation is engaged in gold production through the processing of ore purchased from the artisanal and small-scale mining industry. At present, Dynacor operates in Peru. The corporation intends to expand its processing operations in other jurisdictions as well.