Gran Colombia boosts net income in Q2 on higher production and increased gold price
(Kitco News) - Gran Colombia Gold (TSX: GCM; OTCQX: TPRFF) announced today that gold production from its Segovia Operations in Colombia totaled 52,198 ounces in the second quarter of 2021 compared with 44,377 ounces in the second quarter of 2020.
The company’s consolidated revenue amounted to $96.4 million and $198.3 million in the second quarter and first half of 2021, respectively, up from $77.1 million and $178.1 million in the second quarter and first half, respectively, of 2020.
The year-over-year increase in revenue largely reflects an increase in the company’s realized gold price which averaged $1,805 per ounce sold in the first half of 2021 compared with an average of $1,622 per ounce sold in the first half last year.
The company reported net income of $29.8 million ($0.41 per share) in the second quarter of 2021 compared with a net loss of $18.6 million ($0.27 per share) in the second quarter of 2020, reflecting an improvement in income from operations and a gain on financial instruments.
The company said it remains on track with its annual production guidance of 200,000 to 220,000 ounces of gold from Segovia in 2021.
Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the company is advancing the Toroparu Project, one of the largest undeveloped gold projects in Latin Americas.