Tahoe Reports 3Q Loss, $170 Million Impairment For Escobal Mine
TahoeResources Inc. (TSX: THO, NYSE: TAHO) lists a third-quarter loss as resultscontinue to be hurt by suspension of operations at the giant Escobal silvermine in Guatemala. The Supreme Courtshut down the mine last year over a dispute on whether the Ministry of Energyand Mines properly consulted surrounding indigenous communities on the project.Tahoe’s July-September net loss was $190 million, or 61 cents a share, comparedto a loss of $8.4 million, or 3 cents, in the same quarter a year ago. TheJuly-September result was in large part due to a $170 non-cash impairment ofthe Escobal mine, as well as costs of the continuing mine suspension, Tahoereports. Excluding the impairment, Tahoe lists an adjusted loss of $19.4million, or 6 cents per share, compared to a loss of $7.2 million, or 2 cents,in the same period a year ago. The company reports care-and-maintenance costsof $6.6 million for the Escobal mine, although these are forecast to dip below$5 million per quarter in the future. While the mine remains shuttered, Tahoereports that the Constitutional Court has provided a resolution for a processthat can lead to restart of the mine, although there is no timeline. Tahoereports no silver production in the third quarter, while gold output eased to91,000 ounces from 109,000 in the same period a year ago. All-in sustainingcosts were $1,263 per gold ounce. "The company remains on track for itsfull-year 2018 guidance near the low end of production and the high end ofcosts,” says Jim Voorhees, president and chief executive officer. “During thethird quarter, La Arena production was impacted by stacking at the highestlevels of the leach pad, which delayed gold production. In October, La Arenasolution grades started improving and the mine achieved its second-highestproduction month for the year, contributing to the expected production reboundin the fourth quarter.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Endeavour Lists 3Q Adjusted Loss; Output Rises Sharply
Wednesday November 07, 2018 08:51
Endeavour Mining (TSX: EDV) reports sharply higher year-on-year revenue and output in thethird quarter, although the company ended with an adjusted loss. Net earningswere 15 million, or 14 cents a share, a turnaround from a loss of $15 million,or 15 cents, in the same period a year ago. However, after special factors,Endeavour lists an adjusted loss of $1 million, or a penny, compared to anadjusted profit of 2 million, or 3 cents, a year ago. Revenues jumped to $156million from $95 million, with gold production surging to 139,000 ounces from79,000. “Production across our portfolio isexpected to increase in Q4 2018 due to the end of the rainy season in WestAfrica,” says S?(C)bastien de Montessus, president and chief executive officer.“Group production is therefore on track to meet the top end of our guidance ofbetween 555-590koz, while we expect all-in sustaining costs to achieve thelower end of guidance of $760-810/oz.” The CEO says Endeavour has made progresson strategic initiatives and will “enter 2019 with momentum from thecommissioning of the Ity CIL project, which is expected to be our next flagshipmine. The first gold pour is now anticipated to occur in early Q2 as theproject is tracking two months ahead of schedule.”
By Allen Sykoraof Kitco News; asykora@kitco.com
SEMAFOThird-Quarter Profit Declines From Year Ago
Wednesday November 07, 2018 08:51
SEMAFO Inc.(TSX, OMX: SMF) reports net income of $0.5 million, or nil per share, comparedto $12.2 million, or 4 cents, for the same period in 2017. Consolidated goldproduction was 58,200 ounces (70,200 ounces when including 12,000 ounces ofpre-commercial production from Boungou), compared to 53,900 ounces for the sameperiod in 2017. Commercial production was declared at Boungou on Sept. 1. Thecompany reiterates its 2018 production outlook of between 235,000 and 265,000ounces of gold at all-in sustaining costs of between $900 and $940 per ounce.
By Allen Sykoraof Kitco News; asykora@kitco.com
Premier GoldMines Lists 3Q Loss On Lower Output
Wednesday November 07, 2018 08:51
Premier GoldMines Ltd. (TSX: PG) reports a net loss in the third quarter on lower goldproduction. The loss was $1.8 million, or a penny per share, compared to aprofit of $2.3 million, or a penny, a year ago. Revenue of $27.3 million was down sharply from $50 in the year-agoperiod, which the company blames on decreased production from South Arturo,where mining of the Phase 2 pit was completed in 2017 and adjustments to stopedesigns in a new mining zone at Mercedes. This redesign at Mercedes resulted ina development-intensive first half of the year and increased unit operatingcosts so far in 2018, Premier says. However, with adjustments complete, productionat Mercedes will be favorably weighted to the second half of 2018, Premiersays. Third-quarter output included 20,100 ounces of gold and 89,512 ounces ofsilver, compared to 26,677 ounces of gold and 85,431 ounces of silver a yearago. Premier maintains full-year consolidated gold production guidance of90,000 to 100,000 ounces, with an increase in production from South Arturo anda decrease from Mercedes.
By Allen Sykoraof Kitco News; asykora@kitco.com
Osisko Reports Dip In 3Q Adjusted Profit
Wednesday November 07, 2018 08:51
Osisko GoldRoyalties Ltd. (TSX, NYSE: OR) reports adjusted third-quarter net income of$5.7 million, or 4 cents per share, down from $8 million, or 6 cents, in thesame period of 2017. The company lists 20,006 gold-equivalent ounces andmaintained its forecast for 2018 gold-equivalent ounces to be in a range of77,500 to 82,500. Osisko declared a quarterly dividend of 5 cents per commonshare payable on Jan. 15 to shareholders of record as of Dec. 31.
By Allen SykoraFor Kitco News
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asykora@kitco.com 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. |