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Friday, August 13, 2021 - 14:19:14
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Mining News Pro - Pretium Resources (Pretivm) is on track to achieve its yearly guidance, despite the second quarter starting under some challenging circumstances at its Brucejack mine, in British Columbia.
The near five-week Covid-19 outbreak that occurred at Brucejack in the first quarter had an operational impact on the second quarter, with production reducing to 83 083 oz in the June quarter, compared with 90 419 oz in the year-earlier period.
The company explained on Thursday that the lower production in the second quarter reflected the residual effects of the Covid-19 outbreak in the first quarter, as well as performance issues with several stopes during and following the outbreak.
Stope performance improved over the course of the quarter and at the end of the second quarter there were 7 718 oz of gold remaining in-circuit compared with 998 oz in the second quarter of 2020.
Brucejack did not report any Covid-19 cases in the second quarter.
Pretivm remained on track to produce 325 000 oz to 365 000 oz of gold at an all-in sustaining cost of between $1 060/oz and $1 190/oz in 2021.
Revenue decreased by 8.6% year-on-year to $152.3-million from the sale of 84 618 oz.
The miner posted net earnings of $30.7-million, or $0.16 a share, and adjusted earnings of $28.5-million, or $0.15 a share. That compared with earnings of $36.1-million and adjusted earnings of $32.9-million in the second quarter of 2020.
President and CEO Jacques Perron reported that Pretivm had reached a key turning point where its cash position now exceeded its debt.
Cash and cash equivalents increased to $202.5-million at June 30, 2021 from $174.8-million at December 31, 2020 and included the repayment of $54.7-million in debt in the quarter. As at June 30, Pretivm had long-term debt of $195.2-million and available liquidity of $400.8-million including cash and cash equivalents and the undrawn revolving portion of its senior secured loan facility.
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