- Write by:
-
Friday, July 30, 2021 - 13:54:04
-
426 Visit
-
Print
Mining News Pro - Canadian miner Alamos Gold has reported a second-quarter net loss of $172.5-million, or $0.44 a share, compared with a profit of $11.7-million in the corresponding period, after writing down the entire carrying value of its Turkish assets.
Alamos reported an impairment charge of $213.8-million in the second quarter. The miner earlier filed a $1-billion investment treaty claim against Turkey for expropriation and unfair treatment.
Overall, Alamos had a solid first half performance, led by a strong quarter at Young-Davidson, in Ontario, and remained well positioned to achieve its full-year guidance, said president and CEO John McCluskey this week.
Production of 114 200 oz was a 46% increase from the second quarter of 2020, primarily reflecting temporary downtime related to Covid-19 during the prior-year period. All-in sustaining costs were $1 136/oz.
Young-Davidson produced 45 100 oz and generated mine-site free cash flow of $18.7-million. Island Gold produced 33 200 oz of gold and generated mine-site free cash flow of $13.7-million, net of growth capital expenditures and capitalised exploration totalling $28.5-million.
“Young-Davidson continues to meet or exceed expectations operating from the new lower mine infrastructure. We expect mining rates at Young-Davidson to increase to design capacity in the third quarter driving our consolidated production and free cash flow higher in the second half of the year,” McCluskey said.
The company sold 107 581 oz of gold at an average realised price of $1 814/oz for revenues of $195.1-million, a 55% increase compared with the second quarter of 2020. Ounces sold were lower than production owing to the timing of shipments, with deferred ounces being sold in July.
Adjusted net earnings were $38.7-million, or $0.10 a share.
Short Link:
https://www.miningnews.ir/En/News/615172
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
i-80 Gold fell by over 11% at market open Tuesday following its announcement of a C$100 million ($74m) public offering ...
Australia’s Westgold Resources said on Monday it had agreed to acquire Toronto-listed Karora Resources in a ...
Chinese coal prices are likely to keep falling until the start of the peak summer season, suppressing imports of the ...
No comments have been posted yet ...