Despite decreased production at the Sleeping Giant and Beaufor gold mines in Quebec and lower realized gold prices,
The company earned $381,000 (1 cents per share) on revenue of $5.9 million during the period, compared with earnings of $483,000 (1 cents per share) on revenue of $5.7 million in the second quarter of 1998. Cash costs climbed to US$230 per oz, up 11% from a year ago.
For the first half of 1999, the company earned $1.9 million (5 cents per share) on revenue of $13.4 million, up from earnings of $569,000 (2 cents per share) on revenue of $11 million in the first six months of last year.
Aurizon’s realized gold price for the second quarter was US$303 per oz., a US$30-per-oz. premium over the average spot price, but lower than the year-ago realized price of US$306. A foreign exchange hedging program realized a gold price of $474 per oz., compared with $435 per oz. in the second quarter of 1998.
Production for the quarter totalled 12,379 oz., down from 13,088 oz. a year ago. In the first half, 28,244 oz. were produced, an increase from the 25,112 oz. cranked out a year ago.
The bulk of production in the latest quarter came from the company’s half-interest in the Sleeping Giant mine, operated by
From its half-interest in the Beaufor mine, which it operates, the company netted 4,694 oz., bringing the total production over the first six months of the year to 10,077 oz., up 3% from the year-ago period. Ore grade in the second quarter slipped to 8.2 grams from 8.5 grams per tonne a year ago. This plus decreased ore production led to a rise in cash costs to US$231 per oz., compared with US$218 in 1998.
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