VANCOUVER (miningweekly.com) – Gold producer Alacer Gold has reported net profit attributable to shareholders of $29.1-million, or $0.10 a share, for the three months ended September – a $29-million improvement over the comparable year-earlier period as certain special items boosted the bottom line.

Gold sales of $49.8-million were 78% higher when compared with the same period of last year, reflecting an 81% increase in gold ounces sold at 38 381 oz.

The total cost of sales for the period was $33.1-million, an increase of 32% over the third quarter of 2016, driven by the 81% increase in gold ounces sold, offset by a 46% decrease in the total cash costs (C2) per ounce. This was mainly owing to a 201% increase in recoverable ounces stacked on the heap leach pad and the capitalisation of waste tonnes used for sulphide project construction.

For the third quarter, TSX- and ASX-listed Alacer’s average realised gold price reflected in revenues was $1 298/oz, before factoring in realised hedge gains. The average gold price realised, including realised hedge gains, was $1 290/oz, or $12 above the quarterly average London PM Fix of $1 278/oz.

Gold output at the flagship 80%-owned Çöpler mine, in Turkey, was 39 312 oz – 69% higher over the year-earlier period, with the oxide ore grading 1.14 g/t and oxide ore tonnes mined totalling 1.9-million tonnes, 19% and 113% higher, respectively, than in the comparable period of 2016. The company advised that production is tracking to the lower end of its full-year guidance of between 160 000 oz and 180 000 oz.

All‐in sustaining costs per ounce for the period were $623, 47% lower than in the third quarter of 2016.

Alacer said the Çöpler sulphide project is 62% complete, on schedule and under budget at about $719-million. Expansion of the existing heap leach pad capacity to 58-million tonnes continued and sulphide stockpiles at September 30 were 7.7-million tonnes at an average grade of 3.41 g/t gold, or about 850 000 oz of contained gold. First gold production is on track for the third quarter of 2018.

The company's TSX-listed stock closed 1.5% lower on Wednesday, at C$1.98 apiece.