https://www.miningweekly.com

AuRico re-evaluates inventory values, long-term gold price assumptions

17th July 2013

By: Creamer Media Reporter

  

Font size: - +

JOHANNESBURG (miningweekly.com) – TSX- and NYSE-listed AuRico Gold, which on Tuesday reported solid preliminary production results for the June quarter, also told shareholders that it was re-evaluating the value of its historical heap leach and long-term, low-grade stockpile inventories, owing to the lower metal price environment.

“These tests may result in the need to recognise a net realisable value adjustment on these inventories at June 30,” the gold miner said in a statement.

Owing to the decline in the gold price in recent months, the company was also evaluating whether its long-term gold price assumptions needed to be revised. It warned that this might result in an impairment charge.

AuRico expected to complete a final assessment by the time it releases its financial results for the second quarter.

Meanwhile, the company’s Young-Davidson mine, in Northern Ontario, Canada, produced 29 252 oz of gold in the three months ended June 30, bringing total half-year output for the mine to 57 533 oz.

The El Chanate mine, in Mexico, produced 18 751 oz of gold in the quarter, bringing half-year output for the mine to 36 640 oz.

"Both operations reported another quarter of solid production results that are in line with targeted levels. Construction of the Young-Davidson shaft and hoisting system is in the final stages and, once commissioned, will drive enhanced underground productivities and unit cost efficiencies,” said AuRico president and CEO Scott Perry.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 
Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.072 0.107s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: