Crocodile Gold lifts Q1 output by 11.4%
TORONTO (miningweekly.com) – Australia-focused miner Crocodile Gold has lifted its first-quarter gold output by 11.4% to 59 676 oz over the comparable period a year earlier, representing the company’s seventh consecutive quarter of gold output above 53 000 oz.
The Canadian company, which operates the Fosterville and Stawell gold mines in the state of Victoria and the Cosmo mine in the Northern Territory, reported a 22.6% year-over-year rise in the consolidated mill headgrade to 3.58 g/t.
This aided the consolidated mill recovery of 86.4%, mainly owing to strong recoveries at the Fosterville and Cosmo mines.
Crocodile was on track to hit the top-end of its full-year guidance of 220 000 oz of gold and the lower end of all-in sustaining cash costs guidance of $1 020/oz.
During the quarter, the company ended a net free-cash-flow-sharing arrangement with AuRico Gold with a one-time payment of C$20-million in cash, without incurring debt.
As at the three-month period ended March 31, Crocodile had a preliminary cash balance of $27.7-million and working capital of about C$20-million.
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