Despite rising output, Brigus Gold posts Q2 loss
TORONTO (miningweeklty.com) – NYSE- and TSX-listed Brigus Gold this week posted a net loss of $4.74-million for the second quarter, despite selling 22% more ounces of gold, as a lower realised gold price and higher production costs per ounce sold hurt earnings.
The company, which owns and operates the Black Fox gold mine in Ontario’s Timmins gold camp, posted a net loss of $0.02 a share for the three months ended June 30, compared with profit of $416 000, or nil cents a share, in the same period a year earlier.
The Halifax, Nova Scotia-based company sold 22 490 oz of gold at an average realised price of $1 352/oz, 12% lower than the $1 543/oz realised a year earlier.
Revenue, at $30.4-million, was 7% higher than the $28.42-million recorded in the same quarter in 2012, boosted by increased sales.
Gold output rose 28% year-on-year to 23 304 oz, compared with 18 254 oz. Cash costs per gold ounce sold rose 14% to $908/oz; however, all-in sustaining cash costs per ounce sold were 20.5% lower year-on-year at $1 365/oz.
Meanwhile, pressured by lower gold prices, the company cut its 2013 capital budget by $3-million, to $38.5-million. The company had also repaid $7.3-million of long-term debt in the period.
The company lifted its expected full-year gold output guidance to between 95 000 oz and 105 000 oz.
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