Monarques achieves q/q production growth; Beaufor closure pushed back
Canadian junior Monarques Gold produced 4 417 oz of gold and generated $11.4-million in revenue in its second quarter ended December 31, 2018, the company reported on Wednesday, when it also announced that the suspension date of its Beaufor mine, in Quebec, has been extended by about four months.
December-quarter production was up 23% from the first quarter, but down 19% from 5 444 oz last year.
Revenues came from the sale of 5 169 oz of gold at an average price of C$1 656/oz, combined with revenues from custom milling operations, which were up 2% from the first quarter and more than 71% year-on-year.
“These positive results for Monarques in the second quarter reflect a number of factors, including better grades from known stopes at the Beaufor mine, higher gold prices and the sustained contribution of custom milling activities at Camflo,” commented Monarques President and CEO Jean-Marc Lacoste.
The company plans to continue mining the ore remaining in the known stopes at Beaufor over the next few months, which should allow it to continue producing until April.
To reduce costs and in anticipation of the upcoming suspension of production activities at Beaufor, the company ceased exploration and development work a few months ago and currently has 51 employees at the Beaufor mine, compared to about 130 employees prior to the announcement of the suspension.
During the quarter, the company also sustained positive contribution of custom milling at the Camflo mill.
Moreover, it successfully completed a positive feasibility study on its Wasamac deposit, finding a projected yearly average gold production of 142 000 oz over 11 years; pre-tax net present value of $522-million; pre-tax internal rate of return of 23.6%; and production cash costs of $550/oz.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation