https://www.miningweekly.com

Orvana widens Q1 loss

9th February 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

Font size: - +

VANCOUVER (miningweekly.com) – The TSX-listed stock of copper and gold miner Orvana Minerals on Wednesday traded 12.5% lower after the company reported a widened loss for the first quarter of the 2017 financial year.

The Toronto-headquartered company, which owns mines in Spain and Bolivia, reported sales of 14 060 oz of gold, 3.6-million pounds of copper and 128 217 oz of silver for the three months ended December 31, representing increases of 9% and 33% for copper and silver respectively, compared with the quarter ended September 30, 2016. Gold sales were, however, down 4% quarter-on-quarter.

As a result, Orvana generated sales revenue of $23.5-million for the quarter under review, compared with $24.04-million in the September quarter.

Orvana reported a net loss of $8.2-million for the December quarter, compared with a loss of $1.53-million in the September quarter and a loss of $3.1-million in the quarter ended December 31, 2015.

The company has lowered its gold output guidance for the full year to between 85 000 oz and 95 000 oz, while copper output is forecast to be between 13-million and 14-million pounds and silver output between 300 000 oz and 350 000 oz.

The TSX-listed stock closed down C$0.03 a share at C$0.21 each on Wednesday.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Latest News

The combined entity will have a leading portfolio of tier-one assets, focused on iron-ore, metallurgical coal and future facing commodities, including potash and copper.
BHP makes £31bn offer for Anglo American
Updated 5 hours ago By: Mariaan Webb

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
Actom image
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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:0.194 0.23s - 112pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: