Orvana widens Q1 loss
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.
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