Osisko Gold Royalties increases 2016 gold earnings
VANCOUVER (miningweekly.com) – Dual-listed gold royalty firm Osisko Gold Royalties has increased its 2016 gold earnings by 25% year-on-year, boosting revenue by 38% to a record C$62.7-million.
The Montreal, Quebec-based company reported on Monday that it had earned 38 270 gold-equivalent ounces (GEOs) in 2016, compared with 30 588 GEOs in 2015.
Desjardins Capital Markets analyst Michael Parkin said in a note to clients the fourth-quarter revenue "came in a bit light".
“With 76% of its revenue derived from the Canadian Malartic mine, we believe that this could potentially indicate slight weakness in the operation there and thus, a potential modestly negative read-through for Agnico Eagle, a 50% owner and operator of Canadian Malartic [and Yamana Gold, which owns the other 50%],” Parkin stated.
Osisko reported a strong balance sheet of $499.2-million, at December 31, benefiting from the sale of investments for $129.3-million and equity holdings for $15.9-million.
During the fourth quarter, the company sold certain equity positions in publicly held companies, including the majority of shares held in Labrador Iron Ore Royalty Corporation. The sale of its 9.8% interest in Labrador Iron Ore Royalty Corporation for $113.4-million will allow Osisko to scout for growth opportunities in the precious metals sector.
"During the past 30 months, we have established Osisko as a leading intermediate royalty company. During 2016, we earned record royalty revenue from our strong asset base, and we continued to position the company for future growth through our accelerator/incubator project development model. Our strong financial position will allow us to aggressively pursue our growth plan in 2017,” chairperson and CEO Sean Roosen said in a news release.
Osisko expects to publish its full operational and financial results for the fourth quarter and 2016 financial year on March 15.
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