Osisko reports strong Q1 results
TORONTO (miningweekly.com) – Quebec-based gold producer Osisko Mining on Wednesday reported strong results for the three months ended March 31, netting C$24.2-million, or C$0.06 a share, up almost 40% from C$17.4-million, or C$0.04 a share, in the corresponding quarter of 2013.
The miner, which recently fended off a hostile takeover bid by rival Goldcorp, said revenue rose 33% to C$212.13-million, boosted by sales rising 38% to 146 132 oz.
Osisko said its flagship Canadian Malartic mine, located north-west of Val D'Or, Quebec, produced a record 140 029 oz of gold, up 32% year-over-year as the mine was still ramping up output since declaring commercial production in May 2011.
Operating cash costs totalled C$636/oz, significantly lower than the C$804/oz in the comparable quarter last year, as increased throughput and gold production, improved efficiencies and reduced contractors’ costs paid off.
“We are extremely proud of our team for delivering record quarterly gold production and financial results, particularly during a difficult time for all of our employees. Canadian Malartic has continued to progress into one of the top performing gold mines in the world,” president and CEO Sean Roosen said.
He added that the company generated C$91.9-million in operating cash flow and increased its cash balance by C$47.6-million.
At the end of last month, Goldcorp walked away from its C$3.6-billion hostile offer to acquire Osisko that started in January. Goldcorp was outbid by white knights Latin America-focused precious metals miner Yamana Gold and Canadian gold miner Agnico Eagle to jointly buy all Osisko's issued and outstanding common shares for C$3.9-billion, or C$8.15 a share.
Osisko's stock had gained 67% in value since the start of the year, and on Thursday traded at C$8.03 apiece.
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