Tahoe rakes in record earnings as prices rise and costs fall
VANCOUVER (miningweekly.com) – Dual-listed precious metals producer Tahoe Resources has reported record cash flows and earnings on the back of strong performance from its portfolio of mines.
The Vancouver-headquartered company reported record cash flow before changes in working capital of $132.9-million, or $0.43 a share, with net earnings also rising to a record $74.7-million, or $0.24 a share.
Headline earnings for the three months ended March 31 rose more than four times over the first quarter of 2016, reaching $75.1-million, or $0.24 a share, and beating analyst forecast for earnings of $0.09 a share.
Record cash flow and earnings mainly resulted from a 33% increase in revenues compared with the fourth quarter last year, to a record $251-million. The increase in revenues reflected record gold sales of 115 900 oz, as well as increases in silver sales and the realised price for silver of 24% and 33%, respectively, from the prior quarter.
Tahoe reported total silver output in the period of 5.7-million ounces, driven by strong results at Escobal, in Guatemala. First-quarter gold output totalled 119 100 oz, compared with record output of 119 900 oz in the previous period.
The company expects to produce between 18-million and 20-million ounces of silver, and between 375 000 oz and 425 000 oz of gold in 2017. All-in sustaining costs are expected to range between $9.50/oz and $10.50/oz of silver and $1 150/oz to $1 250/oz of gold.
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