The approvals process for the C$25-million expansion of the Brucejack mine, in British Columbia, should be wrapped up by the end of the year, TSX- and NYSE-listed Pretium Resources said on Thursday after announcing its third-quarter financial results.
The expansion will increase the average production rate from 2 700 t/d to 3 800 t/d, resulting in an average production rate of 1.38-million tonnes. In the third quarter, the mill throughput averaged 2 610 t/d, producing 92 641 oz of gold and 95 741 oz of silver.
Pretium sold 94 458 oz of gold and 87 110 oz of silver in the quarter – a significant improvement on the corresponding period a year earlier – generating revenue of $110.1-million, up from $70.9-million in the third quarter of 2017.
The miner reported net earnings of $10.7-million, compared with a loss of $7-million in the third quarter of 2017. Adjusted earnings were $26.3-million, from $14-million a year earlier.
Gold production at Brucejack for the second half of 2018 is expected in the range of 200 000 oz to 220 000 oz, for total 2018 gold production of 387 000 oz to 407 000 oz.
Pretium announced its first gold pour at Brucejack on June 20, 2017, and declared commercial production at the C$811.1-million mine on July 3 that year.
Meanwhile, Pretium appointed Robin Bienenstock as an independent director of the company. Bienenstock has also been appointed as a member of the board’s corporate governance and nominating committee and compensation committee.