Alamos Gold narrows quarterly profit as prices slide, costs rise
TORONTO (miningweekly.com) – Dual-listed Alamos Gold on Thursday reported lower profit for the three months ended September 30, as weaker realised gold prices haemorrhaged earnings and costs rose.
The TSX- and NYSE-listed miner said earnings slid 64% to $9.2-million, or $0.07 a share, as a result of lower prices, increased corporate and administrative costs, increased amortisation costs and a higher effective tax rate.
Revenues were 11% lower at $63.81-million, despite selling 11% more gold at 48 000 oz. At an output of 43 000 oz of gold, the company produced 500 oz less than in the same quarter a year earlier.
The cash costs per ounce rose 12% year-on-year to $491/oz and all-in costs rose 13% to $810/oz.
Year-to-date output totalled 151 000 oz placing the company on track to meet its full-year 2013 production guidance of between 180 000 oz and 200 000 oz of gold, at an average total cash cost of between $500/oz and $520/oz of gold sold.
Factoring in exploration spending, corporate and administrative costs, share-based compensation and sustaining capital costs, the company expected all-in sustaining costs per ounce to average between $785 and $825 for the year.
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