Detour Gold widens Q1 net loss
TORONTO (miningweekly.com) – Emerging midtier gold miner Detour Gold has widened its net loss for the three months ended March 31.
The Toronto-based company, which operated the Detour Lake mine, in Ontario, on Tuesday reported a net loss of $63.1-million, or $0.38 a share, a 15% slide year-on-year.
Adjusted to exclude the impact of deferred tax expense and changes in the company's convertible notes, the net loss in the first quarter was $23.5-million, or $0.14 a share, up from a loss of $28.1-million, or $0.20 a share, in the comparable period of 2014.
Metal sales for the first quarter were $127.4-million, up 16% year-over-year. The company sold 104 497 oz of gold at an average realised price of $1 232/oz, higher than the average London afternoon fix gold price of $1 219/oz as a result of the company’s gold hedging programme.
Gold output was 105 572 oz, about 4% below the lower end of the guidance range for the first quarter, after dealing with challenges in the first half of the quarter.
President and CEO Paul Martin advised that the operation had since stabilised and had gained significant momentum with the mill operating at design capacity for the last 82 days and mining rates exceeding budget at 250 000 t/d for the last 69 days.
Detour ended the quarter with cash and equivalents of $118-million, bolstered by the proceeds of the first-quarter equity financing that netted the company $123.1-million and was used to pay off the equipment financing leases and credit facility.
Detour confirmed its 2015 guidance of between 475 000 oz and 525 000 oz of gold at total cash costs of $780/oz to $850/oz sold. All-in sustaining costs were expected to range between $1 050/oz and $1 150/oz sold.
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