Osisko Gold Q4 profit falls
TORONTO (miningweekly.com) – Quebec-based gold producer Osisko Mining on Tuesday reported a narrower fourth-quarter profit as the lower gold price impacted on its financial performance.
Osisko, which is the target of a C$2.6-billion hostile takeover bid by rival Goldcorp, reported net income of C$10.50-million, or C$0.02 a share, in the three months ended December 31, compared with a profit of C$12.9-million, or C$0.03 a share, a year earlier.
Revenue totalled C$185.8-million, down from C$191.1-million in the fourth quarter of 2012. This was despite Osisko reporting record gold output from its flagship Canadian Malartic mine, in Quebec, totalling 137 321 oz, compared with 101 544 oz a year earlier. Gold sales rose to 136 826 oz, compared with 111 104 oz in the comparable period of 2012.
The average realised price dropped to $1 275/oz from $1 709/oz a year earlier.
The Canadian Malartic mine produced a record 50 111 oz at a cash cost of $670/oz in January.
"The record gold production was achieved despite mill downtime and unusually cold weather conditions,” president and CEO Sean Roosen said.
Osisko rejected a hostile takeover bid by Goldcorp in January, and had launched a legal challenge to Goldcorp's bid, accusing the company of breaking a confidentiality agreement and failing to honour a verbal agreement to extend an expired standstill agreement.
A hearing had been set for March 3. Osisko said that it expected Goldcorp to extend its bid deadline until March 10.
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