https://www.miningweekly.com

Osisko reports strong Q1 results

Osisko reports strong Q1 results

Photo by Osisko Mining

15th May 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – Quebec-based gold producer Osisko Mining on Wednesday reported strong results for the three months ended March 31, netting C$24.2-million, or C$0.06 a share, up almost 40% from C$17.4-million, or C$0.04 a share, in the corresponding quarter of 2013.

The miner, which recently fended off a hostile takeover bid by rival Goldcorp, said revenue rose 33% to C$212.13-million, boosted by sales rising 38% to 146 132 oz.

Osisko said its flagship Canadian Malartic mine, located north-west of Val D'Or, Quebec, produced a record 140 029 oz of gold, up 32% year-over-year as the mine was still ramping up output since declaring commercial production in May 2011.

Operating cash costs totalled C$636/oz, significantly lower than the C$804/oz in the comparable quarter last year, as increased throughput and gold production, improved efficiencies and reduced contractors’ costs paid off.

“We are extremely proud of our team for delivering record quarterly gold production and financial results, particularly during a difficult time for all of our employees. Canadian Malartic has continued to progress into one of the top performing gold mines in the world,” president and CEO Sean Roosen said.

He added that the company generated C$91.9-million in operating cash flow and increased its cash balance by C$47.6-million.

At the end of last month, Goldcorp walked away from its C$3.6-billion hostile offer to acquire Osisko that started in January. Goldcorp was outbid by white knights Latin America-focused precious metals miner Yamana Gold and Canadian gold miner Agnico Eagle to jointly buy all Osisko's issued and outstanding common shares for C$3.9-billion, or C$8.15 a share.

Osisko's stock had gained 67% in value since the start of the year, and on Thursday traded at C$8.03 apiece.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

EKATO Africa
EKATO Africa

Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.044 0.087s - 110pq - 2rq
Subscribe Now