Primero swings to Q4 loss
TORONTO (miningweekly.com) – Precious metals miner Primero Mining this week said that it had swung to a fourth-quarter net loss as a deferred tax expense, related to the recently introduced mining royalty tax in Mexico, haemorrhaged earnings.
For the three months ended December 31, the Toronto-based company reported a net loss of $35.9-million, or $0.31 a share, compared with net income of $1.2-million, or $0.01 a share, for the fourth quarter of 2012.
Excluding special items, the adjusted net income for the fourth quarter was $1.6-million, or $0.01 a share, compared with adjusted net income of $4.5-million, or $0.05 a share, in the fourth quarter of 2012.
Analysts had on average expected adjusted earnings of $0.02 a share for the quarter.
During this period, revenues fell 9% to $47.73-million, as output fell at its flagship San Dimas mine, in Mexico. Primero produced 34 371 gold-equivalent ounces (GEOs), down 18% from the 41 998 GEOs produced in the third quarter.
GEOs sold declined 6% sequentially to 37 733 oz.
Primero said its all-inclusive sustaining costs declined 14% to $1 415/oz of gold.
In 2014, output at San Dimas was expected to rise by up to 15% to between 155 000 oz and 165 000 oz of gold equivalent.
Primero in December announced that it had struck a transformational deal to buy miner Brigus Gold for $220-million that would see the two companies form a new North American midtier gold producer, with operations in Ontario and Mexico.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established on 1 March, 2000, by Barries Barnard, Advanced Fire Suppression Technologies (AFST) and the Advanced Group stands as Sub-Saharan...
VISIT SHOWROOM
Virtual Gas Network supplies compressed natural gas via a virtual gas distribution network.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
