Alamos Gold Inc. Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2015; Provides Capital Expenditures and Production Guidance for the Year 2015
May 7 15
Alamos Gold Inc. announced unaudited consolidated earnings and operating results for the first quarter ended March 31, 2015. For the quarter, the company reported operating revenues of $44.728 million against $41.511 million a year ago. Earnings from mine operations were $6.338 million against $10.276 million a year ago. Earnings from operations were $0.049 million against $5.541 million a year ago. Earnings before income taxes were $4.992 million against $4.720 million a year ago. Earnings were $2.215 million or $0.02 per basic and diluted share against $2.746 million or $0.02 per basic and diluted share a year ago. Cash provided by operating activities was $2.440 million against $7.265 million a year ago. Exploration and evaluation assets were $1.406 million against $1.340 million a year ago. Mineral property, plant and equipment were $16.093 million against $9.603 million a year ago. Capital expenditures in the first quarter of 2015 totaled $17.5 million. Sustaining capital in Mexico included $1.2 million on leach pad interlift liners and maintenance of the ponds, $0.7 million for component changes, and $2.9 million moving and replacing the agglomerators. Sustaining capital in the first quarter of $5.7 million was as budgeted.
For the quarter, the company’s production was 38,000 ounces of gold in the first quarter of 2015 against 37,000 ounces of gold in the first quarter of 2014. Crushed ore stacked on leach pad was 1,552,000 tonnes against 1,483,500 tonnes a year ago. Grade was 0.92 g/t Au against 1.03 g/t Au a year ago. Contained ounces stacked were 45,900 against 49,100 a year ago. Crushed ore milled was 20,350 tonnes against 30,100 tonnes a year ago. Grade was 10.37 g/t Au against 3.28 g/t Au a year ago. Contained ounces milled were 6,800 against 3,200 a year ago. Total ore mined was 1,863,000 tonnes against 1,748,000 tonnes a year ago. Waste mined was 1,143,000 tonnes against 950,000 tonnes a year ago. Total mined was 3,006,000 tonnes against 2,698,000 tonnes a year ago. Ore crushed per day - combined was 17,500 tonnes against 16,800 tonnes a year ago.
The full year sustaining capital guidance remains at $12.5 million. Gold production in the first quarter of 2015 benefited from 15% higher grades than budgeted. Offsetting this was lower high-grade production as the Company has reduced high-grade mill throughput until the mill improvements, including installation of a vertical grinding mill, are completed at the end of the second quarter. Starting in the third quarter, the company will draw on existing stockpiles to ramp up throughput to the high-grade mill, resulting in higher production in the second half of the year. The company continues to anticipate producing between 150,000 and 170,000 ounces of gold in 2015 at total cash costs and all-in sustaining costs of approximately $865 and $1,100 per ounce of gold sold, respectively.
Alamos Gold Mulls Acquisitions
May 7 15
Alamos Gold Inc. (TSX:AGI) is looking for acquisitions. The company stated, “In April, the Company announced a merger with AuRico to combine the companies by way of a Plan of Arrangement, creating a new, leading intermediate gold producer. The Merger combines two top-quality, highly-complementary asset portfolios, including two long-life, cash flow-generating gold mines: AuRico's Young-Davidson mine in Ontario, Canada and Alamos' Mulatos mine in Sonora, Mexico. The combined company will have geographic and operational diversity, with producing assets in Canada and Mexico and a strong growth development pipeline. Furthermore, it is expected that the combined company will have in excess of $400 million in cash and cash equivalents and short-term investments, providing a strong financial platform for future organic growth or acquisitions.”
Alamos Gold Reports Positive Court Decision on Agi Dagi EIA
Apr 28 15
Alamos Gold announced that the Canakkale Administrative Court has dismissed the injunction order granted against the Turkish Ministry of the Environment and Urbanization's approval of the Environmental Impact Assessment (EIA) for the Agi Dagi gold project.