OTCPK:RIDYF - Post by User
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Investorgatoron Nov 09, 2014 10:52am
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Best of Breed? Richmont Mines
Best of Breed? Richmont MinesRichmont Mines (NYSEMKT: RIC) released its Q3 earnings November 6th with another respectable performance. Adjusted net earnings were $4.4M ($0.10 per share) and operating cash flow was $8.5M.
During the course of the year Richmont raised its production guidance twice. The first 9 months of 2014 have been better than most full years, both financially and operationally. After costs ballooned in 2012 and 2013, Richmont shook-up the boardroom, invested in new equipment, adjusted its mining methods, and gave up on zones that proved to be unreliable.
Those decisions are paying off… year to date production costs are down 15% (20% in dollar terms) to $948 Canadian and $866 US.
Independent Report of Richmont Mines