Detour Gold Corp DRGDF

Detour Gold Posts Rise In Third-Quarter Income

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Mining Minutes

Detour Gold Posts Rise In Third-Quarter Income

 

Allen Sykora  Thursday October 26, 2017 09:38

 

Detour Gold Corp. (TSX: DGC) reports a larger third-quarter profit as output rose from a year ago. Net earnings were $41.1 million, or 24 cents per share, up from $9.7 million, or 6 cents, in the same quarter of 2016.  Adjusted earnings in the third quarter amounted to $37.4 million, or 21 cents, up from $1.3 million, or a penny, a year ago. Gold production totaled 139,861 ounces for the third quarter, up from 127,758 in the same period of 2016, even though the company said the July-September output reflected a lower-than-projected head grade. All-in sustaining costs were $1,032 per ounce sold in the third quarter. Revenues were $164 million. The company sold 128,498 ounces of gold at an average realized price of $1,273 per ounce, with sales lagging production due to the timing of gold pours and shipments. “Detour Lake operation continued to improve with record mining and milling rates, although gold production was at the lower end of our projections for the quarter. We expect a strong fourth-quarter gold production to meet the mid-range of our annual guidance,” says Paul Martin, president and chief executive officer. Guidance for the full year is 550,000 to 600,000 ounces of gold at AISC of $1,025 to $1,125.

By Allen Sykora of Kitco News; [e-mail]