Centerra Gold Inc. (TSX: CG) says the company exceeded its 2015 annual production guidance with output of 536,921 ounces. This includes 520,695 ounces of gold from the Kumtor mine, located in the Kyrgyz Republic, and 16,226 ounces from the Boroo mine in Mongolia. During the fourth quarter, gold production was 133,665 ounces. “For 2016 we are estimating gold production to be in the range of 480,000 to 530,000 ounces,” says Scott Perry, chief executive officer. “At Kumtor this year, we are expecting gold production to be weighted more towards the second half of the year as we access the higher-grade portion of the SB Zone at the end of the second quarter. Centerra’s projected consolidated all-in sustaining cost per ounce sold for 2016 is expected to be in the range of $877 to $968.” Planned exploration expenditures for 2016 total $11 million, roughly equal to last year. Projected capital expenditures for 2016, excluding capitalized stripping, are estimated to be $269 million, including $85 million of sustaining capital and $184 million of growth capital.
By Allen Sykora of Kitco News; asykora@kitco.com
Endeavour Mining Reports Delisting From Australian Exchange
Tuesday January 12, 2016 09:22
Endeavour Mining Corp. says its shares have been removed from the official list of the Australian Securities Exchange, at the request of the company, as of the close of trading Monday. Endeavour Mining will continue to be listed on the Toronto Stock Exchange under the symbol EDV and quoted in the United States on the OTCQX under the symbol EDVMF. “This reduces our administrative, compliance and legal expenses, which could no longer be justified given the low levels of trading on the ASX relative to our TSX listing,” says Neil Woodyer , chief executive officer. Endeavour Mining also announces it is transferring its investor relations and administrative office from Vancouver to Paris.
By Allen Sykora of Kitco News; asykora@kitco.com
Richmont: 2015 Gold Output Second-Highest Ever In 25 Years
Tuesday January 12, 2016 09:22
Richmont Mines Inc. (TSX, NYSE MKT: RIC) reports fourth-quarter production of 22,380 gold ounces and annual production of 98,031 ounces, which exceeds the increased annual production guidance of between 87,000 and 95,000 ounces that was announced on Aug. 6. The Island Gold Mine posted quarterly production of 14,203 ounces. “We are very encouraged to report another strong quarter and annual production that exceeds our increased guidance estimates and was the second highest in 25 years, primarily driven by record production from our cornerstone Island Gold mine. During the quarter, we have reported very promising exploration results from Island Gold, both east and west of the main deposit as well as from the down plunge extension below the 1,000-meter level, which demonstrates the significant potential for sustainable, low-cost production growth that will drive increased margins and significant cash flow streams,” comments Renaud Adams, president and chief executive officer.
By Allen Sykora of Kitco News; asykora@kitco.com
Endeavour Silver Reports 2015 Silver Output Tops Guidance
Tuesday January 12, 2016 09:22
Endeavour Silver Corp. (TSX: EDR; NYSE: EXK) reports silver production was above guidance and gold production was in line with guidance during 2015. Endeavour produced 7,178,666 ounces of silver (on par with 2014) and 59,990 ounces of gold (down 5% compared to 2014). Silver-equivalent production totaled 11.4 million ounces at a 70:1 silver-to-gold ratio. For the fourth quarter, silver production was 1,732,765 ounces (14% lower year-on-year) and gold production was 15,433 ounces gold (up 2% year-on-year). Endeavour owns and operates three silver mines in Mexico. “As precious metal prices continued their downturn in 2015, our main focus was on maintaining constant production, reducing operating costs and maximizing free cash flow,” says Bradford Cooke, chief executive officer and director.
By Allen Sykora of Kitco News; asykora@kitco.com
Kinross Completes $610 Million Acquisition Deal With Barrick Gold
Tuesday January 12, 2016 08:18
Kinross Gold Corp. (TSX: K; NYSE: KGC) has announced the completion of an acquisition deal with Barrick Gold Corp. (NYSE, TSX: ABX) for gold mines in Nevada. In a press release, Kinross said it had “completed its acquisition of 100% of the Bald Mountain gold mine, which includes a large associated land package, and 50% of the Round Mountain gold mine in Nevada from Barrick Gold Corp. for $610 million in cash under the previously announced definitive asset purchase agreement.” Kinross’ president and chief executive, Paul Rollinson, said the acquisition is expected to lower costs while preserving the company’s balance sheet strength. “The Bald Mountain property encompasses a 600 km2 prospective land package along the southern extension of the Carlin trend, the most prolific gold-producing region in the United States,” the press release says. “Kinross will leverage Barrick’s area expertise to explore and develop 40% of the land package outside the current core mining area as part of a 50/50 exploration joint venture,” the press release adds. Barrick president Kelvin Dushnisky says that the company is also “excited to form a new exploration partnership with Kinross that will allow us to maintain significant exposure to a highly prospective land package at Bald Mountain.”
By Sarah Benali of Kitco News; sbenali@kitco.com
