TORONTO (miningweekly.com) – TSX- and ASX-listed Alacer Gold this week reported strong results for the quarter ended June, as lower costs and improved production boosted its bottom line.
The Toronto-headquartered company on Monday reported an 8% improvement in gold production from its 80%-owned Çöpler gold mine, in Turkey, of which attributable output was 43 006 oz.
The company’s net profit rose 54% year-over-year to $14.08-million, or $0.05 a share.
Revenue rose marginally to $64.14-million, while a 26% decrease in production costs to $20.79-million helped boost mining gross profit by 26% to $31.77-million.
CEO Rod Antal noted that Alacer continued its strong record at Çöpler, with the heap leach pad Phase 4 expansion to 58-million tonnes advancing in June, when the initial stacking of ore took place.
Meanwhile, in June 2014, Alacer completed a definitive feasibility study (DFS) on processing the Çöpler sulphide ore using whole-ore pressure oxidation. The DFS demonstrated that the processing of sulphide ore should generate technically and financially robust outcomes, as well as significantly extend the mine life to 25 years.
The company remained focused on achieving the necessary key milestones to advance the Çöpler sulphide project into the construction phase and to deliver the project on schedule in late 2017, advised Antal.
The company’s TSX-listed stock gained 7.32% so far this year and on Wednesday added 3.03% to close at C$2.72 apiece.