Alamos keeps costs ‘well below’ guidance
Bullion miner Alamos Gold has achieved second-quarter production that is in line with its guidance and managed to keep costs “well below” its target, reflecting sold performances at its Canadian operations and a strong start from La Yaqui Grande in Mexico, president and CEO John McCluskey reported on Wednesday.
The miner produced 103 900 oz of gold, a 5% increase from the first quarter and in line with its guidance. In Canada, Young Davidson continued its strong operational performance, with mining rates exceeding 8 000 t driving production of 46 400 oz and record mine-site free cash flow of $30.8-million.
Island Gold produced 34 300 oz, which is a 52% improvement on the first quarter, leading to mine-site free cash flow of $20.2-million. Last month, Alamos announced the Phase 3+ expansion of Island Gold to 2 400 t/d, which would more than double production to 287 000 oz/y at all-in sustaining costs (AISC) of $578/oz in 2026.
Construction of the La Yaqui Grande mine was completed ahead of schedule in June and produced 5 000 oz at total cash costs of $451/oz.
Alamos reported total cash costs of $895/oz and AISC of $1 170/oz, which were significantly lower than the first quarter and consistent with its yearly guidance, reflecting higher grades mined at Island Gold, the strong start at La Yaqui Grande, and the weaker Canadian dollar.
“With La Yaqui Grande expected to drive stronger production in the second half of the year, we remain on track to achieve full-year guidance,” said McCluskey.
The miner’s goal for the year is to produce 440 000 oz to 480 000 oz at an AISC of $1 190/oz to $1 240/oz.
Almos reported second quarter net earnings of $6.4-million, or $0.02 a share.
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