Atna Resources swings to Q3 loss
TORONTO (miningweekly.com) – TSX-listed Atna Resources on Monday reported a net loss of $1.2-million, or $0.01 a share, compared with profit of $147 200 oz, or $0.01 a share, in the same quarter of 2012, mainly owing to interest expense and a realised loss on derivatives.
For the three months ended September 30, the Golden, Colorado-based miner reported revenues of $12-million, which was 16% lower when compared with $14.24-million a year earlier.
The company’s flagship Briggs mine, in California, sold 9 147 oz of gold, an increase of 35% quarter-on-quarter, as a waste stripping programme in May had allowed it access to a strong ore supply since June, allowing for the significant increase in output to drive down costs.
The lower costs were also, in part, owing to a productivity improvement programme and cost reduction at the mine.
Gold recovery had increased to 9 957 oz in the period.
Unit production costs at Briggs declined 25% from $17.70/t crushed in second quarter, to $13.27/t crushed in the third quarter, and the cash cost of gold sold decreased 13% from $1 131/oz to $986/oz; and all-in sustaining cost decreased 23% from $1 409/oz to $1 084/oz.
In September, the company had closed a C$5.8-million private placement netting $5.3-million. As of quarter-end, the company’s cash and cash equivalents were $2.8-million.
In October, Atna announced a restructuring of its C$17.5-million credit facility with Sprott Lending, deferring remaining principal payments into 2014.
Atna in June placed its Pinson gold mine, in Humbolt county, Nevada, on care and maintenance to cut costs and conserve developed reserves, as gold prices declined.
Atna expected output of between 35 000 oz and 40 000 oz of gold for 2013.
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