AuRico Gold drives down costs, shares respond
TORONTO (miningweekly.com) – North American miner AuRico Gold’s shares on the TSX gained 11.6% on Tuesday to close at C$4.04 apiece, after it reported third-quarter output in line with expectations.
The Toronto-based company reported gold output for the quarter ended September 30 of 143 075 oz and at cash costs of about $639/oz. This was in line with its full-year guidance of between 190 000 oz and 220 000 oz at cash costs of between $565/oz and $645/oz.
AuRico said its board had declared on the company’s quarterly dividend payment of $0.04 a share for the third quarter on September 17, and it would be payable on October 29 to shareholders of record at the close of business on October 11.
"The company remains well positioned to deliver quarter-over-quarter productivity improvements going forward and remains on target to meet company-wide production and cash costs guidance for the year," CEO Scott Perry said in a statement.
The company's operations include the Young-Davidson gold mine, in Northern Ontario, and the El Chanate mine, in Sonora state, Mexico.
AuRico said it expected to complete commissioning of its shaft hoisting system at the Young-Davidson underground mine later this month, and the declaration of subsequent commercial production was expected on October 31.
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