Osisko Mining posts lower Q3 profit, achieves record output
TORONTO (miningweekly.com) – Quebec-based gold producer Osisko Mining's profit fell to $9.76-million, or $0.02 a share, for the third quarter ended September 30, from $28.3-million, or $0.07 a share, in the corresponding period of 2012, despite record quarterly output, as lower realised prices eroded the company’s per-ounce margin.
Excluding special items, the company, which operates the largest openpit gold mine in Quebec – the Canadian Malartic mine – on Friday reported adjusted net earnings of $21.9-million, or $0.05 a share, compared with $50.4-million, or $0.13 a share, in the corresponding period of 2012.
A group of 14 analysts had on average expected the company to earn $0.05 a share on revenue of $173-million.
Revenue in the quarter rose 8% to $171.3-million, compared with the restated revenue of $158.5-million a year earlier, as gold sales rose 29% to 123 151 oz and silver sales rose 26% to 117 750 oz.
The average gold sales price, however, declined 20% year-on-year to $1 321/oz, compared with the average market price in the period of $1 326/oz. The company’s cash margin per ounce eroded 26% year-on-year to $595.
The cash costs fell 11% to $754/oz and the company said it was on track to achieve capital savings of over $80-million this year.
Osisko said it expected to produce 485 000 oz of gold in 2013.
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