Primero swings to Q4 loss
TORONTO (miningweekly.com) – Precious metals miner Primero Mining this week said that it had swung to a fourth-quarter net loss as a deferred tax expense, related to the recently introduced mining royalty tax in Mexico, haemorrhaged earnings.
For the three months ended December 31, the Toronto-based company reported a net loss of $35.9-million, or $0.31 a share, compared with net income of $1.2-million, or $0.01 a share, for the fourth quarter of 2012.
Excluding special items, the adjusted net income for the fourth quarter was $1.6-million, or $0.01 a share, compared with adjusted net income of $4.5-million, or $0.05 a share, in the fourth quarter of 2012.
Analysts had on average expected adjusted earnings of $0.02 a share for the quarter.
During this period, revenues fell 9% to $47.73-million, as output fell at its flagship San Dimas mine, in Mexico. Primero produced 34 371 gold-equivalent ounces (GEOs), down 18% from the 41 998 GEOs produced in the third quarter.
GEOs sold declined 6% sequentially to 37 733 oz.
Primero said its all-inclusive sustaining costs declined 14% to $1 415/oz of gold.
In 2014, output at San Dimas was expected to rise by up to 15% to between 155 000 oz and 165 000 oz of gold equivalent.
Primero in December announced that it had struck a transformational deal to buy miner Brigus Gold for $220-million that would see the two companies form a new North American midtier gold producer, with operations in Ontario and Mexico.
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