Orosur slips into the red on lower production, gold prices

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Friday, August 21, 2015

Santiago-based Orosur Mining produced 53,485oz of gold in fiscal year 2015 ended May, down from 60,271oz the year before but in line with its 50,000-55,000oz guidance.

Cash operating costs rose to US$912/oz from US$792/oz, also in line with guidance, Orosur said in its latest financial results. All-in sustaining costs (AISC) were US$1,185/oz up from FY14's US$1,049/oz.

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The company reported a net loss of US$6.81mn compared to earnings of US$4.46mn the previous fiscal year, due to lower production and a decline in the average realized gold price – US$1,232/oz compared to US$1,298/oz.

Revenue was down 18% to US$65.9mn.

Orosur lowered its guidance for the current fiscal year to AISCs of US$1,000-1,000/oz (from US$1,100-1,200/oz previously) and production of 30,000-35,000oz from the previous 50,000-55,000oz, as a result of the decline in gold prices.

San Gregorio in Uruguay is Orosur's only producing mine and the only operating gold mine in the country. The company also holds exploration assets in Chile and Colombia in addition to other properties in Uruguay.