AuRico Gold narrows net loss in Q2
Toronto-based AuRico Gold reduced its net loss to US$16.8mn in 2Q14 from US$104mn in the corresponding quarter of 2013, the company reported in its latest financial results.
Quarterly revenues from the firm's Canadian and Mexican mining operations reached US$75.5mn, representing a 31% year-on-year increase.
AuRico produced 56,198oz of gold in Q2, a 17.1% year-on-year increase. Gold production at the El Chanate gold mine in Mexico was down 14.5% to 16,032oz, while gold output at the Young-Davidson mine in Canada was up 37.3% to 40,166oz.
Reduced production at El Chanate reflected the sequencing of lower grade mining areas. Operations will transition to higher grade areas in the second half of 2014, AuRico said.
Total cash costs were US$801/oz in 2Q14, up from US$655/oz in the year-ago quarter.
Adjusted Ebitda fell 5.9% year-on-year to US$20.5mn.
AuRico saw gold production of 71,864oz in 2013 and set 2014 full-year guidance between 70,000oz and 80,000oz.
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