Canadian Mining Journal

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RESULTS: Roundup for the second quarter

This is the season for corporations to announce their second quarter results, both financial and operational. As expected, the news releases are arriving at the inbox in large numbers. Yesterday we offered results from Sherritt and North...


This is the season for corporations to announce their second quarter results, both financial and operational. As expected, the news releases are arriving at the inbox in large numbers. Yesterday we offered results from Sherritt and North American Palladium. Today we have a brief roundup from some other Canadian miners.

Having acquired half of the Canadian Malartic mine from Osisko, Agnico Eagle Mines revised its full year production number upward to 1.36 million oz. The company tallied a Q2 net income of US$37.7 million, or $0.20 per share. Revenues from mining were $437.8 million, compared to $336.4 million in Q2 2013. (Agnico.com)

Barrick Gold Corp. enjoyed Q2 output of 1.49 million oz of gold at all-in sustaining costs of $865 per oz and 67 million lb of copper at C1 cash costs of $2.04 per lb. The company’s revenues for the quarter were $2.43 billion (compared to $3.20 billion for the same quarter of 2013) and its net loss was $269 million ($8.56 billion). (Barrick.com)

Cameco Corp. reported increases in revenue (to C$502 mullion), gross profit ($136 million) and net earnings ($127 million) during Q2. The company expects to produce between 22.8 million and 23.3 million lb of U3O8 in 2014. (Cameco.com)

Things are looking up for First Quantum Minerals with net earnings of US$133.6 million or $0.23 per share in Q2 2014, compared to $19.5 million or $0.04 per share for Q2 2013. The increase is largely due to higher production of copper (up 4% to 107,808 tonnes) and nickel (up 12% to 12,223 tonnes). (FirstQuantum.com)

Also enjoying strong Q2 results was Goldcorp, that produced 639,500 oz of gold at all-in sustaining costs of US$852 per oz. Adjusted quarterly revenue was US$1.1 billion and adjusted net earnings of $164 million, or $0.20 per share. Compare that to Q2 2013 when the company had a net losses of $1.93 million, or $2.38 per share. (Goldcorp.com)

Hudbay Minerals reported total revenue for Q2 2014 of C$139.3 million, $8.6 million higher than the same quarter of last year. It credits higher copper sales volumes and prices offset by lower zinc, gold and silver sales. Both the Reed Copper and the Lalor gold-zinc mines are now in commercial production. (HudbayMinerals.com)

Kinross Gold Corp. took a bit of a hit with quarterly revenues of US$911.9 million, compared with $968.0 million in Q2 2013. The result came despite a 3.7% increase in gold equivalent to 679,831 oz. All in sustaining costs were down to $976 per oz AuEq sold, compared with $1,038 in the same quarter a year earlier. The company reported net earnings of $46.0 million in Q2 2014, a much better outcome than the $2.48 billion quarterly net loss last year. (Kirnoss.com)

Lake Shore Gold logged record gold production of 52,300 oz in Q2 2014, an increase of 70% from the same quarter in 2013. All-in sustaining costs were US$784, a 38% drop from a year earlier. Revenue was C$75.1 million based on an average selling price of US$1,289 per oz. (LSGold.com)

In the second quarter, Lundin Mining enjoyed a increase in both sales (US$191.8 million) and net earnings ($39.7 million). The year-over-year numbers were up 8.1% and 52.2%, respectively. However the company registered a net debt of $174.4 million. (LundinMining.com)

No longer a miner and now a gold royalty company, Osisko Gold Royalties says it has cash resources of C$155.6 million and is debt free and totally unhedged.

Copper and molybdenum producer Taseko Mines totaled C$107.3 million in Q2 revenues and recorded net earnings of $2.62 million. The amounts were generated from sales of 38.7 million lb of copper in concentrate and anodes. (TasekoMines.com)

Yamana Gold, buyer of half the Canadian Malartic mine formerly owned by Osisko, boosted Q2 gold equivalent production to 331,765 oz, a 22% jump from Q1. All-in sustaining costs were US$915 per oz AuEq and $864 per oz AuEq on a by-product (silver and copper) basis. Net earnings for Q2 2014 were $5.1 million, or $0.01 per share. (Yamana.com)