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Alamos reports record Q3 output at 107 000 oz

Alamos reports record Q3 output at 107 000 oz

Fri Oct 13 2017


Alamos Gold has hit record third-quarter production of 107 000 oz of gold, 8% higher when compared with the same quarter ended September 30, 2016.


The record performance was mainly owing to the best-yet production of 55 800 oz from the Young-Davidson, mine, in Ontario, with 36 300 oz contributed by the Mulatos mine and 14 900 oz from El Chanate, both in Mexico.


The dual-listed miner said it sold 100 551 oz of gold at an average realised price of $1 281/oz, $3 above the London PM fix, for revenues of $129-million in the period.


"Operationally we delivered a strong third quarter with record production and significant milestones achieved at both our key operations. This included the completion of the MCM waste pass at Young-Davidson, contributing to higher underground mining rates in September, and initial production from our La Yaqui mine, in the Mulatos district.


“We expect both will be key drivers of strong free cash flow growth in the fourth quarter and we remain well positioned to achieve full-year guidance," president and CEO John McCluskey stated.


Alamos recorded 309 100 oz of gold produced through the first three quarters of 2017, putting the company on track to achieve full year guidance of 400 000 oz to 430 000 oz of gold.


The company remains debt free with cash and cash equivalents and equity securities increasing to about $165-million as at September 30.


Source: http://www.miningweekly.com/