real-time news and commentary for investors
Monday, Oct 7
Allied Nevada +16% on record gold production, sales results
- Allied Nevada (ANV +16.1%) says it achieved record gold production and sales in Q3.
- Its Hycroft mine produced a record 52,198 oz. of gold and 184,070 oz. of silver in Q3, and ANV sold a record 52,713 oz. of gold and 184,082 oz. of silver; ANV believes it is on track to achieve full-year production and sales guidance of 175K-200K oz. of gold and 0.9M-1.1M oz. of silver in 2013.
- ANV's new 21.5K gal/minute Merrill-Crowe plant began commissioning at the end of Q3; the silver sales ratio is expected to increase with the exclusive use of the new Merrill-Crowe plant from ~3.5 oz. of silver for each oz. of gold produced to in excess of 6:1.
- Shares are upgraded to Outperform from Sector Perform at Scotia Capital after ANV released the numbers.