Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
Proactiveinvestors
My blog:
Proactiveinvestors
  • Orosur Mining Production Up In Third Quarter 0 comments
    Apr 11, 2013 12:32 PM

    Orosur Mining (LON:OMI) said it will meet its production target this year after output rose sharply in its third quarter.

    The Uruguay-based miner produced 18,401 ounces of gold in the three months to end February, up 35% on a year ago.

    Cash costs also fell, to US$999 per ounce, from US$1,104, though costs are still higher for the nine months of the year so far.

    Revenues in the latest quarter rose by 15% to US$30mln, though net profit eased to US$3.5mln from US$5mln after a jump in costs of sales during the period.

    Orosur said the improvement in production and cash cost was in line with expectations despite operational issues in the open pits at the San Gregorio mine that have yet to be fully resolved.

    First ore from the Arenal Deeps development is targeted for April following completion of the ramp.

    Production for the full year remains on track to hit its 63,000 to 68,000 ounces target and will reflect stronger production from Arenal as higher grade ore comes on stream.

    Ignacio Salazar, interim managing director, said: "In this quarter, the company has completed the ramp at Arenal Deeps, production and costs have been brought in line with expectations, we have identified high priority drill targets at Anillo to start drilling in May and have been re-evaluating Quebrada Pantanillo as a high sulfidation gold system to improve the economics of the project."

    Salazar took over on an interim basis following the resignation of chief executive David Fowler in March.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.