Alacer Gold Corp
Alacer Gold Corp
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Alacer remains on track for the start-up of the new sulfide circuit in the Sept qtr at its Çöpler gold mine in Turkey as it posts June half-year production from its oxide plant of 63,073oz, compared to 64,309oz in H1FY2017. AISC improved to $US659/oz.
Ahead of the sulfide plant coming on line, Alacer has established sulfide stockpiles of 9.8Mt @ 3.29g/t containing 1Moz at end-June.
H1FY2018 attributable net profit was $6.6M after operating cash-flow of $167M and ending the period with $163M cash and $350M debt.
A successful in-pit exploration program has seen Alacer Gold increase forecast FY2018 oxide gold production from its Çöpler gold mine in Turkey by 50% to 110,000-130,000oz and lower AISC guidance by 13% to $US650-700/oz.
Alacer says about 1Mt of limestone-rich oxide material may be blended with low-sulfide, high-carbonate stockpiles for efficient heap leach processing.
The production forecast from Çöpler's under-construction sulfide plant remains 50,000-100,000oz.
Alacer Gold posted March qtr (Q1) gold production of 37,875oz at its 80%-owned Çöpler project in Turkey, down from 64,542oz in the Dec qtr. AISC rose to $US737/oz (Q4FY2017: $685/oz).
Attributable gold production was 30,300oz (51,634oz).
President-CEO Rod Antal says production and costs are in line with guidance as Çöpler progressively transitions from oxide to predominately sulfide ore in H2.
In what they both agree is a "nice deal", Northern Star will pay $80M to acquire the South Kalgoorlie Operations of Westgold Resources to support its gold production target of 300,000oz. John Feary reports
Alacer Gold has posted a massive jump in attributable net profit to $US82M in the Dec 2017 year (FY/CY17) from the previous year’s $6.2M on gold production from its 80%-owned Çöpler project in Turkey up to 168,163oz at AISC sold of $US685oz from 119,037oz at $968oz.
Alacer Gold has lifted FY17 net profit to $82M from $6.2M on gold production up nearly 50,000oz and more certain in 2018 as the Çöpler sulphide project comes on stream
Canadian-based miner Alacer heads into a pivotal year at its Çöpler gold project in Turkey on a high after lifting FY2017 production to 168,163oz at AISC of $US685/oz, up from 119,037oz at $968/oz in the previous 12 months.
President-CEO Rod Antal says its operational excellence initiatives during the year helped lift Q4 output to 64,542oz.
He predicts FY2018 production will be 120,000-190,000oz, comprising 70,000-90,000oz at $750-800/oz from the Çöpler oxide operations and 50,000-100,000oz from the sulfide plant once it commences operations in the Sept qtr.
A 25% increase in production and 31% improvement in costs in the Sept qtr (Q3) has enabled Alacer to deliver $US32.7M in operating cash flow at its 80%-owned Çöpler gold project in Turkey.
The expected production uptrend that lifted Q3 output to 39,312oz (Q2: 31,391oz) at AISC of $623/oz ($909/oz) boosts the YTD figure to 103,621oz, leaving it 56,600oz to produce in Q4 to meet the lower end of its 160,000-180,000oz guidance.
With oxide resources progressively being exhausted, Alacer's sulfide expansion project is on schedule for first gold in Q3FY2018.
Despite a fall in gold production and increased costs, Alacer Gold Corp has posted a big jump in attributable net profit for the June 2017 qtr (Q2 17) to $US23M from the previous qtr’s $8.7M, on cash flow from operating activities slipping to $8M from $8.98M.
Despite easing gold production and increased costs, Alacer Gold has more than doubled Q2 17 net profit to $23M