Alamos Gold Inc
Alamos Gold Inc
Full text is available to Level 2 subscribers only
Subscribe to Mining Business Media
Full access to Mining Business Media's unique blend of global mining sector news and commentary is available by subscription only.
$A275.00 per year*
(*up to 10 users)
GST included in Australia
Direct debit/cheque/credit card:
Click here
Subscription inquiries, email subscribe@miningbusiness.net or call 61+413 772 044.
Related Content
Gold miner Alamos Gold has completed its $C25M cash acquisition of Trillium Mining and its 5,418ha land package directly adjacent to, and along strike, from Alamos’ Island Gold Deposit, lifting its land around the Island mine 57% to 14,929ha.
Based on the current geological interpretation of the E1E structure, which hosts the Island deposit, the company says there is strong potential for the structure to extend onto the Trillium mineral tenure.
Alamos Gold has emerged from the COVID-19 hardships to post record Sept 2020 (Q3 20) gold production from its Island Gold operation in Canada and record qtr free cash flow, culminating in a net earnings jump to $US67.9M from Q2 20’s $11.7M.
Alamos Gold President/CEO John McCluskey says the June 2020 qtr (Q2 20) will be remembered as one of the most challenging times in the company’s history given the COVID-19 pandemic.
It’s a result that has seen the company cut FY/CY20 gold production expectations and increase costs. However, the bottom line was turnaround Q2 20 net earnings up to $US11.7M from Q1 20’s $12.3M loss, but with adjusted net earnings plunging to $9.8M from $29.4M.
Despite a horror Q2 20 with COVID-19 hit gold production down, costs up and FY/CY20 guidance cut, Alamos Gold has managed a $24M turnaround to $11.7M profit. By MBM’s North American correspondent
Lower gold production and higher costs have seen Alamos Gold post a $US50M swing to a Mar 2020 qtr (Q1 20) net loss of $12.3M from Q4 19’s net earnings of $38M on revenues slipping to $176.9M from $186M.
The result was on gold production down to 110,800oz from Q4 19’s 122,100oz, cash costs up to $759oz from $722oz and AISC to $1,010oz from $972oz.
Mulatos and Island Gold shine, despite Alamos’ Q1 20 production slide and turnaround from profit to $12.3M loss
It appears bandits in Mexico are cashing in on disrupted routines due to the COVID-19 pandemic, after five armed men subdued security guards and seized gold and silver dore bars being loaded aboard a chartered aircraft on the airstrip at the remote Mulatos mine in Sonora state.
The gang escaped within 10 minutes in a small plane that landed at the airstrip. The mine, which produced 142,000oz gold in 2019, is owned by Canadian miner Alamos Gold’s subsidiary Minas de Oro Nacional.
Alamos Gold is suspending operations at its Mulatos Gold Mine in Mexico until Apr 30, 2020, and extending the suspension at Island Gold, N Ontario, Canada, for an additional 2-weeks due to COVID-19 crisis govt decrees.
Given these shutdowns, the company has withdrawn its FY2020 production expectations of 425,000oz-465,000oz at cash costs of $US770oz-$810oz and AISC $1,020-$1,060oz. It said on Mar 24 it remained on track to produce 105,000oz-110,000oz in the Mar 2020 qtr (Q1 20).
Alamos Gold is suspending operations at its Island Gold Mine for an initial 14-days to prevent the spread of COVID-19 through its fly-in, fly-out location SE of Dubreuilville town and 83KM NE of Wawa, N Ontario, Canada.
In a $US169M turnaround, Alamos Gold has posted Dec 2019 year (FY/CY19) net earnings of $96.1M from the previous year’s $72.6 loss, despite gold production easing to 494,500oz from 505,000oz and expected to fall to 425,000oz-465,000oz in the current FY/CY2020.