More gold doubles Alacer’s profit
16th May 2012
TORONTO, May 16 – Alacer Gold Corp has doubled adjusted net profit to $US27M for the March 2012 quarter from the corresponding quarter of 2011 after lifting total gold production by 10% to 100,290oz (91,377oz attributable).
The company’s attributable net profit was $53.9M, compared to the $92M loss in Q1 2011, when many Australian and Turkish revenues were excluded.
Gold sales rose 20% to 107,835oz (attributable 97,857oz, up 10%). Attributable total cash costs were $759/oz, compared to $711/oz for Q1 2011.
The company says it remains on track to meet its recently increased gold production outlook for 2012 of 396,000-410,000oz attributable but has lifted its forecast cash operating costs to $745-770/oz, up from $690-715/oz. Attributable cash cost forecast is $645-670/oz.
Alacer says it may be in a position late this year to decide whether to proceed with the expansion of its South Kalgoorlie Operations in Western Australia, including construction of a new 2.5Mtpa processing facility.
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