Argonaut Gold's output, revenue, earnings hit record level in Q2
Mining News | 2012-08-15 09:46:22
Argonaut Gold Inc. (TSX:AR), a Canada based gold miner, said that its production, revenue and earnings reached record level in the second quarter of this year.
By Paul Ploumis
TORONTO (Scrap Monster): Argonaut Gold Inc. (TSX:AR), a Canada based gold miner, said that its production, revenue and earnings reached record level in the second quarter of this year.
According to the Argonaut Gold, quarterly profit more than doubled on increased production and higher gold prices.
--The net profit rose to $11.3 million, or 11 cents per share, from $5.2 million, or 6 cents per share, a year earlier.
-- Toronto-based company’s revenue rose 74% to $37.5 million.
--The Mexico-focused company's production rose 38 percent to 24,123 ounces of gold.
Gold price rose 7 percent to average $1,611 per ounce during the second quarter.
The company continues to expect 2012 gold production between 75,000 ounces and 80,000 ounces at a cash cost between $625 and $650 per ounce.
