Alamos Gold’s Record 2013 Production Marred by Turkey Troubles

Alamos Gold Inc. (TSX:AGI,NYSE:AGI) announced its financial results for the fourth quarter of 2013 as well as for the year as a whole, commenting that during 2013 it sold a record 198,198 ounces of gold at an average realized price of $1,424 per ounce for revenues of $282.2 million.

On a less positive note, the company said that because it’s having issues attaining “key permits” for its Turkish operations, it has “reduced its headcount and curtailed spending significantly” in the country.

Other 2013 highlights include:

• Realized earnings of $38.8 million ($0.30 per share) compared to earnings of $118.0 million ($0.98 per share) in 2012
• Generated cash from operating activities before changes in non-cash working capital of $113.3 million ($0.89 per basic share) compared to $178.5 million ($1.49per basic share) in 2012
• Realized proceeds of $111.1 million on the disposition of the Company’s investment in the common shares of Aurizon Mines Limited (‘Aurizon’)
• Completed the acquisition of Esperanza Resources Corporation (‘Esperanza’) for net cash consideration of $44.7 million and the issuance of 7.2 million share purchase warrants (‘warrants’) with a five-year term and an exercise price of CAD$29.48
• Completed the acquisition of Orsa Ventures Corporation (‘Orsa’) for cash consideration of $3.4 million
• Announced a normal course issuer bid (‘NCIB’) and repurchased 211,300 common shares for cancellation.
• Paid a total of $25.5 million in dividends to shareholders ($0.20 per basic share). The Company has paid a total of $71.5 million in dividends to shareholders over the past four years

Click here to read the full Alamos Gold Inc. (TSX:AGI,NYSE:AGI) press release.