Resource News

Golden Queen Mining Reports Q3 Results for Soledad Mountain

Resource Investing News

Golden Queen Mining Co. Ltd. (TSX:GQM,OTCQX:GQMNF) released Q3 2015 financial results for the California-based Soledad Mountain gold-silver project. The company owns a 50-percent stake in the project.

Golden Queen Mining Co. Ltd. (TSX:GQM,OTCQX:GQMNF) released Q3 2015 financial results for the California-based Soledad Mountain gold-silver project. The company owns a 50-percent stake in the project.
Financial highlights include:

During the third quarter ended September 30, 2015, the net loss attributable to the Company was $1.9 million (or $0.02 basic per share), compared to a net loss of $1.8 million (or $0.02 basic per share), for the corresponding period in 2014. The net loss in the third quarter of 2015 is mainly due to an increase of interest expenses and a loss resulting from the change in fair value of the derivative liability, which is a non-cash item.
The Company had, on a consolidated basis, $166.4 million in assets, including $52.0 million in cash, and a working capital balance of $43.3 million as at September 30, 2015, compared with $129.5 million in assets, including $91.4 million in cash, and a working capital balance of $65.1 million as at December 31, 2014.
The Company incurred capitalized development costs of $59.8 million during the nine month period ended on September 30, 2015, compared to $13.2 million during the same period in 2014. Construction costs included $17.1 million in costs related to the crushing-screening plant, $7.8 million in costs related to the Merrill-Crowe plant and solution management, $7.6 million in costs related to the construction of the Phase 1, Stage 1 heap leach pad and $3.6 million in costs related to the construction of the conveying and stacking system. The Company also capitalized $4.9 million in interest cost.

Click here to read the full Golden Queen Mining Co. Ltd. (TSX:GQM,OTCQX:GQMNF) press release.

The Conversation (0)

MARKETS

Markets
TSX20211.59-41.05
TSXV618.89-6.62
DOW33063.49-66.10
S&P 5003992.08-5.26
NASD11501.44+9.14
ASX7336.30-15.20

COMMODITIES

Commodities
Gold1826.45-9.05
Silver21.50-0.35
Copper4.17-0.04
Palladium1713.170.00
Platinum1087.260.00
Oil73.91-2.45
Heating Oil2.70-0.07
Natural Gas2.17+0.10

DOWNLOAD FREE REPORTS

×