Rio Alto Mining Reports $15.2 Million Net Income for Second Quarter

Rio Alto Mining Limited (TSX:RIO,NYSE:RIOM) has reported a net income of $15.2 million or $0.09 per share for the quarter ended June 30. The company recorded $22.4 million in cash provided from operations for Q2.

As quoted in the press release:

• Gold produced was 54,517 ounces, of which 50,830 ounces were sold at an average realized price of $1,276 per ounce. The remaining ounces were delivered to Red Kite under the Company’s Gold Prepayment Agreement (“Prepayment”). In July 2014 the Company delivered the final 3,881 notional ounces to settle the Prepayment.
• WGC Adjusted production cost per ounce was $569.
• WGC All-in sustaining costs per ounce were $772.
• WGC All-in costs per ounce were $879.
• Net income amounted to $15.2 million ($0.09 per share).
• Cash provided by operations was $22.4 million.
• Capital investments amounted to $12.1 million and exploration spending was $1.4 million.

Rio Alto president and CEO, Alex Black, said:

Another strong operational and financial performance was achieved at La Arena during Q2. Our management team continues to focus on the optimization of costs at the mine which has resulted in the Company beating its financial guidance for the first half of the year.

Click here to read the Rio Alto Mining Limited (TSX:RIO,NYSE:RIOM) press release