Gold

Timmins Gold Corp. (TSX:TMM,NYSEMKT:TGD) released its financial results for the second quarter of 2014, commenting that its metal revenues came to $42.4 million, up from $35.1 million in the year-ago quarter.

Timmins Gold Corp. (TSX:TMM,NYSEMKT:TGD) released its financial results for the second quarter of 2014, commenting that its metal revenues came to $42.4 million, up from $35.1 million in the year-ago quarter.

Meanwhile, earnings from operations came in at $7.2 million, higher than the $3.4 million recorded during Q2 2013. The increase “was mainly due to the increased revenues realized from increased ounces sold and a higher average realized gold price along with $5.5 million impairment charge that was required during the prior year period that was not required during Q2 2014.

Other highlights include:

  • Earnings and total comprehensive income were $3.2 million or $0.02 per share, compared to $1.0 million or $0.01 per share during Q2 2013.
  • Cash flows provided by operating activities were $18.7 million, compared to $4.7 million during Q2 2013.
  • Cash and cash equivalents at June 30, 2014 were $56.0 million after investing $1.2 million on exploration, $0.8 million on sustaining capex, $1.6 million on expansion programs, $3.1 million on deferred stripping and $0.8 million paying down payables related to prior period capex items. Cash and cash equivalents at June 30, 2013 were $14.4 million after investing $5.0 million in exploration, $1.1 million on sustaining capex, $5.9 million on plant expansion and $5.0 million on deferred stripping.
  • The Company produced 32,932 ounces of gold and sold 33,000 ounces of gold, compared to 28,024 and 28,024, respectively, during Q2 2013. This change over prior year is due to increased throughput and crushing capacity. A record average crushing rate for the quarter of 24,003 tonnes per day was achieved.
  • The Company’s cash cost per ounce on a by-product basis was $730 (all-in sustaining cash cost per ounce on a by-product basis – $928), compared to $705 (all-in sustaining cash cost per ounce on a by-product basis – $855) during Q2 2013. The increase in cash costs was primarily driven by lower grades realized in Q2 2014 of 0.65 grams of gold per tonne (‘g/t Au’), compared to the Q2 2013 0.81 g/t Au. All-in sustaining cash cost per ounce on a by-product basis was also impacted by increased corporate and administrative expenses of $61 per ounce on a by-product basis related to the shareholder proxy contest announced during Q2 2014.
  • Timmins Gold is committed to the safety, health and well-being of its workers and families. The Company’s goal is to continue with its zero-incident work environment and strong culture of safety.

Click here to read the full Timmins Gold Corp. (TSX:TMM,NYSEMKT:TGD) press release.

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