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Primero Mining Corp. (TSX:P, NYSE:PPP,ASX:PPM) announced their Q2 results, including highest silver sales at spot prices.
Primero Mining Corp. (TSX:P, NYSE:PPP,ASX:PPM) announced their Q2 results, including highest silver sales at spot prices.
As quoted in the press release:
Second Quarter Highlights:
Record Production: Gold equivalent production increased by 16% over the same period last year to 39,089 gold equivalent ounces (gold production of 26,904 ounces and silver production of 1.46 million ounces);
Low Cash Costs and All-in Sustaining Costs: Cash costs of $551 per gold equivalent ounce, or $167 per gold ounce on a by-product basis; and all-in sustaining costs of $659 per ounce;
Social Security Liability Impacts Second Quarter: Accrued $6.9 million in the second quarter for social security premiums covering the last three years in Mexico;
Strong Earnings and Cash Flow: Adjusted net earnings of $17.0 million ($0.16 per share) and operating cash flow before working capital changes of $16.9 million ($0.16 per share);
Balance Sheet Remains Strong: Cash position of $130.4 million at June 30, 2013;
Highest Silver Sales at Spot Prices: Silver sales at spot market prices of 603,476 ounces(5), 28% higher than the same period in 2012;
Cerro del Gallo Acquisition Closed: Transaction closed in May 2013, diversifying Primero and adding a growth project;
Exploration Success: Announced the extension of the Victoria and Alexa veins, solidifying the Sinaloa Graben as the future of the San Dimas mine.
Primero’s President and CEO, Joseph F. Conway, said:
During the second quarter mine throughput exceeded the current mill’s nameplate capacity, resulting in record production levels while also allowing us to stockpile lower grade ore. We generated comparable adjusted earnings to Q2 2012 despite much lower metal prices.
To view the whole press release, click here.
