1st Apr 2014 11:00
LONDON (Alliance News) - Minera IRL Ltd Tuesday said it swung to a pretax loss in its full-year 2013 as revenues fell significantly but it lifted its gold output guidance for 2014.
The Latin American gold mining company posted a pretax loss of USD31.5 million it comparison to a pretax profit of USD8.5 million the previous year as revenues fell 22% to USD35.7 million from USD46.0 million.
The company said its revenues fell as production fell at its Corihuarmi site in Peru and its realised gold sales price fell to USD1,412 per ounce from USD1,673 per ounce.
Minera IRL said gold produced at the Corihuarmi site fell 7.7% to 25,223 ounces from 27,321 ounces but that the ore it mined and stacked on heaps increased 15% to 2.4 million tonnes from 2.1 million tonnes.
The firm lifted its 2014 gold production guidance for the mine to 21,000 ounces, compared with a previous forecast of 20,000 ounces and said the lower gold production, relative to 2013, is due to the lower budgeted grade for material that is scheduled to be stacked on the heap in 2014 due to depletion of its Susan and Diane pits and the transition to its Cayhua Pit, which has recently been added to the Corihuarmi mine plan.
The company also said it now expects to receive a construction permit for its Ollachea gold project in Peru in the second quarter and its ongoing financing negotiations are advancing.
Minera IRL shares were down 10.0% to 8.00 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
MIRL.L