Aurizon Mines Ltd. (AMEX:AZK) (TSE:ARZ) got slammed on its net earnings for the second quarter, as they plunged to $5.3 million, a drop of over 60 percent.
Earnings in the latest quarter came in at 3 cents a share, down from last year's $13.6 million, or 8 cents a share, last year.
The company lost big in its hedging activities, where they lost $4.3 million in non-cash unrealized derivative losses. Last year they gained $12.9 million in hedging in the same period.
Gold production for the quarter stood at 38,527 ounces, sold at an average price or $907 an ounce, far below the industry average last quarter.
Chief executive officer David Hall said, "We anticipate completing the mining of the lower grade material by the end of this year, paving the way for increased gold production and lower costs per ounce in future years."
A number of gold miners cited poor ore grades as reasons for lower earnings and higher costs the last quarter, even with the record price of gold.
Share price of Aurizon soared over 8 percent in New York and Toronto today.
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