Register
Login:
Share:
Email Facebook Twitter

London South East Natural Resources Briefing webcast: #Emmerson #Alba #Condor Gold #Gold analysis Watch Now

London South East Natural Resources Briefing webcast: #Emmerson #Alba #Condor Gold #Gold analysis
Angus Energy in talks to buy 'transformational' gas asset in North England


Alliance News


Serabi Gold Shares Rise On Strong First Quarter Performance

Wed, 15th May 2019 11:26


LONDON (Alliance News) - Shares rose in Serabi Gold PLC as it reported a rise in profit, revenue and gold production in the first quarter of 2019, along with a reduction in unit costs.

Shares in the gold producer were 22% higher at 28.80 pence on Wednesday.

For the three months to the end of March, Serabi's pretax profit rose significantly to USD1.5 million from USD10,786 the year before, on revenue that grew by 24% to USD17.1 million from USD13.8 million.

Operationally, gold production in the quarter increased to 10,164 ounces from 9,188 ounces the prior year, however the average gold price was USD1,287 per ounces, down from USD1,319.

The all-in sustaining cost of production per ounce lowered to USD1,021 from USD1,166 the year before, and the cash cost of production to USD796 from USD907.

Looking ahead, Serabi Gold has maintained its 2019 production guidance of 40,000 to 44,000 ounces, reflecting an increase from 37,108 ounces in 2018.

"These financial results reflect the operational improvements that we have enjoyed with revenue, profit and cash generation all having significantly improved over the same quarter in 2018," said Chief Executive Mike Hodgson.

"With the mine and plant producing and processing broadly consistent tonnages of ore, the key to

profitability is maximising the grade of the ore mined and processed. Whilst the improvements in the last six months to the processed grade have been relatively small, the benefits have been quite significant," Hodgson added.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Alliance News



Back to Alliance News


Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk




Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.