April 6, 2011 / 10:39 AM / in 7 years

UPDATE 2-Alamos Gold Q1 production falls, sees higher FY11 output

* Production falls 10 pct to 37,500 ounces of gold

* Sees full year prod near lower end of 160,000-175,000 ounces

* Q1 gold sales at 39,186 ounces vs 42,148 ounces last year (Follows alerts)

April 6 (Reuters) - Canada’s Alamos Gold Inc’s quarterly gold production fell on lower output at its flagship Mulatos mine in Mexico, but the miner forecast higher 2011 production.

Alamos expects its full-year production to be near the lower end of its earlier forecast of 160,000-175,000 ounces.

For 2010, the company produced 156,000 ounces, lower than its expectations of 160,000-175,000 ounces of gold.

For the January-March quarter, the mine produced 37,500 ounces of gold, lower than 41,600 ounces produced last year, at an expected cash operating cost near the low-end of the company’s full-year forecast of $350-$365 per ounce of gold sold.

Gold sold fell 7 percent to 39,186 ounces of gold, at an average realized gold price of $1,388 per ounce, but revenue rose 17 percent to $54.4 million.

Gold spot price has gone up around 24 percent during the corresponding period.

Shares of the Toronto, Ontario-based company closed at C$15.78 on Tuesday on the Toronto Stock Exchange. They have lost about 6 percent in value since the company reported lower fourth-quarter production in January. (Reporting by Amruta Sabnis in Bangalore; Editing by Don Sebastian)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below