August 8, 2012 / 2:27 PM / 5 years ago

Semafo posts loss, appoints new CEO

Aug 8 (Reuters) - Gold miner Semafo Inc reported a second-quarter loss on lower production and said Chief Executive Benoit La Salle was stepping down from the position.

It said Chief Operating Officer Benoit Desormeaux will take over as CEO at the close of business on Wednesday.

Net loss attributable to equity shareholders was $17.5 million, or 6 cents per share, compared with a net profit of $30.6 million, or 11 cents per share, a year earlier.

Adjusted net income attributable to equity shareholders was $19.4 million, or 7 cents per basic share.

Revenue for the company, which operates the Mana mine in Burkina Faso, fell 2 percent to $98.4 million.

Gold production declined 5 percent to 60,500 ounces.

Analysts on average had expected a profit of 6 cents per share, on revenue of $98.0 million, according to Thomson Reuters I/B/E/S.

Semafo, which also operates the Samira Hill mine in Niger and the Kiniero mine in Guinea, said it is on track to achieve its annual production forecast of 235,000 ounces to 260,000 ounces of gold, at a cash cost of $700-$750 per ounce.

Shares of Semafo, which has a market value of C$863 million, were up 8 percent at C$3.42 on Wednesday morning on the Toronto Stock Exchange.

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