January 7, 2010 / 12:36 PM / in 8 years

UPDATE 1-Alamos Gold says Q4 production up 22 pct

* Q4 output 48,000 ounces vs 39,347 yr-ago

* FY output at Mulatos mine above view

* Expects to spend $64.6 mln at Mulatos mine in 2010

Jan 7 (Reuters) - Canadian mining company Alamos Gold Inc (AGI.TO) said its fourth-quarter gold production rose about 22 percent, as the company benefited from increased recoveries and a lower waste-to-ore ratio.

Alamos said, for 2010 it expects to spend about $64.6 million at its Mulatos mine in Mexico, while production is expected to range between 160,000 ounces to 175,000 ounces at about $338 per ounce.

The company produced 48,000 ounces of gold at a total cash cost of $335 per ounce in the quarter, including a 5 percent royalty, compared with 39,347 ounces at a total cash cost of $336 per ounce a year earlier.

Gold production of 178,500 ounces at the Mulatos mine for 2009 exceeded full-year production expectations of 160,000 ounces to 170,000 ounces, Alamos said in a statement.

In 2009, the recovery ratio improved to 71 percent, compared with the budgeted level of 60 percent, while waste-to-ore-ratio improved to 1.03 compared with 1.30, the company said.

Shares of the company closed at C$13.08 Wednesday on the Toronto Stock Exchange. (Reporting by Amit Kumar in Bangalore; Editing by Unnikrishnan Nair)

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