Bond International Gold (TSE) reported a net loss of US$26.4 million, or US46 cents per share for the 6-month period ended Dec. 31. Toronto-based LAC Minerals (TSE) bought a 65% interest in BIG last November. The net loss includes writedowns during the second quarter on the company’s Colosseum mine in California and certain royalty interests totalling US$24.7 million. Net loss from operations was US$19.3 million. In December, the company changed its fiscal year-end from June 30 to Dec. 31, so the results of operations for the recent 6-month period are not comparable to the previous year.
Total gold production, including 100% of production from BIG’s 83% owned El Indio mine, was 267,989 oz. at an average cash production cost of US$223 per oz. BIG’s share of total production for the 6-month period was 249,721 oz. gold, 596,556 oz. silver and 11,133 tons of copper. Average realized sale prices were US$384 per oz. for gold, US$5.25 per oz. for silver and US$1.14 per lb. for copper.
For the quarter ended Dec. 31, the company reported a net loss of US$24.4 million, compared with a net income of US$13.3 million for the same period a year ago. Loss from operations for the quarter was US$24.2 million, compared with income from operations of US$13.6 million for the year’s earlier quarter.
Operations were expanded with the startup of the Bullfrog mine in Nevada last September. At the El Indio mine, production of direct smelting ore declined, resulting in lower total gold output from the operation. Lower production at the Colosseum mine was attributed to lower grades and harder ore. Improved gold production was achieved at the Golden Patricia and Richmond Hill mines.
During the 6-month period ended Dec. 31, BIG sold 264,027 oz. of gold for an average realized price of US$384 per oz. Bond Int’l Gold (TSE) Six months ended Dec. 31 Bond Int’l Gold (TSE) Six months ended Dec. 31 Output Cash cost Mine(oz.) (US$/oz) El Indio107,139 114 Bullfrog 56,771 314 Golden Pat 43,461 223 Colosseum 33,142 378 Richmond Hill 23,359 245 Yuba (placer) 4,117 280
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