Mandalay Resources Corporation
Mandalay Resources Corporation
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Gold equivalent production from 2 of Mandalay Resources’ 3 operations plunged to 23,172oz in the Mar 2018 qtr (Q1 18) from Q4 17’s 34,395oz, with gold production down to 19,303oz from 29,257oz and antimony to 605t from 805t, but leaving the company on track for FY/CY18 production of 101,000oz-113,000oz AuEq.
The 6-months and continuing suspension of operations at Mandalay Resources’ Cerro Bayo Gold Mine in Chile, partially offset by record gold production at Björkdal in Sweden, sees the company’s Dec 2017 year (FY/CY17) net loss nearly double to $US43M from 2016’s $20.23M loss.
Record production from Mandalay Resources’ Swedish operation has offset some of the damage from the company’s Chile shut-down, but couldn’t avert a near doubling of a FY17 loss to $43M
A big fall in gold equivalent output from its 2 remaining producers has seen Mandalay Resources plunge to a $US19.63M net loss for the 9-months Sept 2017 YTD from the 2016 period’s $5.31M profit. The adjusted net loss, before special items, was $10.95M from a $7.24M profit.
The bottom line was on gold equivalent production down to 96,791oz from 114,204oz, with gold output down to 70,192oz from 81,981oz, antimony to 2,310t from 2,806t and silver crashing to 794,533oz from 1.36Moz.
With one of its 3 producing mines still out of action, Mandalay Resources has plunged from profit to a near $20M loss in Sept YTD
Fuelled by a fall in Australian gold production, the suspension of operations in Chile and its Swedish production up only slightly, Mandalay Resources has seen Sept 2017 9-months gold equivalent production fall to 96,791oz from the previous 9-months’ 114,204oz.
Gold production was down to 70,192oz from 81,981oz, antimony to 2,310t from 2,806t and silver plunged to 794,533oz from 1.36Moz.
Mandalay has placed its Cerro Bayo silver-gold operations in Chile on care and maintenance, four months after it was suspended due to a flood that killed 2 miners in the Delia NW mine.
President-CEO Mark Sander says the shutdown will preserve financial capacity while Mandalay prepares to restart production at short notice and low cost once it has permits and is confident it can be done safely.
The 2-death flooding and closure of Mandalay Resources’ Cerro Bayo silver-gold mine in Chile on June 9, 2017, has plunged the company to a $US12.45M net loss for the 1st half 2017 (H1 17) from H1 16’s $4.76M profit.
Operations at Cerro Bayo remain suspended and are likely to stay that way for the rest of the year, forcing the company to drastically downgrade its FY/CY 17 aspirations to 114,000oz-128,000oz AuEq at cash costs of $925oz-$975oz AuEq from 138,000oz-163,000oz AuEq at cash costs of $860oz-$950oz AuEq.
Mandalay Resources has plunged from profit to an H1 17 $12.5M loss, with the flood-forced closure of the Cerro Bayo mine also severely cutting FY/CY17 expectations
Strong performances from its Björkdal and Costerfield operations in Sweden and Australia have offset the 2-death flooding closure of the Cerro Bayo mine in Chile to lift Mandalay Resources’ June 2017 qtr (Q2 17) gold equivalent production to 38,491oz from Q1 17’s 32,481oz.
However, June 2017 half (H1 17) production slipped to 70,972oz AuEq from H1 16’s 79,618oz.