Detour Gold Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Production Results for the Second Quarter Ended June 30, 2018; Reaffirms Production and Capital Expenditure Guidance for the Year 2018
For the six months, the company reported adjusted net earnings were $49.5 million or $0.28 per basic share compared to $21.2 million or $0.12 per basic share a year ago. Metal sales were $393.2 million compared to $343.8 million a year ago. Adjusted earnings before taxes was $76.2 million compared to $36.7 million a year ago. Revenues from gold sales were $392.5 million compared to $343.0 million a year ago. Earnings before taxes was $69.0 million compared to $26.9 million a year ago. Net Debt as at June 30, 2018 was $99.7 million.
For the quarter, the company's gold production was 154,385 ounces compared to 150,138 ounces a year ago. Ore milled was 5.1 Mt compared to 5.5 Mt a year ago. Ore mined was 4.9 Mt compared to 4.9 Mt a year ago. Waste mined was 21.4 Mt compared to 20.4 Mt a year ago.
For the year, the company expected Gold production of 595,000 oz to 635,000 oz. The expects AISC of $1,200 to $1,280 per ounce sold.
Projected capital expenditures for 2018 remain as previously disclosed at approximately $265 to $285 million. This includes added essential capital expenditures of $16 million and increased deferred stripping costs to $60 million from $21 million.