Market Herald logo

Subscribe

Be the first with the news that moves the market
  • In its first quarter, Alacer Gold (TSX:ASR) produced 87,863 ounces of gold from its Çöpler Gold Mine in Turkey, in line with Alacer’s full-year production guidance
  • The company generated C$48.6 million in attributable earnings in the quarter
  • Alacer stated that, despite the COVID-19 pandemic affecting the industry at large, the mine site remains operational and has not been materially impacted thus far
  • The company is currently updating a technical report for the Çöpler Gold Mine and expects to release the report in the second half of the year
  • Alacer Gold (ASR) is holding steady, with shares trading for $7.35 and a market cap of $2.17 billion

Alacer Gold’s (TSX:ASR) first quarter production remains in line with its 2020 guidance, despite the pandemic impacting the industry at large.

The company produced 87,863 ounces of gold from its Çöpler Gold Mine in Turkey. This is in line with the company’s 2020 full-year guidance, and resulted in C$48.6 million in attributable earnings for the quarter.

Based on previously outlined reserves, the company expects the mine to produce up to 400,000 ounces a year for the next decade.

The company noted some indirect effects on its operations form COVID-19 but stated the mine has remained active during the quarter and appears largely unaffected thus far.

Alacer also said that the site’s supply and sales chains also remained largely unaffected during the quarter.

On the development side, the company mobilised ten drill rigs to hopefully expand the mine’s oxide gold reserves. Similar drill work at the site’s Ardich deposit has outlined an interim indicated reserve of 817,000 ounces of gold.

President and CEO of Alacer, Rod Antal, is pleased with the company’s performance given the challenges facing the industry.

“While COVID-19 has presented global challenges, we started preparing early for the potential impacts to our business.

“As a result of our preparation, we have been fortunate and able to manage COVID-19 without any material impact to our operations, logistics or financial position to date. This has also allowed us to maintain this year’s production and cost guidance,” he said.

Rod went on to say that the company is still progressing the site’s technical report, which will be released in the second half of the year. The report will outline plans for the Ardich deposit, as well as the performance of the site’s sulphide plant.

Alacer Gold (ASR) is holding steady, with shares trading for $7.35 at 10:29am EST.

More From The Market Herald
Desert Mountain Energy - CEO, Robert Rohlfing.

" Desert Mountain Energy (TSXV:DME) completes testing at McCauley Helium Processing Facility

Desert Mountain (DME) has completed testing at its McCauley Helium Processing Facility in Arizona.

" StrategX (CSE:STGX) confirms new discovery at Nagvaak project

StrategX Elements (STGX) finds new energy transition metals from drill hole 14, in target area one of the Nagvaak project in Nunavut.

" Golden Goliath (TSXV:GNG) completes drill holes at its Wish Ore Property

Golden Goliath Resources (GNG) has completed drilling holes at its Wish Ore Project.

" Freegold (TSX:FVL) intersects high-grade gold

Freegold Ventures Limited (FVL) shared the gold results from an additional seven holes done for its drill program on the Golden Summit Project.