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Share Price: 69.50

Bid: 68.00

Ask: 71.00

Change: 0.00 (0.00%)

Spread: 3.00 (4.412%)

Open: 69.50

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Serabi Gold third quarter revenue almost doubles

Mon, 14th Nov 2016 12:36

(ShareCast News) - Brazil-focused gold mining and development company Serabi Gold reported record gold production for the third quarter of 2016, and cash costs of production for the year to date of $772 per ounce on Monday.The AIM and TSX traded firm reported revenue of $16.21m for the three months to 30 September, almost double the $8.37m posted at the same time last year, with the cost of sales reaching $10.22m compared to $6.30m.Its gross profit for the quarter was $3.09m, up from $1.20m, with profit before tax at $0.74m, up significantly from $0.11m.Basic earnings per ordinary share were 0.11 cents, compared with 0.02 cents, and the average gold price received was $1,256, up from the $1,156 reported a year ago.Gold production was reported as 29,900 ounces for the first nine months of the year, up from 22,270 ounces.The company's all-in sustaining costs were $951 per ounce, more than the $894 at the same point last year."The third quarter has produced another satisfying result, both operationally and financially," said CFO Clive Line."Gold production of 10,233 ounces was another successive record quarter being a three per cent improvement on the preceding quarter."Record levels of mined and milled tonnages were also achieved in the quarter."Line said whilst Serabi's costs, in local currency terms, continued to be relatively steady, the Brazilian economy and therefore the Brazilian real have continued to benefit from high inward investment flows, supplemented by tax inflows from previously undeclared foreign income and investment holdings that have been stimulated by a short-term amnesty."These inward flows have continued to support the currency, though with the amnesty coming to an end, there has been some recent weakening."We continue to evaluate all opportunities to improve our cost base and improve gold recovery to maintain and improve margins."

More News

14 Oct 2019 09:06

Serabi Gold Production Up In Third Quarter, Narrows Annual Guidance

15 May 2019 15:00

Serabi Gold sees EBITDA surge in first quarter

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold reported a 47% improvement in its EBITDA for its first quarter on Wednesday, to $4.3m.

15 Apr 2019 15:23

Serabi Gold sees improved production in first quarter

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold reported first quarter gold production of 10,164 ounces on Monday, up from 9,188 ounces year-on-year and maintaining the momentum from the end of 2018.

13 Feb 2019 14:00

Serabi Gold starts year on a strong note

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold updated the market on its operations and projects in Brazil on Wednesday, reporting January gold production of 3,671 ounces, in line with its previous guidance.

12 Feb 2019 09:10

Serabi Gold employee dies after accident at Brazilian mine

(Sharecast News) - Mining outfit Serabi Gold revealed that an employee at its Palito gold mine in Brazil had died following an accident at the site.

30 Jan 2019 10:30

Serabi Gold upbeat on outcome of recent drilling

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold announced on Wednesday that exploration drilling conducted on its wholly-owned Coringa gold project returned multiple high-grade gold intersections on the Serra, Meio and Galena ore zones of the deposit.

17 Jan 2019 09:48

Serabi Gold ends year on high with record quarterly production

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold released the results and a review of its fourth quarter operational and exploration activities in the Tapajos region of Para State in northern Brazil on Thursday, reporting fourth quarter gold production of 10,256 ounces of gold.

28 Nov 2018 15:53

Serabi Gold excited by survey results at Sao Chico

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold announced the completion of a terrestrial induced polarisation (IP) geophysical survey on Wednesday, covering the strike extent of the Sao Chico structural corridor, with a number of "significant" chargeability anomalies identified.

30 Oct 2018 09:20

Serabi Gold makes good progress in northern Brazil

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold updated the market on its operational and exploration activities from its Palito Complex in the Tapajos region of Para State in northern Brazil on Tuesday, reporting third quarter production of 8,101 ounces of gold, with production for the year to date totalling 26,852 ounces.

20 Sep 2018 10:51

Serabi Gold appoints Roney Almeida to new COO position

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold announced the appointment of Roney Almeida to the newly-established position of chief operating officer on Thursday.

23 Jul 2018 15:04

Serabi Gold pleased with second quarter progress

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold reported gold production of 9,563 ounces for the second quarter of 2018 at its Palito Complex high grade gold operation in the Tapajos region of Para State, Northern Brazil on Monday.

20 Jun 2018 10:21

Serabi Gold Reports Fatal Accident At Sao Chico Mine In Brazil

LONDON (Alliance News) - Serabi Gold PLC on Wednesday reported a fatality at its Sao Chico Mine in Brazil in a mining-related accident.The gold exploration company said the fatality the of

23 Jan 2017 08:55

Serabi Gold Beats 2016 Production Guidance Despite Dip In 4th Quarter

17 Oct 2016 12:27

Serabi Gold reaches record Q3 production at Brazil mines

(ShareCast News) - AIM-listed miner Serabi Gold reached record production for the third quarter at its two Brazil mines. The Palito and Sao Chico gold mines in Para State, northern Brazil reported a record quarterly gold production of 10,233 ounces for the third quarter, up from 9,896 ounces in the

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