Union files complaint against Orla Mining, alleging violation of worker rights in Mexico
The complaint is only the second of its kind made from Canada using CUSMA’s RRM process since the trade deal came into force in 2020.
Alamos Gold (TSX: AGI; NYSE: AGI) produced 505,000 ounces of gold from its four mines in North America last year and expects a “similar rate of production” this year.
The company anticipates production of between 480,000 and 520,000 ounces of gold in 2019 at total cash costs of between $710 and $750 per oz., down 10% from its revised 2018 guidance of $810 per oz., and all-in sustaining costs of between $920 and $960 per oz., down 5% from revised 2018 guidance of $990 per oz. (Total cash costs and AISCs for 2018 have not been finalized yet.)
The gold miner has penciled-in a 2019 capital budget of $290 to $315 million, reflecting the construction of two new mines in Turkey (Kirazli) and Mexico (Cerro Pelon), and a global exploration budget of $33 million, including $19 million budgeted for its Island Gold mine.
Alamos Gold was debt-free at the end of last year and had about $206 million in cash.
The intermediate gold producer has two operating mines in Canada (Young-Davidson and Island Gold in northern Ontario), and two mines in Mexico (Mulatos and El Chanate, both in Sonora state).
Macquarie Research has trimmed its target price on the company from C$10 to C$9.25 per share following its 2019 guidance and Investor Day. Haywood Securities has lowered its target price from C$10 to C$9.00 per share.
Laurentian Bank Securities’ price target of C$9.00 per share and BMO Capital Markets’ target of C$10.00 per share remain unchanged.
This story first appeared on The Northern Miner.
