Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
Precious metals streaming and royalty company Maverix Metals (TSXV: MMX) forecasts it will exceed its previously announced guidance for the year of 18,000 to 19,000 gold-equivalent ounces.
In the third quarter, Maverix recorded attributable gold-equivalent ounces sold of 6,195 ounces, and in the nine months ended Sept. 30, the company’s total attributable gold-equivalent production reached 15,236 ounces.
The company posted record revenue of $9.8 million in the third quarter resulting in adjusted net income of $1.3 million.
The company posted record revenue of $9.8 million in the third quarter resulting in adjusted net income of $1.3 million. The average cash cost per attributable gold-equivalent oz. was $167, yielding cash operating margins of $1,415 per oz.
During the third quarter Maverix also acquired a pre-existing 1.5% net smelter return royalty (NSR) on Premier Gold Mines’ (TSX: PG) McCoy-Cove project in Nevada, which was originally intended to be included in the royalty Maverix acquired from Newmont Mining (NYSE: NEM) earlier this year.
The company, spun out of Pan American Silver (TSX: PAAS; NASDAQ: PAAS) in 2016, currently holds royalties on Royal Nickel Corps.’ (TSX: RNL) Beta Hunt mine in Australia, TMAC Resources‘ (TSX: TMR) Hope Bay mine in Nunavut, Canada; Coeur Mining’s (NYSE: CDE) Silvertip mine in B.C., and Evolution Mining’s (ASX: EVN) Mt. Carlton mine in Australia.
RNC Minerals discovered the gold-rich Father’s Day Vein at its Beta Hunt mine in early September and the company posted record gold production of 31,360 mined gold ounces in the third quarter, a 135% increase from the second quarter and a 199% jump from the third quarter of 2017.
TMAC Resources’ Hope Bay mine posted record production in the third quarter of 33,100 ounces of gold and Coeur Mine’s Silvertip mine achieved commercial production on Sept. 1.
Brian MacArthur of Raymond James has raised his target price on Maverix from $2.50 to $2.60 per share.
This article originally appeared in The Northern Miner.
