Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Aurizon Mines reported gross profits of $29.1 million in the second quarter, a 45% increase from the same period last year, while net profit was up 17%.
Chief executive David Hall credited stronger cash flows due to better performance from the Casa Berardi mine in the Abitibi region of Quebec, Canada, where the company is deepening the shaft and conducting the largest exploration program in Aurizon’s history. Aurizon produced 41,418 ounces of gold in Q2, an 8% increase from the same period last year, at cash costs of US$544/oz.
A feasibility study on the company’s Joanna project in northwestern Quebec has been delayed due to higher than anticipated capital and operating costs. That property is estimated to contain 2.245 million ounces of gold at an average gold grade of 1.29 g/t.
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Image of Aurizon Mines’ Joanna project
