Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
K92 Mining (TSXV: KNT) reported on Thursday its operating and financial results for the second quarter, during which the Vancouver-based gold miner saw record tonnes processed and achieved total production of 19,652 oz gold-equivalent (AuEq) from the Kora North deposit with cash costs of $551/oz gold and AISC of $681/oz gold.
The Q2 production puts the company ahead of its production guidance and below the cost guidance provided at the beginning of the year, says CEO and director John Lewins.
As a result, the company has raised its 2019 production guidance to 72,000-80,000 oz AuEq and lowered its AISC cost guidance to $720-760/oz from $780-820/oz gold.
Net income for Q2 totaled $5.3 million, or $0.03 per share, compared with $4.1 million or $0.02 per share for prior-year quarter.
Shares of K92 Mining rose by 2% on Thursday. The company’s market capitalization is approximately C$537 million.
