B2Gold reported results from its operations for the second quarter ended June 30, 2011. Highlights were adjusted net earnings of $22.0 million ($0.07 per share); record cash flow from operations of $28.8 million ($0.09 per share); and an increase of cash and cash equivalents to $78.9 million at quarter end.
Revett Minerals announced on Thursday record quarterly revenues of $18.8 million, a 102% increase compared to the same period last year. The Company also increased its cash and cash equivalents on hand at the end of the second quarter to $14.7 million from $8.8 million at the beginning of the year. For the three months ended June 30, 2011 the Company had net income of $7.9 million or $0.23 per share. These record results are due to higher metal prices, significantly improved metal grades, and higher metallurgical and operating efficiencies.
Gold Fields, one of the world's top five gold producers, announced June quarter earnings that were up 15% to US$186 million, compared with US$158 million in the March quarter. During the same June quarter last year, Gold Fields made US$120 million. The company announced its quarterly results on Wednesday.
Gemcom Software International Inc., the largest global supplier of mining software solutions, said Exxaro’s Tshikondeni Coal has implemented Gemcom InSite™ as its mine production management solution. Exxaro Resources (JSE: EXX) is a South-African based mining group with operations in Namibia, Australia, China and South Africa.
Shares in Kinross Gold leapt 4.5% on Wednesday after the company published a positive second-quarter earnings report. Toronto-based Kinross said it had a record quarter for gold production due to additional product from its Kupol gold and silver mine in Russia, of which the company acquired 100% in April, and from West Africa operations that were acquired last September. Kinross poured 676,245 gold ounces of gold in Q2, a 26% increase over the same period last year.
IAMGOLD's net earnings attributable to equity shareholders were $478.9 million ($1.28 per share) in the quarter, including the gain of $402.6 million from the sale of the Tarkwa and Damang mines. "In January, we said our plan was to divest our minority interest in the Tarkwa and Damang mines for proceeds in excess of $600 million and by the end of June we had closed the sale for gross proceeds of $667 million. During that period, we also confirmed a near 700% increase in mineral resources at our niobium mine and increased our dividend by 150," said Steve Letwin, IAMGOLD's President and CEO.
Bayfield Ventures Corp. (TSX VENTURE:BYV) (FRANKFURT:B4N) (the "Company") is pleased to announce additional gold and silver intercepts on its 100% owned Burns Block property in the Rainy River District of north-western Ontario. The Burns Block is situated adjacent to the east and on strike to Rainy River Resources' (TSX-V: RR) multi-million ounce gold deposit.
Forsys Metals Corp. (TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) ("Forsys" or the "Company") is pleased to announce positive uranium leaching results from laboratory tests to determine whether ore from its fully licensed Valencia Uranium Project could be economically recovered by heap leaching. The test program focused on the uranium recovery and reagent consumptions that are commercially achievable, and generating data to guide future development work by a heap leach process route.
Horsehead Holding Corp. (Nasdaq: ZINC) reported that consolidated net earnings were $6.3 million, or $0.14 per diluted share, for the second quarter of 2011, excluding noncash mark-to-market adjustments after taxes of $9.9 million, or $0.23 per diluted share, related to recently completed hedges.
Two junior explorers in Australia could dominate the world's scandium supply in the next two to three years, according to Richard Karn, managing editor of The Emerging Trends Report. In this exclusive interview with The Critical Metals Report, he paints a picture of a supply-demand loop that feeds on itself and pinpoints the companies that could benefit from the dynamic.