El Salvador lawmakers overturn mining ban Bukele called absurd
El Salvador became the first country in the world to ban all forms of metals mining in 2017.
Pretium Resources (TSE: PVG) said on Friday it is on track to achieve its yearly guidance, despite the near five-week covid-19 outbreak that occurred at its Brucejack mine in British Columbia in February.
The company produced 83,083 ounces of gold in the second quarter of 2021, compared with 90,419 ounces in the second quarter of 2020.
Midday Friday, Pretium’s stock was up 13% on the NYSE
Pretium said it remains on track to produce 325,000 ounces to 365,000 ounces of gold at an all-in sustaining cost of between $1,060/oz and $1,190/oz in 2021.
Revenue in Q2 decreased by 8.6% year-on-year to $152 million from the sale of 84,618 ounces.
The miner posted net earnings of $30.7 million, or $0.16 a share, and adjusted earnings of $28.5 million, or $0.15 a share, compared with earnings of $36.1 million and adjusted earnings of $32.9 million in Q2 2020.
President and CEO Jacques Perron reported that Pretivm had reached a key turning point where its cash position now exceeded its debt.
Cash and cash equivalents increased to $202.5 million on June 30, 2021, from $174.8 million on December 31, 2020.
As of June 30, Pretium had long-term debt of $195.2 million and available liquidity of $400.8 million.
Midday Friday, Pretium’s stock was up 13% on the NYSE. The company has a $1.8 billion market capitalization.
