Canadian Gold Mining Company Red Back Mining Inc. (RBI.TO) posted a profit lower than expected quarterly, sending its shares down 5 percent. The company, which owns and operates the Chirano gold mine in Ghana and Tasiast gold mine in Mauritania, however, said the production profile is expected to increase during the second and subsequent offenses. For the first quarter, net income was 33.2 million, or 14 cents per share, compared to 25.3 million, a year ago.
Analysts on average expected earnings of 19 cents per share during the quarter, according to Thomson Reuters I / B / E / S
Gold production rose 37 percent to 96,160 oz during the quarter.
The company still sees 2010 gold production of 485,000 to 525,000 ounces at a cash cost of $ 390 per ounce to $ 420.
Depreciation costs per ounce increased to Chirano, the company said.
The company reported a greater contribution to the underground mining of high grade orebody at Akwaaba Chirano and backup operations leaching Tasiast enhance the production profile.
Shares of Vancouver, British mining company based in Columbia fell 5 percent to C $ 25.29 Monday morning on the Toronto Stock Exchange.
source:reuters
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