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Alamos swings to Q2'19 profit as production costs improve YOY

Alamos Gold Inc. swung to net earnings of US$23.6 million, or 6 U.S. cents per share, from a year-ago loss of US$8.9 million, or 2 cents per share.

Operating revenues totaled US$168.1 million, compared to US$168.9 million in the second quarter of 2018.

The company's consolidated gold production in the second quarter totaled 125,200 ounces, compared to 126,500 ounces a year ago and in line with guidance.

All-in sustaining costs in the quarter declined 7% to US$926 per ounce, while cost of sales were down 12% to US$1,021/oz, on a yearly basis.

Alamos said July 31 that its Island gold mine in Ontario achieved a third straight quarter of record gold production, with output of 39,500 ounces in the second quarter. The company obtained approval from Ontario's environment ministry in late May to proceed with the phase-two expansion of the Island mine.

Quarterly output also increased at the Young-Davidson mine in Ontario, offsetting the drop in production at the Mulatos and El Chanate mines in Mexico.

Gold sales in the quarter slid to 128,457 ounces at an average realized price of US$1,309/oz, compared to year-ago sales of 129,272 ounces at US$1,307/oz.