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Alamos Gold hits record Q4'18 sales, FY'18 production

Alamos Gold Inc. produced 125,600 ounces of gold in the fourth quarter of 2018, up from 120,300 ounces it produced in the same quarter of 2017.

The company said Jan. 14 that it sold a record 131,164 ounces of gold in the quarter at an average realized price of US$1,244 per ounce, generating revenues of around US$163 million.

Gold sales in the fourth quarter of 2017 reached a then record 126,786 ounces at an average realized price of US$1,275/oz for revenues of about US$162 million.

Full-year 2018 gold production reached a record 505,000 ounces, significantly up from the year-ago production of 429,400 ounces and within the revised 2018 guidance of between 480,000 and 520,000 ounces. The higher production was driven by strong performance at the Mulatos mine in Mexico and record output at the Island gold mine in Ontario.

The company expects to produce between 480,000 and 520,000 ounces of gold in 2019, in line with its 2018 guidance.

Consolidated total cash costs are expected to fall between US$710/oz and US$750/oz, down 10% from the revised 2018 guidance of US$810/oz per ounce, while all-in sustaining costs are estimated at between US$920/oz and to US$960/oz, down 5% from the 2018 guidance of US$990/oz.

The company's production is seen rising to 600,000 gold ounces by 2021, reflecting a full year of production from the Kirazlı mine in Turkey. The company also expects to transition from reinvesting in growth to generating free cash flow by the second half of 2020.

Meanwhile, consolidated cash costs and all-in sustaining costs are expected to decrease substantially in 2021, mainly due to lower costs at each of the Island gold, Mulatos and Young-Davidson mines, as well as new low-cost production from Kirazlı.

Capital spending on the company's development projects is expected to total US$110 million in 2019, with majority of the funds to be used for the Kirazlı development. The global exploration budget is US$33 million, down slightly from the 2018 budget reflecting lower exploration spending at Mulatos.