TORONTO – Allied Nevada Gold Corp. (TSX:ANV) saw its net profits increase for 2011 compared to earnings reported a year earlier.
The company, which is based in Nevada but trades on the Toronto Stock Exchange, said it earned US$36.7 million for the year ended Dec. 31, 2011, compared to $34.1 million in 2010. It earned the same amount per share – 41 cents per share – for both years.
Get weekly money news
It said net income in 2011 was impacted by an income tax expense of $6.3 million and higher exploration and development costs compared to the previous year.
Annual revenue came in at $152 million, up from $131 million a year earlier.
The company attributed the increase in revenue largely to higher realized gold prices in 2011.
- Alberta First Nation sues Ottawa over $5 treaty annuity, argues amount stuck in 1899
- Jobs hang in the balance as Ekati diamond mine in N.W.T. closing early
- WestJet flight attendants hold information pickets as strike vote takes place
- Calgary Stampede attendance declines slightly for 2nd season running
For 2012, Allied Nevada Gold expected gold and silver production at its Hycroft project to increase significantly. Production is forecast to be in the range of 180,000 to 220,000 ounces of gold and 750,000 to 850,000 ounces of silver.
Adjusted cash cost for 2012 is expected to be in the range of $475 to $495 per ounce. Capital expenditures in 2012 are expected to total approximately $225 million.
Comments
Want to discuss? Please read our Commenting Policy first.