Jaguar Mining Inc. Announces Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Production Guidance for the Year 2014
Nov 12 14
Jaguar Mining Inc. announced earnings and production results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue of $29.015 million against $32.082 million a year ago. Net loss was $9.491 million or $0.09 per share against $13.912 million or $13.19 per share a year ago. EBITDA was $2.154 million against $5.220 million a year ago. Total capital expenditures were $7.481 million against $4.791 million a year ago. Sustaining capital expenditures were $7.631 million against $4.567 million a year ago. Non-sustaining capital expenditures were $0.120 million against $0.224 million a year ago.
For the nine months, the company reported revenue of $90.596 million against $105.679 million a year ago. Net income was $221.393 million or $3.36 per share against net loss of $82.835 million or $83.72 per share a year ago. EBITDA was $257.231 million against LBITDA of $30.764 million a year ago. Total capital expenditures were $17.040 million against $19.379 million a year ago. Sustaining capital expenditures were $16.484 million against $18.416 million a year ago. Non-sustaining capital expenditures were $0.556 million against $0.963 million a year ago.
For the quarter, the company reported gold sold of 22,681,000 ounces against 24,111,000 ounces a year ago. Gold produced was 22,374,000 ounces against 26,300,000 ounces a year ago. The 15% or 3,926 ounce decrease in production compared to third quarter of 2013 is largely due to a new focus on more profitable higher grade tonnes which led to a 12% reduction in tonnes processed at the Turmalina Mine Complex. The tonnage decrease also allowed corrective maintenance and major rebuilds to be carried out at Turmalina. A 19% reduction in tonnes processed at the Caeté Mine Complex, was due in part to reduced equipment availability, and also increased grade control initiatives. The average recovery grade' (the recalculated head-grade) increased 2% to 3.13 grams per tonne compared to 3.06 grams per tonne a year ago.
For the nine months, the company reported gold sold of 70,864,000 ounces against 72,347,000 ounces a year ago. Gold produced was 69,601,000 ounces against 73,639,000 ounces a year ago. The average recovery grade was 3.03 grams per tonne compared to 3.11 grams per tonne for the nine months ended September 30, 2013.
Following the first nine months of 2014, the company is on track achieve the lower half of its annual production target of 90,000-100,000 ounces for the year 2014.
Jaguar Mining Intercepts at the Turmalina Mine
Oct 9 14
Jaguar Mining Inc. announced multiple high-grade drill intercepts generated from down-plunge resource expansion drilling at its Turmalina Mine, located in the state of Minas Gerais, Brazil, highlighting 15.32 grams per tonne Au over 19.0 meters. With these results, the Company has greater geologic confidence as drill density has been increased, thereby providing the opportunity to upgrade the current inferred resources to a higher category. The holes disclosed below in Table 1, are all within a 50-meter zone below existing mine development.
Jaguar Mining Inc. Announces Executive Appointments
Aug 27 14
Jaguar Mining Inc. announced the appointment of Mr. Neil Hepworth as Chief Operating Officer effective August 25, 2014. Previously Mr. Neil Hepworth was the Senior Vice President of Development and Brazil Operations for Aura Minerals Inc, Vice President of Operations for both European Goldfields Ltd. and Crew Gold Corp. and Mine Manager for Rio Tinto at Neves Corvo underground mine in Portugal. In addition, the company announced the appointment of Mr. Jim Healy to Vice President, Gurupi Project Development Prior to joining, Jim served as General Manager for Luna Gold Corp.'s Aurizona Mine in Maranhão, Brazil. Lastly, the company announced the appointment of Mr. Hashim Ahmed to Director of Finance. Most recently, Hashim was the Finance Controller for Barrick Gold Corporation's multi-billion dollar Pascua Lama Project in Chile.