Last C$2.28 CAD
Change Today -0.03 / -1.30%
Volume 80.3K
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As of 3:59 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

richmont mines inc (RIC) Snapshot

Open
C$2.30
Previous Close
C$2.31
Day High
C$2.32
Day Low
C$2.27
52 Week High
09/2/14 - C$3.07
52 Week Low
12/6/13 - C$1.00
Market Cap
108.6M
Average Volume 10 Days
186.2K
EPS TTM
C$-0.35
Shares Outstanding
47.6M
EX-Date
--
P/E TM
--
Dividend
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Dividend Yield
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Current Stock Chart for RICHMONT MINES INC (RIC)

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richmont mines inc (RIC) Details

Richmont Mines Inc. is engaged in the mining, exploration, and development of mining properties, primarily gold in Canada. It operates three gold mines, including the Beaufor/W Zone and the Monique mines in Quebec; and the Island Gold Mine in Ontario. The company is also developing the Island Gold Deep project located in Ontario. As of December 31, 2013, it had proven and probable reserves of 143,505 ounces of gold at the Island Gold Mine; and 31,133 ounces of gold at the Beaufor Mine. The company was formerly known as Ressources minières Rouyn inc. and changed its name to Richmont Mines Inc. in 1991. Richmont Mines Inc. was founded in 1981 and is headquartered in Rouyn-Noranda, Canada.

442 Employees
Last Reported Date: 02/28/14
Founded in 1981

richmont mines inc (RIC) Top Compensated Officers

Chief Financial Officer and Executive Vice-Pr...
Total Annual Compensation: C$240.0K
Vice President of Exploration
Total Annual Compensation: C$181.7K
Financial Director
Total Annual Compensation: C$180.0K
Compensation as of Fiscal Year 2013.

richmont mines inc (RIC) Key Developments

Richmont Mines Inc. Announces Commencement of Additional Deep Exploration Drilling at Island Gold

Richmont Mines Inc. announced that it is commencing an additional exploration drilling program from surface to test part of the down plunge projection of the Island Gold deposit. This is in addition to the remaining budgeted 2014 exploration and definition drill programs currently underway from underground. The new program will consist of four diamond drill holes for approximately 4,800 metres at an estimated cost of $0.5 million. The Island Gold Mine, near Wawa Ontario, has produced over 300,000 ounces of gold from above the 400 metre level, and is expected to produce over 40,000 ounces this year. The corporation commenced more intensive drilling at depth below the mine in 2011 with favourable results driving an expanded drilling program through 2012. In February 2013, the first estimate was announced for a new 508,000 ounce inferred resource grading 10.73 g/t Au directly below the existing Island Gold Mine. Additional drilling in 2013 resulted in a doubling of this resource estimate one year later in January 2014 to 1.1 million ounces grading 9.3 g/t Au. The deposit remains open along strike and at depth, which presents good potential for expanding the resource through additional exploration. As this new deposit is immediately beneath the operating mine, Richmont has extended the mine ramp to its current depth of 625 metres, which is in the upper 125 metres of the new zone.

Richmont Mines Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Richmont Mines Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported it swung to a net profit, owing to record revenue, while the dual-listed mineral explorer also raised its gold production guidance for 2014 as a result of its strong quarterly performance. Net earnings on an International Financial Reporting Standards basis were CAD 4.7 million, or CAD 0.10 per basic and diluted share, compared to a prior-year net loss of CAD 1.1 million, or CAD 0.03 per basic and diluted share, a year earlier. Adjusted net income for the quarter was CAD 5.7 million, or CAD 0.12 per share, compared with an adjusted net loss of CAD 1.1 million, or CAD 0.03 per share, in the same period last year. Revenue reached a record CAD 39 million compared to CAD 17.8 million a year earlier. Cash flows generated from operating activities was CAD 13,371,000 or CAD 0.29 per share compared to cash flow used in operating activities of CAD 2,966,000 or CAD 0.07 per share for the same period a year ago. Operating earnings were CAD 6,332,000 compared to operating loss of CAD 1,210,000 for the same period a year ago. Earnings before mining and income taxes were CAD 6,363,000 compared to loss before mining and income taxes of CAD 1,061,000 for the same period a year ago. Investment in property, plant and equipment at Island Gold Mine was CAD 2,348,000 compared to CAD 3,346,000 for the same period a year ago. Investment in property, plant and equipment Island Gold Deep Project was CAD 1,536,000 compared to CAD 4,499,000 for the same period a year ago. Investment in property, plant and equipment Beaufor Mine was CAD 843,000 compared to CAD 30,000 for the same period a year ago. Investment in property, plant and equipment W Zone Mine was CAD 1,000 compared to CAD 1,021,000 for the same period a year ago. Investment in property, plant and equipment other was CAD 123,000 compared to CAD 87,000 for the same period a year ago. For the six months, the company announced cash flows generated from operating activities was CAD 15,751,000 or CAD 0.37 per share compared to cash flow used in operating activities of CAD 9,741,000 or CAD 0.25 per share for the same period a year ago. Revenue was CAD 68,418,000 compared to CAD 41,233,000 for the same period a year ago. Net earnings were CAD 2,773,000 or CAD 0.07 per basic and diluted share compared to net loss of CAD 3,330,000 or CAD 0.08 per basic and diluted share for the same period a year ago. Operating earnings were CAD 4,718,000 compared to operating loss of CAD 3,600,000 for the same period a year ago. Earnings before mining and income taxes were CAD 4,804,000 compared to loss before mining and income taxes of CAD 3,259,000 for the same period a year ago. Investment in property, plant and equipment at Island Gold Mine was CAD 4,018,000 compared to CAD 6,458,000 for the same period a year ago. Investment in property, plant and equipment Island Gold Deep Project was CAD 4,363,000 compared to CAD 6,022,000 for the same period a year ago. Investment in property, plant and equipment Beaufor Mine was CAD 1,445,000 compared to CAD 238,000 for the same period a year ago. Investment in property, plant and equipment W Zone Mine was CAD 234,000 compared to CAD 2,902,000 for the same period a year ago. Investment in property, plant and equipment Monique Mine was CAD 21,000 compared to CAD 7,457,000 for the same period a year ago. Investment in property, plant and equipment other was CAD 691,000 compared to CAD 485,000 for the same period a year ago.

Richmont Mines Inc. Consolidates 100% Ownership of Island Gold Mine

Richmont Mines Inc. announced that it has signed a definitive agreement to acquire the outstanding 31% ownership of four patented claims on the Island Gold Mine property, thereby increasing its ownership of these claims to 100% from 69% previously. The 31% ownership held by the third party will be acquired by Richmont in return for a 3% Net Smelter Return (NSR) royalty that is payable on 100% of the mineral production from the four claims. The transaction is expected to close in the next few days. 31% ownership of the four claims acquired by Richmont in return for a 3% NSR royalty on 100% of mineral production from the claims SSM2490, SSM2491, SSM2666 and SSM2667. As part of this agreement Richmont will make the following advance royalty payments: $1 million upon closing of the transaction, and $1 million on each of January 3, 2015 and January 3, 2016. Advance royalty payments will decrease to $300,000 as of January 3, 2017, and will be paid annually until such time as a total of $5.1 million has been paid in royalties (including advance royalties) to the third party, after which advance royalty payments will cease. All advance royal payments will be credited against any future NSR payments. On a consolidated basis, NSRs on the four claims will total 4.38%. This encompasses the above mentioned 3% NSR, and a previously existing 2% NSR payable on the other 69% of these claims. As previously disclosed, the 69% of the four claims is part of the much larger Goudreau land package, which is subject to a 15% Net Profit Interest (NPI), that becomes payable only once all operating costs and investments relating to the full Goudreau claim package have been recovered, including working capital, interest and management fees. The 15% NPI applicable to 69% of the four claims is equivalent to a 10.38% NPI on 100% of these four claims.

 

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