VANCOUVER (miningweekly.com) – The TSX-listed stock of Jaguar Mining on Tuesday rose as much as 8% after the company reported a 56% increase in operating cash flow to $37.8-million for the 2016 financial year, resulting in free cash flow turning positive year-on-year to $11.3-million.
"2016 was a successful and transformational year for Jaguar Mining. We exceeded [our] production guidance and improved cash operating costs to $719/oz sold, despite operating under a strengthening Brazilian foreign currency,” president and CEO Rodney Lamond said on Tuesday.
Gold production topped expectations at 96 608 oz, boosted by record gold recovery of 91%, a higher grade of 3.74 g/t, and higher throughput levels.
As a result, Jaguar has raised its consolidated production guidance for 2017 to between 100 000 oz and 110 000 oz of gold.
All-in sustaining costs of $1 099/oz sold, reflect a 47% increase in sustaining capital spend.
Working capital improved to $8.9-million as at December 31, up from $2-million a year earlier.
The stock traded at a high of C$0.65 apiece on Tuesday.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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