Dynacor Reports profit since last 33’ Quarter
Dynacor Gold Mines reports its financial results for its 2Q ended June 30, 2019. The unaudited condensed consolidated financial statements and the management’s discussion and analysis (MD&A) for the three-month and six-month periods ended June 30, 2019, have been filed electronically too. For the three-month period ended 2Q 2019, Dynacor completed its thirty third (33rd) consecutive quarter of profits with a net income of $0.8 M per share, compared to $1.3 M for the same period of 2018.
With a similar volume processed, 22,737 tonnes in Q2-2019 vs. 23,172 tonnes in Q2-2018, our production, however, decreased by 12.2% compared to Q2-2018, 18,095 ounces in Q2-2019 vs. 20,610 ounces in Q2-2018. This decline is mainly explained by a 9.4% decrease in the average grade of the available ore processed during the period. Volume of gold sold has decreased by 19.2% compared to 2018 due to the lower production combined with the variances of gold in process.
Those situations had a direct impact on our Q2-2019 financial results. Nevertheless, gold production increased by 13.1% compared to Q1-2019.
At Operational and Strategic front, in Q2-2019, the Veta Dorada plant processed a total of 22,737 tonnes of ore compared to 23,172 tonnes in Q2-2018; Gold production of 18,095 ounces in Q2-2019 compared to 20,610 ounces in Q2-2018, a decrease of 12.2% due to the lower average grade of ore processed & Sales of 17,402 ounces of gold compared to 21,524 ounces in Q2-2018 a decrease of 19.2% due to the variation of gold in process inventories in Q2-2019 compared to Q2-2018.
At Tumipampa mine, Dynacor signed a mining and mineral purchase agreement with artisanal miners to begin extraction of materialized material from high-grade veins. The first deliveries occurred in June 2019; Dynacor signed a letter of intent to globally expand its ore-purchasing and processing business in Senegal.
