Sandstorm Gold Reports Net Loss of $74.6M, Record Gold Sales
Sandstorm Gold Ltd. has “reported a net loss of $74.6 million in 2013 but hit record gold sales on 36,146 ounces, excluding Premier Royalty’s attributable ounces and record revenue of $59.8 million. The company absorbed a $52.2 million impairment charge on its Colossus Minerals Serra Pelada gold stream, bringing a net loss of $39.9 million in the fourth quarter of 2013,” reports Kitco.
“’Amidst a challenging gold price environment in 2013, our streaming partners demonstrated the economic strength of their mining operations as the average all-in cost of the mines underlying our four key streams was close to $1,000 per ounce by the end of the year,’ says Nolan Watson, president and chief executive officer of Sandstorm. ‘Our focus is building shareholder value by growing and diversifying our production base and cash flow through the acquisition of streams and royalties.'”
“The company expects to produce between 40,000 to 50,000 gold equivalent ounces in 2014, with that total increasing to approximately 60,000 of gold equivalent ounces annually by 2016.”
In metal price news for precious metals…
Japanese palladium bar saw the largest upwards shift on the weekly Global Precious Metals MMI®, rising 7.0 percent to settle. The price of US palladium bar rose 4.6 percent after falling 0.1 percent during the previous week. The price of Chinese palladium bar finished the week 4.2 percent higher.
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The price of Japanese platinum bar rose 3.3 percent this week, closing out the third week. Closing out the third week of rising prices, the price of US platinum bar increased by 1.6 percent. The price of Chinese platinum bar rose 1.0 percent over the past week. This was the third week in a row of increasing prices.
The price of Japanese gold bullion finished the week 2.4 percent higher. The price of Indian gold bullion fell 1.5 percent after rising 0.4 percent the week before. Following a 2.3 percent increase in the week prior, the price of Chinese gold bullion fell 1.1 percent last week. The price of US gold bullion fell 0.8 percent after rising 1.1 percent the week before.
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Following a 0.8 percent increase in the week prior, the price of Indian silver fell 3.9 percent last week. The past week saw US silver close after a 3.2 percent decline. Chinese silver prices were off slightly, down from a week ago. The price of Japanese silver rose 1.9 percent after falling 0.6 percent during the previous week.
The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.
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