Allied Nevada Gold Corp. (ANV,ANV.TO: Quote) reported that its second-quarter net income was $6.1 million or $0.07 per share, compared with $3.6 million or $0.04 per share in the second quarter of 2011. Net income in the second quarter of 2012 as compared to the same period in 2011 benefited from lower exploration, development and land holding costs which was partially offset by increased interest expense as a result of the May 2012 issuance of the Notes.
The company expects production for 2012 to be approximately 180,000 ounces of gold. Total 2012 sales are expected to be approximately 150,000 ounces of gold, with third and fourth quarter sales expected to be approximately 40,000 ounces of gold and 70,000 ounces of gold, respectively.
Revenue was $33.7 million, up from $33.6 million in the second quarter of 2011. Revenue was higher primarily due to the higher average realized gold price of $1,609 per ounce in the second quarter of 2012 compared with $1,504 per ounce in the same period in 2011.
Click here to receive FREE breaking news email alerts for Allied Nevada Gold J and others in your portfolio
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org