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RNC narrows loss

Canadian miner RNC Minerals (TSX:RNX) has reported a 40% year-on-year tapering of its net loss for the September quarter to C$7.5 million, or 2c a share.
RNC narrows loss RNC narrows loss RNC narrows loss RNC narrows loss RNC narrows loss

High Beta Hunt mine grades are driving production growth for RNC Minerals

Staff Reporter

The Toronto-based company said its improved performance was owing to a trebling of gold production from its 100%-owned Beta Hunt mine, in Western Australia, to 31,360 ounces, helping push sales for the quarter up 175% 23,805oz.

But RNC said it had generated more than $10 million EBITDA in the third quarter, and with less than half of the low-cost, high-grade gold production sold in the third quarter, setting the company up for a bumper fourth quarter that would generate significant additional EBITDA.

Revenue for the three-month period rose 74% year-on-year to $18.4 million, mainly owing to the improved performance of Beta Hunt, where significant grade improvements supported the operation.

All-in sustaining costs decreased by 36% to US$1,006/oz sold, compared with $1,609/oz in the third quarter of 2017.

RNC's 27% share of metal contained in concentrate production from the Reed mine, in Manitoba, was 780,000t of copper, at AISC of S$0.58/lb copper sold, compared to $1.57 in the prior year period.

RNC closed 18.46% in the red in Toronto on Tuesday at C53c, giving it a market value of $200.5 million.