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Roxgold profit down despite increased revenue

West Africa-focused Canadian miner Roxgold increased its gold sales and revenue in the third quarter, with a big uptick in ore mined and processed versus the previous year – but its net income fell by a third, mainly due to higher depreciation, an unfavourable change in fair value of financial derivatives, and increased exploration expenditure.

Roxgold profit down despite increased revenue Roxgold profit down despite increased revenue Roxgold profit down despite increased revenue Roxgold profit down despite increased revenue Roxgold profit down despite increased revenue

Roxgold's profits took a hit from unfavourable financial market changes, but the company remained upbeat about its prospects in Burkina Faso (pictured) and Cote d'Ivoire

Roxgold sold 34,200oz of gold for $50.2 million in the third quarter, earning the company an adjusted net income of $7.7 million. However, the company's net income was $1.9 million, down from $6.

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