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Mining industry

Glamis Gold Ltd. Reports Profit of $334,000 in Q1 1998 Amidst Challenging Gold Market

Strategic Insights

— 1 min read

Glamis Gold Ltd. has released its quarterly earnings report for Q1 1998, revealing a profit of $334,000, or $0.01 per share, on production of 27,337 ounces of gold. This marks a significant decline from the same quarter in 1997, when the company earned $1.2 million, or $0.04 per share, on 32,954 ounces of gold. The lower earnings are attributed to a 5% decrease in the average realized gold price, which fell to $328 per ounce from $345 per ounce in Q1 1997.

Key Takeaways:

  • Glamis Gold Ltd. reported a profit of $334,000, or $0.01 per share, in Q1 1998, a significant decline from the same quarter in 1997.
  • The company produced 27,337 ounces of gold, a 28% decrease from the same period last year.
  • The average realized gold price decreased by 5% to $328 per ounce from $345 per ounce in Q1 1997.
  • The company's cash costs and total costs per ounce increased to $190 and $289, respectively, in Q1 1998, compared to $168 and $256 in Q1 1997.
  • The Rand Mine produced 21,209 ounces of gold, a 10% decrease from the same period last year, due to lower average ore grade and increased cash and total costs.
  • The Picacho Mine produced 5,689 ounces of gold, a 40% decrease from the same period last year, due to the depletion of known reserves.
  • The Imperial Project's permitting process continues, with the company anticipating a Record of Decision in December 1998.

Sources:

  • Glamis Gold Ltd. (NYSE: GLG). (1998, April 27). Glamis Gold Ltd. Earns Profit of $334,000 in Q1 1998 Amidst Challenging Gold Market.
  • http://www.glamis.com

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