Metanor Resources (MTO.V) has announced the production results of the second quarter of this year, wherein the company produced 10,277 ounces of gold at its Bachelor Lake mine in Québec, Canada. That’s a 4.2% increase compared to the first quarter of this year, despite a lower throughput of less than 60,000 tonnes in the second quarter. Fortunately the average grade increased by 7%, resulting in a production increase.
As Metanor had an all-in sustaining cost of less than US$1000/oz in the first quarter, we expect an even lower production cost in the second quarter as the total production went up, and the Canadian Dollar lost more value compared to the US Dollar, reducing the USD-expenses for Canadian operators.
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Disclosure: The author holds a long position in Metanor Resources. Metanor is a sponsor of the website. Please see our disclaimer for current positions.
