TIMMINS – Tahoe Resources Inc., the parent company for Lake Shore Gold in Timmins, is financially doing better than expected. The company this week reported its second quarter and six-month year-to-date financial results.
There are record levels for silver and gold production along with record levels of cash flow and revenue. Part of that reporting also revealed that second-quarter production volumes for Lake Shore Gold (LSG) were below last year’s numbers, because of some “minor operational issues.”
Regardless, the company said Timmins is still destined to play a significant role in the future. Already, the $80-million shaft expansion project is underway at LSG’s Bell Creek Mine and new jobs are being created. Lake Shore was acquired by Tahoe in April.
The company revealed that in the second quarter this year LSG in Timmins processed 300,115 tonnes of ore at an average grade of 4.18 grams per tonne (GPT). This resulted in producing 39,167 ounces of gold.
For the same period last year, Lake Shore processed 327,100 tonnes at 4.2 gpt resulting in 42,600 ounces of gold being poured.
The Q2 report was the main item of discussion for a public conference call held Wednesday morning with company executives and financial analysts. The Daily Press was invited to listen in.
J.P. Morgan financial analyst Mandeep Singh asked Tahoe president Ron Clayton if he believes that the drop in gold production in Timmins will recover before the end of the year.
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