Alacer Gold has achieved record quarterly gold production of 68,195oz at $US395/oz at its 80%-owned Copler gold-silver-copper mine in Turkey. Attributable production for the June quarter (Q2) was 54,556oz.
The Canadian miner says Copler contributed a strong cash flow of $41M in the challenging environment of a 25% decline in the gold price, before one-time capital expanses of $14M for mine upgrades.
President/CEO David Quinlivan says Alacer ended the quarter with $269M in cash, $14M higher than at the end of March. It includes $50M in Australia, where the company is pursuing the sale of its remaining Higginsville and South Kalgoorlie gold operations.
The company recognised a non-cash impairment of $412M on the Australian assets.
Alacer is continuing a business-wide review of costs, including staff reductions including a number at management level.