TSX- and NYSE-listed AuRico Gold, which on Tuesday reported solid preliminary production results for the June quarter, also told shareholders that it was re-evaluating the value of its historical heap leach and long-term, low-grade stockpile inventories, owing to the lower metal price environment.
“These tests may result in the need to recognise a net realisable value adjustment on these inventories at June 30,” the gold miner said in a statement.
Owing to the decline in the gold price in recent months, the company was also evaluating whether its long-term gold price assumptions needed to be revised. It warned that this might result in an impairment charge.
AuRico expected to complete a final assessment by the time it releases its financial results for the second quarter.
Meanwhile, the company’s Young-Davidson mine, in Northern Ontario, Canada, produced 29 252 oz of gold in the three months ended June 30, bringing total half-year output for the mine to 57 533 oz.
The El Chanate mine, in Mexico, produced 18 751 oz of gold in the quarter, bringing half-year output for the mine to 36 640 oz.
"Both operations reported another quarter of solid production results that are in line with targeted levels. Construction of the Young-Davidson shaft and hoisting system is in the final stages and, once commissioned, will drive enhanced underground productivities and unit cost efficiencies,” said AuRico president and CEO Scott Perry.
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