Falcon Gold Haunted By Losses

Zimbabwe Stock Exchange listed, Falcon Gold Limited has for the second period running, reported an operational loss, recording a Total Comprehensive Loss of US$1 681 348 (-$0.015 per share) for the six months ended 31 March 2018.

Falcon made a loss of US$2 423 831 (-$0.022 per share) during the same period last year due to mineral production expenses which increased to US$3 707 570.

According the Group Executive Director, Ian Saunders the group produced 1,920 ounces of gold for the six months ended 31 March 2018.

“The Group produced 1,920 ounces of gold for the six months ended 31 March 2018 (average sale price US$1,321 per ounce on the sale of 1,964 ounces of gold), as compared to 2,970 ounces of gold for the six months ended 31 March 2017 (average sale price US$1,226 per ounce on the sale of 3,021 ounces of gold). Gold production decreased by 1,050 ounces or 35.4% in 2018 as compared to 2017.

“Mineral production expenses increased to US$3 707 570 (-43.3% operating margin) for the six months ended 31 March 2018, as compared to US$5 625 253 (-53.8% operating margin) for the six months ended 31 March 2017,” said Saunders.

He added that general and administrative costs for the period under review also decreased by 6.8%.

“General and administrative costs decreased by 6.8% for the six months ended 31 March 2018, as compared to the six months ended 31 March 2017.

“These costs increased to 15.9% of mineral production expenses for the six months ended 31 March 2018, as compared to 11.3% of mineral production expenses for the six months ended 31 March 2017,” he said.

 

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