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New Gold Releases Q2 2020 Results
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New Gold Inc (TSX:NGD) institutional ownership is 86.30% which means the shareholder base is strong and investors are in the stock for the long haul. The company has announced its Q2 2020 results as well as offered an operational outlook. In the quarter, New Gold executed several strategic opportunities that includes completing a $300 million alliance with Ontario Teacher's Pension Plan and the sale of the Blackwater Project for CA$190 million in cash and an 8% gold stream.
The company produced 98,079 gold equivalent ounces comprising of 64,294 gold ounces, 16.9 million pounds of copper, and 134,282 ounces of silver. The Rainy River Mine produced around 49,633 gold equivalents ounces while New Afton Mine production was 48,446 gold equivalent ounces.
Fortuna Silver Mines Announces Q2 Results and Resumes Caylloma Mine Operations
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Institutional ownership in Fortuna Silver Mines Inc. (TSX:FVI) is 77.10% implying a strong shareholder base. This means investors are in the stock for the long haul. The company has announced that it has resumed production operations at the Caylloma Mine in Peru. Fortuna Silver had suspended operations at the site on July 6, 2020, to disinfect and sanitize the mine site.
In the second quarter, Fortuna Silver produced 7,099 gold ounces and 1.3 million silver ounces plus other base metals. For the first half of 2020 gold and silver production was 17,200 ounces and 3.1 million ounces respectively. Due to the uncertainties caused by the pandemic the company withdrew its 2020 production and cost guidance until further notice.
Eldorado Gold Increases Production In Q2 By Over 50%
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Another stock with strong shareholder bases is Eldorado Gold Corp (TSX:ELD) with institutional ownership accounting for 85.50% which investors are in the stock for the long haul. The company announced Q2 2020 production of 137,782 gold ounces which is a 50% YoY increase and a 19% QoQ increase. The company is maintaining its annual production guidance of between 520,000 and 550,000 gold ounces at an all-in sustaining cost of between $850 and $950 per gold ounce sold. Free cash flow in the quarter increased from just $4.8 million in Q2 2019 to almost $63.4 million in Q2 2020.
Kisladag mine production grew 130% YoY because of high grade and enhanced solution grades because of drier weather in June. Also Olympias mine production I Greece grew 159% YoY.
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COMTEX_369163222/2700/2020-08-10T08:22:53
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