3628 days ago
AIM listed Amara Mining (AMA) has announced that its producing Kalsaka/Sega operation returned to EBITDA profit in the first quarter of the 2014 calendar year but that “the head grade mined in Q1 2014 was below expectations and accordingly Amara expects production in 2014 to be at the low end of the previous guidance of 60,000-70,000 ounces”.
Kalsaka/Sega production was 16,263 ounces of gold in the quarter, with the company reporting an overall net loss of $4.58 million for the period, though noting that “the closing cash and bullion balance of $7.3 million was augmented during Q2 by the $30.5 million fundraising (before expenses), ensuring that Amara is fully funded to deliver the initial Yaoure feasibility study in Q1 2015”.
It particularly emphasised that;
