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Hemlo Mining Grinds Through a Slower Quarter as Unit Costs Jump
['Jay Lutz']
the deep dive
Hemlo Mining (TSX: HMMC) reported lower revenue and sharply higher unit costs in the second quarter, as a planned crusher rebuild and a change in mining sequence pulled output down from the pace set in the first three months of the year.
Sponsored · Canadian Copper Inc.As for the balance sheet, cash rose to $130.2 million from $123.6 million, and net debt narrowed to $19.8 million from $26.4 million against total debt of $150 million.
The mill processed 344,000 tonnes, up 7% quarter over quarter, and set a single day record of 5,035 tonnes.
Site cash costs reached $1,880 per ounce sold, up from $1,385, while all-in sustaining costs jumped 42% to $2,561 from $1,805.
Hemlo has not issued full-year production or cost targets, leaving the quarter without a benchmark to measure against.