Osisko Mining rises to Q2 profit of $13.3 million as revenue growsCanadian Press, The
MONTREAL _ Osisko Mining Corporation (TSX:OSK) reported Thursday a second-quarter profit of $13.3 million as it ramped up production at its Canadian Malartic in Quebec.
The gold miner said the profit amounted to three cents per share for the quarter ended June 30 compared with a loss of $23.8 million, or six cents per share, for the same year-earlier period.
Revenue grew to $157.1 million, from $12.4 million a year ago.
The Canadian Malartic mine started commercial production on May 19, 2011.
The year-earlier results also included a write-down of $10.9 million after the company abandoned its Duparquet project.
The company said gold production was 92,003 ounces during the quarter, despite a fire that shut down the Canadian Malartic mill for 10 days in May.
Osisko said it expects to see an increase in gold production and a "significant" decrease in costs during the third quarter as a result of installing additional equipment.
In addition to the Malartic gold mine, Osisko has a number of exploration properties, including the Hammond Reef gold project in northern Ontario.