Jaguar Mining Inc. (JAG.TO, JAG), which gained 4.5% Thursday, reported a net loss of $49.4 million or $0.58 per fully diluted share for the quarter ended December 31, 2012. This result compares to a net loss of $33.7 million or $0.40 per fully diluted share in the fourth quarter of 2011.
During the fourth quarter 2012, Jaguar sold 21,298 ounces of gold at an average realized price of $1,714 per ounce. This compared to sales of 34,157 ounces of gold at an average realized price of $1,680 per ounce in the three months ended December 30, 2011. Average cash operating cost per ounce was $915 in the fourth quarter 2012 compared to $963 in the third quarter 2012 and $1,114 in the fourth quarter 2011. Cash operating margin was $799 per ounce in the fourth quarter 2012 compared to $685 per ounce in the third quarter 2012 and $566 per ounce in the fourth quarter 2011.
2013 Outlook: "Jaguar expects 2013 gold production in the range of 85,000 to 95,000 ounces. On this planned production volume, cash operating costs are expected to be in the range of $950 to $1,100 per ounce (based on an assumed exchange rate of R$2.00 per US$). Capital expenditures for 2013 are anticipated to be approximately $35 million of which $22 million is expected to be spent at Caete and $13 million at Turmalina. Costs are expected to continue to trend downward throughout 2013 as the planned benefits of the operational improvements and changes in mining methodology implemented in 2012 are realized incrementally throughout the year."
Jaguar is a junior gold producer in Brazil with operations in a prolific greenstone belt in the state of Minas Gerais and owns the Gurupi Project in Northern Brazil in the state of Maranhao. The company also owns additional mineral resources at its approximate 210,000-hectare land base in Brazil.
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