UPDATE: SEMAFO Down 1.5%, Nearer To Yr Lows As Reports Q4 Results
SEMAFO (SMF.TO), a Canadian-based mining company with gold production and exploration activities in West Africa, reported its financial and operational results for the fourth quarter and year ended December 31, 2012. Its shares have dropped 1.5% and nearer to a year low $2.21.
Fourth Quarter Review:
- Gold production of 62,400 ounces, a decrease of 4% compared to the same period in 2011.
- Gold sales of $110.3 million, a 3% decrease compared to the same period in 2011.
- Non-cash impairment charge of $60.0 million on the Samira Hill Mine.
- Net loss of $25.2 million compared to net income of $33.3 million for the same period in 2011.
- Cash flow from operating activities of $48.6 million or $0.18 per share compared to $54.3 million or $0.20 per share for the same period in 2011. Cash flow from operating activities excludes changes in non-cash working capital items.
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