Serabi Gold reports 5pc increase in Q2 gold production

(Sharecast News) - Serabi Gold said on Thursday that it produced 11,007 ounces of gold in the second quarter, up 5% year on year, taking first-half output to 23,049 ounces. Cash increased to $65.7m at the end of June from $64.4m three months earlier, while the Brazil-focused miner remained debt free after repaying a $5.3m loan during the first quarter.

The AIM-traded company maintained full-year guidance for production above 53,000 ounces, based on its Coringa mining licence being awarded by the fourth quarter.

Serabi said installation of a fourth ball mill at the Palito Complex remained on time and budget, while the transition to mechanised sublevel stoping at Coringa was also on track for completion by year end.

At 1236 BST, shares in Serabi Gold were down 5.96% at 259.55p.

Reporting by Josh White for Sharecast.com.

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