Brigus Gold Corp. swung to a profit in the third quarter as higher prices offset lower production, the Halifax, Nova Scotia-based miner said Monday.
Brigus earned $12.4 million, or six cents per share, compared with a loss in the year-earlier quarter of $4.5 million, or three cents per share.
Revenue in the July-to-August period fell to $19.3 million from $23.7 million.
The company sold 17,119 ounces of gold, down from the 2010 third quarter when it sold 19,265 ounces. But its average realized selling price last quarter climbed to $1,643 from $980.
Brigus now expects to produce between 17,000 and 18,000 ounces of gold at its Black Fox (Mine in Ontario) operation in the fourth quarter of 2011, said the company, which operates in North and Latin America.
The company has made significant progress at Black Fox and is focused on continued production growth quarter over quarter. Gold production is expected to be between 90,000 and 104,000 ounces in 2012 as we continue to ramp up to steady state of more than 25,000 ounces a quarter.