Chile-focused Cerro Grande Mining Corp., which produces gold, silver and copper, swung to a profit in the fiscal year ended Sept. 30 on lower costs and higher sales.
Net earnings were $3.43 million, or four cents per share, compared with a loss of $5.25 million, or one cent per share, in the fiscal year ended Sept. 30, 2010, the Toronto-based company said.
Revenue climbed to $24.29 million from $10.96 million in the fiscal year ended Sept. 30, 2010.
Gold ounces sold climbed to 14,083 ounces compared to 8,598 ounces in the comparable period last year. Cash costs per ounce of gold ounces sold at the Pimenton mine, net of by-product credits was $716 compared to $992 in the comparable period last year.
Cerro Grande also said a diamond drill rig is being moved to the drill site at Santa Cecilia for assembly and drilling is expected to start early in January 2012.