Osisko Mining reported a quarterly profit on Friday as production ramped up at its Canadian Malartic mine in Quebec and high gold prices boosted revenue.
Net income in the third quarter ended Sept. 30 was C$9.3 million ($9.1 million), or 2 Canadian cents a share, up from a loss of C$10.2 million, or 3 Canadian cents a share, in the year-earlier period.
Sales rose to C$122.8 million as the company sold 72,100 ounces of gold at an average realized price of $1,695 an ounce. Cash costs were $939 per ounce in the quarter.
Montreal-based Osisko started commercial production at the Canadian Malartic mine in May. The company produced 73,814 ounces of gold in the third quarter, with output of 120,419 ounces so far in 2011.