News

Strike hits Uruguay Mineral gold output

13 August 2008 09:45:00

Uruguay Mineral Exploration fell back after the gold explorer and producer missed production targets due to a strike.

Full year gold output was 90,668 ounces against a target of 95,000 ounces, but the company was hit by a 10-day strike after a worker was sacked for breaching safety regulations.

While the higher gold price helped lift revenue to $79.1m from $63.1m, net income slipped to $7.8m from $14.5m as energy and other costs rose.

Gold prices climbed to $886 an ounce to $659 an ounce during the period, the company said, but cash costs were $413 an ounce compared with expectations of $360 to $380 an ounce.

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