Primero Mining Reports Jump in Profits
Primero Mining Corp posted a quarterly profit that came as a surprise. The profits are contributed to higher production and also reflect the first full quarter ownership of a new mine in Mexico.
The Canadian precious metals producing company said that it would be increasing its underground exploration and development activities in 2011.
The company also expects a higher production in 2012 of almost 25- 30 % compared to 2011. This is because it expects production contribution from the San Dimas mine in Mexico which is a recent acquisition of the company. Primero Mining Corp bought the San Dimas mine from Goldcorp Inc last June.
Mr. Joseph F. Conway, President and Chief Executive Officer of Primero Mining Corp said that revenues increased significantly during the fourth quarter, driven by higher production and reflecting Primero's first full quarter of ownership of San Dimas.
The company also plans to seek a US listing later this year. The capital expenditure for the current year for the company will triple to $ 31 million as per company estimates. However the dramatic rise in prices for precious metals such as silver and gold will also contribute to a higher cash flow for the company in 2011. So the company is looking forward to a good year ahead.
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Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.
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