Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Serabi maintains guidance after solid second quarter
(Sharecast News) - Serabi Gold released its second quarter production results and operating highlights for the second quarter of the year on Wednesday, reporting significant improvements in gold production and financial stability. The AIM-traded firm said that in the second quarter, it achieved a gold production of 9,003 ounces, marking a 6% increase compared to the same period in 2023.
That growth was bolstered by Coringa, which contributed 4,752 ounces of gold at plant grades of 6.25 grams per tonne.
Additionally, the Palito plant processed a record quarterly total of over 55,000 tonnes of ore.
Financially, Serabi Gold maintained a strong position, reporting that as of 30 June, it held $12m in cash, up from $11.6m at the end of December.
The net cash balance, after accounting for interest-bearing loans and lease liabilities, stood at $6.6m - an improvement from the $5m reported at the end of December.
Significant progress was also made in the construction of the classification plant at Coringa.
The crusher was expected to be operational by August, with the ore sorter on track for operation by the start of the fourth quarter.
Additionally, NCL Ingeniería y Construcción of Santiago de Chile was advancing the updated preliminary economic study (PEA) at Coringa.
That study would incorporate a revised geological resource and an economic study detailing the planned use of the classification plant and processing at the Palito Complex.
Serabi Gold said it remained confident in its production outlook, reiterating its 2024 consolidated gold production guidance of 38,000 to 40,000 ounces.
"The mid-year position looks very positive after a second consecutive quarter exceeding 9,000 ounces which is both very satisfactory and maintains us in line with guidance," said chief executive officer Mike Hodgson.
"The process plant continued to perform admirably with a quarterly record of over 55,000 milled tonnes.
"Mine output exceeded 59,000 tonnes, which was also the highest ROM total in 3 years."
Hodgson said the company was tracking well towards guidance, and with the classification plant progressing according to plan at Coringa, he was "optimistic" for the second half of 2024.
"We look forward to the forthcoming PEA for Coringa during the third quarter, and seeing the ore sorter operational in the fourth quarter."
At 1412 BST, shares in Serabi Gold were up 6.06% at 70p.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.