ORA price lost ground after dissatisfaying quarterly results were announced. Gold production increased 10% to 37.6 thousand ounces, compared to the same period in 2011. The cost to produce one ounce of gold was $1.76 thousand though, leaving nearly no margin for profitability. Such a high expenditure was created by a structural failure of the crusher feed bin, which made the crusher in in the Sao Francisco Mine unusable for 47 days.
Aura Minerals reported $75.6 million in revenue, which was 41% higher than that recorded in Q1 2011. Net loss for the period was $18.7Q million, while last year the company booked a profit of $4.4 million.
Aura holds onto $13.9 million in cash and has $5 million borrowing capacity under their credit facility which should allow them to operate for another couple quarters without raising a concern. The company also reaffirmed their production guidance for 2012, setting a goal of 165 to 185 thousand ounces of gold.
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