Alexco Resource Corp. (TSX:AXR,NYSE MKT:AXU) announced its financial results for the third quarter of 2012 today. All figures are expressed in Canadian dollars unless otherwise stated.
Highlights from the press release:
For the quarter, Alexco recorded income before taxes of $7.3 million and net income of $5.3 million or $0.09 per share, and total comprehensive income of $5.6 million. Alexco produced 514,879 ounces of silver during the quarter at its Bellekeno mine in the historic Keno Hill Silver Mining District in the Yukon, compared to 500,703 ounces of silver in the same period a year ago.
Clynt Nauman: President and CEO of Alexco Resources
Our third quarter performance reflects improvements which have resulted from our revitalized mine operations focus. This work has delivered a 33% decrease in cash costs per ounce, a 12% increase in silver production and an 11% increase in average throughput in the mill when compared to the second quarter of this year. The credit for these early improvements goes to our site operators, who have also been busy with routine preparation for winter operations. With the mill now on its way to achieving design capacity, the mill throughput is expected to outpace the mine output for the first time since we commissioned Bellekeno in 2011. Consequently, we intend to take advantage of this circumstance during the fourth quarter to catch up on deferred mill maintenance, crew training and preparation for increased ore feed as we continue to move toward commissioning two new mines. Our larger vision remains the same: to put the Lucky Queen and Onek mines into operation, increase our overall annual production in 2013 and contain cash costs for the longer term.