Arrow-right Camera

The Spokesman-Review Newspaper The Spokesman-Review

Thursday, June 4, 2020  Spokane, Washington  Est. May 19, 1883
Clear Day 57° Clear
News >  Nation/World

Falling Gold Prices Boost Echo Bay Loss

By From Staff And Wire Reports

Echo Bay Mines Ltd. of Englewood, Colo., reported a net loss of $20.7 million during its second quarter, compared with a $14.6 million net loss during last year’s second quarter.

The company, which operates the Kettle River project in Republic, Wash., said lower gold prices caused the loss for the quarter which ended June 30.

Echo Bay’s average price per gold ounce fell from $392 last year to $350 during the second quarter.

The company processed more lower-grade ore, as expected, which increased cash operating costs to $262 a gold ounce.

In the wake of gold prices’ drop to a 12-year-low, Echo Bay is discussing delaying construction on its Paredones Amarillos gold mine in Mexico with its joint-venture partner, Viceroy Corp.

Echo Bay is also considering delaying construction at its Aqaurius gold mine in Ontario, Canada, until gold prices recover.

Echo Bay has continued to downsize its Denver-based personnel office from 116 to 75. The cutbacks will reduce its cash operating costs and general expenses by $4 million, the company said. , DataTimes

Subscribe to the Coronavirus newsletter

Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.

Asking the right questions of your CBD company

Bluegrass Hemp Oil in Spokane Valley offers a variety of products that can be very effective for helping with some health conditions. (Courtesy BHO)

If you are like most CBD (cannabidiol) curious consumers, you’ve heard CBD can help with many ailments.