Dallas, Texas 02/28/2014 (FINANCIALSTRENDS) – Allied Nevada Gold Corp. (NYSEMKT:ANV) stock surged upwards by 7 percent during trading on 27th February on the back of positive guidance for its 2014 operations and strong results from its 4Q and FY12 operations.
The gold mining firm recorded a big jump in gold and silver sales for the full year, in spite of flagging prices of the precious metal. It sold a huge 181,941 ounces of gold for the full year, in addition to the 858,073 ounces of silver it had sold in the same time period. Gold sales went up by 59 percent, while silver sales went up by 23 percent during FY13. In the fourth quarter, sales of gold jumped up phenomenally to bring in close to 33 percent of its annual sales it recorded in 2013 in tandem with 41 percent gold sold in 2013. Gold sales of 60,460 ounces occurred in 4Q in addition to the 352,922 ounces of silver which got sold in the same time period.
In an statement released to the press, Allied Nevada Gold Corp. (NYSEMKT:ANV) President, Chief Executive Officer, Director Randy Buffington has been quoted to have said that, “We achieved our target annual mining rate and placed 45.6 million ore tons on the leach pads containing approximately 256,384 recoverable ounces of gold and approximately 1.5 million recoverable ounces of silver. During the second half of the year we maintained the nominal mining rate of over 250,000 tons per day while decreasing our per ton mining and processing costs.”
These efficient economies were achieved by leveraging on a lean manufacturing operational set up focused on cost-efficient operations, which included a substantive reduction in the headcount at its mines and corporate office. Thanks to these extensive reductions in its operational costs, the firm was able to accumulate close to $81.5 million of cash and cash equivalents from its FY13.