SEMAFO Inc. reported unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported ore mined of 516,700 tonnes against 555,200 tonnes a year ago. Ore processed was 679,100 tonnes against 751,700 tonnes a year ago. Gold ounces produced were 53,900 against 62,500 a year ago. During the third quarter of 2017, the ore processed decreased by 10% compared to the same period in 2016 due to the mine plan.

For the nine months, the company reported ore mined of 1,499,300 tonnes against 1,620,000 tonnes a year ago. Ore processed was 2,086,400 tonnes against 2,039,100 tonnes a year ago. Gold ounces produced was 156,100 against 185,100 a year ago.

For the quarter, the company reported revenues ­ gold sales of $69,832,000 against $80,200,000 a year ago. Operating income was $11,819,000 against $23,016,000 a year ago. Net income attributable to equity shareholders was $12,224,000 or $0.04 per basic and diluted share against $17,680,000 or $0.05 per basic and diluted share a year ago. Adjusted operating income was $12,897,000 against $21,451,000 a year ago. Adjusted net income attributable to equity shareholders was $8,446,000 or $0.03 per share against $14,855,000 or $0.05 per share a year ago. Cash flows from operating activities were $34,853,000 or $0.11 per share against $39,266,000 or $0.12 per share a year ago. Income before income taxes was $15,215,000 against $23,412,000 a year ago. Net cash provided by operating activities was $31,757,000 against $47,318,000 a year ago. Acquisitions of property, plant and equipment were $58,020,000 against $22,840,000 a year ago. The company's third quarter gold sales decreased relative to 2016 due to lower gold ounces produced and sold, and results from the mine plan sequence. Third quarter operating income decreased compared to the same period in 2016, mainly as a result of lower gold sales, higher depreciation and higher share-based compensation expense.

For the nine months, the company reported revenues ­ gold sales of $196,033,000 against $231,346,000 a year ago. Operating income was $9,279,000 against $55,280,000 a year ago. Net income attributable to equity shareholders was $18,387,000 or $0.06 per basic and diluted share against $39,168,000 or $0.13 per basic and diluted share a year ago. Adjusted operating income was $8,254,000 against $60,435,000 a year ago. Adjusted net income attributable to equity shareholders was $1,179,000 or $0.25 per share against $40,210,000 or $0.36 per share a year ago. Cash flows from operating activities were $81,614,000 or $0.25 per share against $111,860,000 or $0.36 per share a year ago. Income before income taxes was $20,497,000 against $57,453,000 a year ago. Net cash provided by operating activities was $69,924,000 against $123,099,000 a year ago. Acquisitions of property, plant and equipment were $139,116,000 against $62,780,000 a year ago.

The Corporation expects to attain the upper end of its 2017 production outlook of between 190,000 and 205,000 ounces of gold, and to meet its all-in sustaining cost outlook of between $920 and $960 per ounce.