SEMAFO Inc. reported unaudited consolidated operating and earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported ore mined of 478,200 tonnes against 503,200 tonnes a year ago. Ore processed was 636,800 tonnes against 675,500 tonnes a year ago. Waste mined was 5,121,300 tonnes against 3,947,600 tonnes a year ago. Gold production of 45,700 ounces compared to 47,600 ounces for the same period in 2017.

For the six months, the company reported ore mined of 1,070,500 tonnes against 982,600 tonnes a year ago. Ore processed was 1,288,500 tonnes against 1,407,300 tonnes a year ago. Waste mined was 10,327,100 tonnes against 8,586,000 tonnes a year ago. Gold ounces produced was 91,200 against 103,000 a year ago.

For the quarter, the company reported revenue of $58,517,000 against $59,315,000 a year ago. Operating loss was $7,558,000 against $755,000 a year ago. Net loss for the period was $11,113,000 against net income of $9,348,000 a year ago. Net loss attributable to equity shareholders was $10,431,000 or $0.03 per share basic and diluted against income of $8,854,000 or $0.03 per share basic and diluted a year ago. Adjusted operating loss was $7,696,000 against $2,754,000 a year ago. Adjusted net loss attributable to equity shareholders was $6,317,000 or $0.02 per share against $2,893,000 or $0.01 per share a year ago. Net cash provided by operating activities was $20,878,000 against $20,772,000 a year ago. Loss before income taxes was $8,525,000 against income before income taxes of $5,827,000 a year ago. Acquisitions of property, plant and equipment were $48,700,000 against $43,864,000 a year ago.

For the six months, the company reported revenue of $121,215,000 against $126,201,000 a year ago. Operating loss was $15,623,000 against $2,540,000 a year ago. Net loss for the period was $16,013,000 against net income of $6,964,000 a year ago. Net loss attributable to equity shareholders was $15,141,000 or $0.02 per share basic and diluted against net income attributable to equity shareholders of $6,163,000 or $0.07 per share basic and diluted a year ago. Adjusted operating loss was $15,664,000 against $4,643,000 a year ago. Adjusted net loss attributable to equity shareholders was $12,865,000 or $0.04 per share against $7,267,000 or $0.02 per share a year ago. Net cash provided by operating activities was $23,633,000 against $38,167,000 a year ago. Loss before income taxes was $15,834,000 against income before income taxes of $5,283,000 a year ago. Acquisitions of property, plant and equipment were $109,856,000 against $81,096,000 a year ago.

For the year 2018, the company reiterates its 2018 consolidated production outlook of between 235,000 and 265,000 ounces of gold at an all-in sustaining cost of between $900 and $940 per ounce.