Minera Andes' 2010 earnings rise more than seven-fold
Minera Andes (TSE:MAI)(OTCBB:MNEAF) said Wednesday its 2010 net income rose by more than seven-fold, as gold and silver production increased at its San Jose joint venture in Argentina.
In 2010, the Washington-based gold and silver producer had net income of US$30.9 million, or 11 cents per diluted share, compared to net income of US$4.1 million, or 2 cents per diluted share, for 2009.
Minera said in its annual report that the earnings increase was mainly due to the $26.5 million boost in income from its 49% stake in the San Jose mine, which it co-owns with Hochschild Mining (LON:HOC).
Meanwhile, revenues rose by nearly four-fold to $35.8 million.
During 2010, silver production at the San Jose mine rose 7% year-over-year to 5.3 million ounces, while gold production jumped 9% to about 0.08 million ounces.
The mine's average cash cost for the year was US$9.67 per ounce of silver and US$568 per ounce of gold. That compared to US$7.08 per ounce of silver and US$477 per ounce of gold for the previous year.
Recently, Minera Andes announced plans to spin out its Los Azules copper project in Argentina into a new publicly traded company, in an effort to focus on the San Jose mine.
Minera's shares rose 2% to trade at C$2.95 on the Toronto Stock Exchange as of 1:57 pm EST.
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