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Alamos Gold Inc. shares fell the most since 2020 after the Canadian company cut second-quarter production guidance following earthquakes that damaged a key mine.
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Shares of Alamos sank as much as 20 per cent on Friday in Toronto, a day after the company trimmed its quarterly gold production forecast to between 130,000 ounces and 135,000 ounces — a 12 per cent decrease from previous guidance based on the midpoint of the range.
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Output for the year is also expected to fall below previously issued guidance, while costs are seen rising, the Toronto-based company said in a Thursday statement. Alamos will provide revised annual output and cost figures in late July.
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Two seismic events last week damaged underground infrastructure at its Young-Davidson operations in Ontario, preventing access to high-grade ore that was due to be mined in the second quarter, the company said. Alamos plans to implement additional ground support to Young-Davidson — its second-largest producing mine — throughout the second half of this year, it added.
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Alamos is among Canada’s larger gold producers, with annual output hitting nearly 550,000 ounces last year. The company has outlined plans to increase production to one million ounces by 2030.
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