[miningmx.com] — Great Basin Gold on Tuesday reported a wider pre-tax quarterly loss, hurt by higher expenses.
For the July to September quarter, the Vancouver-based miner posted a pre-tax loss of C$23.7m, or 7 Canadian cents a share, compared with a pre-tax loss of C$16.4m, or 5 Canadian cents a share, last year.
Adjusted pre-tax loss was 3 Canadian cents a share.
Revenue for the quarter was C$12.2m. In the year-ago quarter the company stockpiled material extracted through trial mining and recorded no revenue.
Third-quarter expense more than doubled to C$36 million, including hedging and operational costs, from C$16.4 million last year.
Miners use forward hedging to lock in future prices for their product. While this protects against price pressure, it means they missed some of gold’s stellar gains.
