Alexco Resource Corp (TSX:AXR) (NYSEAmerican:AXU) said Tuesday it posted a second-quarter earnings loss with most of its funds going into the development of several projects, although it topped revenues for the period.
The company reported a loss of C$0.02, matching the expectation of one analyst, and said revenue for the period of C$3.5mln, compared with the expectations of the single analyst of C$2.47mln. Higher revenues came from larger US contracts and improved efficiencies across its projects, the company said.
Shares of Alexco in New York closed on Monday 6.84% down at US$1.09.
READ: Alexco Resource 50% complete for underground development, ready for production in first quarter 2019
In May, Alexco announced completion of the Bermingham underground mine and the start of a 5,000-meter drill program for its high-grade silver deposit.
Alexco's wholly owned subsidiary, Alexco Water and Environment Inc, entered into an agreement with Colorado Legacy Land LLC to become the operator for the Schwartzwalder Mine and the former Canon City Uranium Mill reclamation and cleanup projects. The arrangements are expected to take more than 10 years to complete and are expected to generate revenue of more than US$20mln.
Alexco also has the permits and authorizations for future ore production from the Bellekeno, Flame & Moth, Lucky Queen, and Onek deposits.
Vancouver-based Alexco is a silver miner with annual production of 3.5mln ounces/year. It also operates a business that provides mine-related environmental services, remediation technologies and reclamation and mine closure services to both government and industry clients in North America and elsewhere.
Contact Rene Pastor at [email protected]