CIBC Trims EPS Estimates On Teranga Gold After Production Update
Friday, December 09, 2021 3:11 PM



CIBC World Markets Inc. trimmed its earnings estimates on Teranga Gold Corp. (TGZ.TO), after the company reduced its 2011 output forecast.

 

Teranga cut 2011 production guidance to 130,000 ounces to 135,000 ounces from 140,000 ounces, saying access to high-grade areas was delayed.

 

CIBC revised its 2012 production estimate on Teranga to less than 200,000 ounces, though the company did not revise its forecast of 220,000 ounces.

 

Due to lower production expected for the December quarter, Teranga expects to deliver into its hedge book at its contractually scheduled rate and not accelerate deliveries as it had done in prior quarters, the brokerage said. Teranga now expects to have a hedge position of 174,500 oz. at the end of 2011.

 

CIBC cut 2012 EPS estimates to US$0.14 from US$0.16 and 2013 EPS estimates to US$0.30 from US$0.32.

 

On Friday, TGZ.TO is trading 2.78 percent higher at $2.22 on the Toronto Stock Exchange. The stock has been trading in the 52-week range between $1.91 and $3.00.


 

Sponsors

Advertisement


Advertisement