Primero Mining profit jumps on higher production

Primegypsum screening and crushing plant 80kvaro Mining's first-quarter adjusted profit jumped nearly twelve-fold on higher production at its San Dimas gold-silver mine in Mexico, and said it expects to make a mill expansion decision in the third quarter.

Net profit was $18.6 million, or 21 cents per share, compared with a net loss of $7.9 million, or 9 cents per share, a year earlier. On an adjusted basis, earning rose to $18.8 million, or 21 cents per share, from $1.6 million, or 2 cents per share, in the year-ago period. Revenue for the company, whose only producing asset is the San Dimas mine, rose 29 percent to $44.0 million. The San Dimas mine, which the company bought from Goldcorp in 2010, produced 22,590 ounces of gold and 1.32 million ounces of silver, which was 10 percent and 7 percent higher, respectively, than the year-ago period. The company still expects to produce 100,000 gold equivalent ounces to 110,000 gold equivalent ounces on...