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Mexican tax charge hits Alamos Gold's Q3 profit

The miner's earnings for the quarter to end September fell 73%, to $5.4m, dented partly by a tax charge related to a weaker Mexican peso.

(Reuters)  - 

Canadian gold miner Alamos Gold posted a 73 percent drop in third-quarter profit, dented partly by a tax charge related to the weaker Mexican peso.

July-September earnings fell to $5.4 million, or 5 cents a share, from $20.5 million, or 17 cents a share, a year ago.

Third-quarter production was 33,000 ounces of gold, up from 30,200 ounces a year ago. Last month, Alamos said production at its flagship Mulatos mine in Mexico was up 9 percent.

Alamos backed its full-year production target of 145,000-160,000 ounces at a cash operating cost of $365-$390 per ounce.

Shares of the Toronto, Ontario-based company closed at C$18.64 on Wednesday on the Toronto Stock Exchange.