Minefinders is an exploration and mining company based in Vancouver, Canada. The company owns mining properties in Canada, The United States, and Mexico. One of its biggest mines is the Dolores mine which has many millions of ounces of silver and gold and is in northern Mexico. In addition, the company has exploration properties in various phases of development.
Over the last year the stock has risen from $10 to $18 and is presently trading at $14.40. The company has purchased new equipment and its gold production is up 42 percent since second quarter last year. During the second quarter it produced 19,571 ounces of gold. Silver production has risen four times since second quarter last year to a million ounces.
The revenues for the second quarter of 2011 were 73.1 million dollars over last year’s second quarter revenues of 21.6 million dollars.
Net income for the second quarter was $30.5 million which equaled $.38 per share. This was up from last year’s second quarter loss of $2.4 million of $.01 per share loss.
The company’s shares are traded on the Toronto Stock Exchange, on the NYSE and on the American Stock Exchange. What is nice about mining stocks is that they can make money as long as they cover their production costs. The price to mine and refine gold is approximately $400 an ounce. As long as gold prices remain above that the gold mining companies profit. I don’t see gold going down below $400 for a long time.
Among the main officers are: Mark H. Bailey, the CEO; Gregory D. Smith, the CFO; Tench C. Page, VP of Exploration; and Thomas Bagan, VP of Corporate Development.