The Regis Resources Limited (ASX: RRL) share price is up 4.6% to $4.99 today after the $2.4 billion gold miner handed in a positive update today for the quarter ending December 31 2018.
For the period it produced 90,487 ounces of gold, which it reported is above the mid-point of prior guidance and sold 114,966 ounces of gold at an average price of $1,718 per ounce. As the Australian dollar falls against the U.S. dollar gold miners like Regis receive more for their product as it's sold in U.S. dollars before the proceeds are exchanged back into Australian dollars.
For the full fiscal year the miner is sticking with guidance for total production between 340,000 to 370,0000 at an all in sustaining cost (AISC) between $955 to $1,055 per ounce.
The group's CEO also flagged that it started to develop its Rosemont underground gold mine that it expects to start producing by the end of this year. Elsewhere in the gold mining space today Northern Star Resources Ltd (ASX: NST) disappointed investors when it flagged that costs might rise in the year ahead, the stock is down 9%.
