* Q2 cash operating margin higher than expected
* Q2 avg cash oper cost $466/ounce vs $455/ounce year ago
* Maintains FY 2009 production target
* Shares down about 3 pct
July 13 Canada's Jaguar Mining Inc (JAG.TO)
said its second quarter gold production jumped 24 percent
sequentially, helped mainly by the re-start of leaching
operations at its Sabara mine in Brazil.
The company said its quarterly production was ahead of its
2009 plan, but maintained its full-year production target of
between 165,000 and 175,000 ounces.
Jaguar Mining, which has gold-producing properties in
Brazil, said in the quarter it produced 40,758 ounces of gold
at an average cash operating cost of $466 per ounce, $57 per
ounce higher than the first quarter.
The higher cash operating costs were due to several
factors, including exchange rates, higher chemical costs and
restart of operations in Sabara, which was idle during the
first quarter due to seasonal effects of heavy rainfall.
The company said despite higher costs, its cash operating
margin of $456 per ounce for the quarter slightly exceeded its
expectations of $450 per ounce.
Jaguar said it sold 35,560 ounces at an average price of
$922 per ounce, compared with 23,537 ounces at an average price
of $900 per ounce a year earlier.
Shares of the company were down 3 percent at C$8.23 Monday
afternoon on the Toronto Stock Exchange.
(Reporting by Ashutosh Joshi in Bangalore; editing by