Dallas, Texas 08/09/2013 (Financialstrend) – Allied Nevada Gold Corp. (NYSE:ANV) which has been operating the Hycroft mine in Nevada, cut down the most in for more than four years following the posting a fall in earnings per share and suspend plans to construct a processing plant at the Hycroft mine in Nevada. The company announced its financial result for the second recently where net income cut down to $4.23 million, or 4 cents a share from $6.14 million or 7 cents reported in the same period a year ago, revenue rose 75 percent to $59 million.
Manufacture and sales from Hycroft plant in northern Nevada failed to meet estimation due to the problems with the leach-pad procedure, which is used to haul out metal from the ore, New York-based analyst Adam Graf said Hycroft will practice at a concentrated rate until 2021. Allied Nevada Gold Corp is also operating on a strategy to pick up leaching, is also struggling with gold prices that have plunged 23 percent this year. Allied Nevada Gold Corp said “Cash flow from operations is still fragile, to a certain level resulting from the sharp gold and silver price turn down during the second quarter of this year.”
The share prices of Allied Nevada Gold Corp. (NYSE:ANV) are currently trading at $3.71 with an intraday low price of $3.54. The share prices had decreased by 2.37 percent with an opening price of $4.30. The 52 week high price was $41.02 and the 52 week low price was recorded as $3.54. With 103 million total outstanding shares, the market capitalization accounts to $385.43 billion. The intraday share trading volume is $4.35 million whereas the average trading volume of Allied Nevada Gold Corp. (NYSE:ANV) heads up to $4.29 million and 76 percent as institutional ownership.