Dallas, Texas 01/02/2014 (FINANCIALSTRENDS) – Golden Star Resources Ltd. (USA) (NYSEMKT:GSS) is an Canadian gold mining firm which boasts of a market cap of $114 million. Its span of operations is spread across Ghana in West Africa and South America. When most of its peers and competitors posted healthy gains at the stock markets yesterday, the shares of this firm shed close to 2.2 percent of its market value. In spite of these losses yesterday, the stock has posted healthy gains of 10 percent in the past week of trading.
Golden Star Resources Ltd. (USA) (NYSEMKT:GSS) upward movement in the stock last week has its reasons in the strong operational results posted from its third quarter operations. Its earnings per share came in at $0.01 per share which was well above the $0.04 per share consensus put out by analysts. The earnings performance was even more impressive when one acknowledges the fact that 3Q12, EPS had recorded a loss of $0.08 per share. All these positive trends were achieved on the platform of an increase in Gold production, which goes to show that the firm’s efforts at operational efficiencies it had put in place at its Bogoso have started to yield results.
Golden Star Resources Ltd. (USA)(NYSEMKT:GSS) has also committed to its share holders that it would continue to walk the path of fiscal prudence which if fully carried out will mean that a total savings of $45 million would be accrued by the firm in the remaining part of this fiscal.
With the gold price in the international market hitting a three year low, many analysts are of the opinion that the price of gold has bottomed out and is expected to recover as the demand for the yellow metal in the growing markets of China, Russia is going to increase in 2014.
