Dallas, Texas 03/20/2014 (FINANCIALSTRENDS) – Vista Gold Corp.(NYSEMKT:VGZ), is the United States based gold exploration company which has just reported its fourth quarter financial results for 2013. The results are for the period ending at Dec 31, 2013.
Vista Gold Corp.(NYSEMKT:VGZ) has posted net loss of $59.5 million for the quarter. This translates to $0.73 per share.
Vista Gold Corp.(NYSEMKT:VGZ) break down of the net loss include a high operating expense of $22.1 million and has meant that the loss of $48.5 million from just the Midas shares. This has seen been an offset which is $15.4 million, likely to deferred in income tax benefit. These were associated with the overall market comparison loss. The impaired charge is $2.5 million and is expected to be the third quarter mill equipment, which is likely to be responsible for the sale.
Vista Gold Corp.(NYSEMKT:VGZ) also indicated that the operating expenses were also at $1 million. This spend was at the Mt. Todd, and was required for water treatment, a necessity at Batman Pit. Other expenses included studies which were conducted to study the feasibility, as well as the maintenance of the site. The expenses also included additional management costs, which led to higher operational costs. However, the reduction in the previous comparative of 2012, was to the tune of 34%.
Vista Gold Corp.(NYSEMKT:VGZ) works across several verticals through a network of subsidiaries which are engaged in evaluation as well as acquisition, besides developing a hostof projects.
Vista Gold Corp.(NYSEMKT:VGZ) proposed that the high segmental cut in the operating costs of the company from the previous year, was largely due to the fact, that most of the pre-feasibility study and the water remediation expenses were begun in 2012 and several cash transactions too were completed during the period.
The company announced that in 2013, the operating expenses were also incurred for G&A costs. Fortunately, this was down by 32% from the previous numbers in 2012.