Gold Mine Holdings Ltd.
(NYSE:GML) will be taking its annual report for the second quarter of 2017 very seriously.
The company posted a $1.1 billion profit for the quarter ended March 31, which beat analysts’ estimates by nearly $400 million.
The $1 billion gain in earnings came from a $600 million cash infusion, plus the sale of another $300 million worth of assets.GML will take a loss of $3.6 billion for the year, and the company will have to pay $2.9 billion in income taxes.
The gold mine has struggled with a high price for the precious stone, which was up more than 5,000% from its high of $2,700 in February 2017.
The price of a single ounce of gold climbed more than 100% in the last six months of 2017, according to Bloomberg.
Goldmine Holdings, which operates mines in the United Kingdom, Germany and Australia, will need to raise $1bn to cover the loss, which it says is expected to be around $400m.
Gold Mine Holdings also reported a $4.5 billion cash injection and a $150 million dividend.
GoldMine Holdings is currently valued at about $16 billion, according a report from Reuters.
Gold is the world’s second-largest gold producer, but its supply has dwindled due to mining operations.
It’s also one of the most profitable gold mines in recent years, earning $8.6 million per day in 2016, according the company.
The mine’s share price is up nearly 40% in 2017, as gold prices have surged to record highs.