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Erdene Resource Swings to a Second-Quarter Profit

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Erdene Resource Development (ERD.TO) on Monday said it swung to a second-quarter profit of C$0.15 per share, compared with loss per share of C$0.07, a year earlier.

"We delivered another quarter of improved performance, achieving gold production of 11,709 ounces at Bayan Khundii, a 37% increase over the previous quarter, driven by stronger mining performance and continued steady operation of the process plant," said Peter Akerley, chief executive of the Mongolian miner.

Shares of the company closed down C$0.09, or 1.4%, to C$6.16 Friday on the Toronto Stock Exchange.

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