Beadell boosts Q2 output, costs up 20%
JOHANNESBURG (miningweekly.com) – While gold miner Beadell Resources managed to increase its gold production and sales in the second quarter, its costs surged between the June last year and June this year, partly owing to the strengthening of Brazil’s currency.
Beadell boosted its gold production at the Tucano mine by 15% year-on-year to 24 568 oz and increased its sales by 26% to 26 487 oz, the ASX-listed miner reported on Thursday.
However, cash costs increased by 6% year-on-year to $953/oz, while all-in sustaining costs increased by 20% to $1 245/oz in the June quarter.
Beadell reported that the strengthening of the Brazilian real, which appreciated by about 10% against the dollar during the quarter, had negatively impacted on costs.
The planned cutbacks at the AB1, AB2 and Duckhead pits continued during the quarter and were a significant contributor to high costs. Although adding to the costs for the quarter, the company noted that the progression of the cutbacks enabled access to higher grade ores and would result in higher production in the second half of 2016.
Beadell stated that it expected to realise cost savings over the next 6 to 12 months.
The company has a production guidance of between 145 000 oz and 160 000 oz for 2016. In the first six months of the year, production totalled 56 642 oz.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation